Source: Strategic Group
Today, Strategic Group CEO Riaz Mamdani joined Edmonton Mayor Don Iveson to officially open e11even, the largest office-turned-residential rental building in Alberta. Two years ago, the building was completely vacant and aging office space. Today, it has become 177 new rental residences in the heart of downtown Edmonton.
Transforming underused office space into homes for Edmontonians is a creative and unconventional response to Edmonton’s significant office vacancy rate. In contrast, the market is seeing a growing demand for new, high quality rental apartments. Conversion projects take empty office space off the market while replacing it with more active, revenue-generating uses.
“Conversions simply makes good sense,” said Mr. Mamdani. “While projects of this nature are complicated and risky, e11even is a success.”
“We see converting underused office space into high quality residential rental as a smart opportunity for our business, our economy, our environment, and our local community,” continued Mr. Mamdani. “For example, a downtown conversion project like this becomes an economic and community multiplier. More people living downtown attract more businesses which, in turn, draw more people.”
By converting an existing building rather than demolishing it to build something new, Strategic Group saved over 18,000 tons of material from going to Edmonton landfills. The repurposed building is also constructed to meet Built Green Canada environmental standards.
“I would like to congratulate and acknowledge Strategic Group’s innovation and leadership in converting this commercial building,” said Mayor Iveson. “Saving thousands of tons of waste from going to the landfill while adding critical green housing options for Edmontonians is a great accomplishment.”
“The City of Edmonton was an excellent partner on this project and granted a complicated development approval in record time,” added Mr. Mamdani.
New residents began moving into e11even in September. It is just steps away from Jasper Avenue in the heart of Edmonton’s vibrant downtown and adjacent to the unparalleled river valley. It features urban design style, with chef-inspired kitchens embellished with stone countertops, sleek pendant island lighting, and soft close cabinetry all within spacious and bright open-concept residences.
“We are leaders in conversion projects in Alberta,” said Mr. Mamdani. “It is exciting to see these buildings revitalized as new rental homes for Edmontonians.”
In Edmonton, Strategic Group is also converting a 13-storey building on Capital Boulevard. Appropriately named Capital, the former office building will be paired with a new six-storey building and underground parkade. It will be completed in early 2020 and will have 214 residential suites and street level retail. In Calgary, the company’s Cube project was recently completed, and Strategic Group’s iconic Barron Building office-to-residential conversion project is underway. Strategic Group is also building UPTEN in Calgary—a 41-storey residential rental building that will be completed in 2020.
Photo above: Mayor of Edmonton Don Iveson and Strategic Group’s CEO Riaz Mamdani.