City of Calgary Awards Bluevale Capital for Office-to-Residential Conversion Projects, Creating 128 New Homes in the Downtown Core

CALGARY, AB, Nov. 28, 2025 /PRNewswire/ - Bluevale Capital has been awarded $8.3 million through the City of Calgary's Downtown Development Incentive Program to convert an underutilized office tower, 510 5^th St SW (510), into 128 new rental homes. The project supports the city's goal of removing six million square feet of vacant office space by 2031 while creating new homes for Calgarians through adaptive reuse.

Located in Calgary's Downtown Commercial Core, this transformative project introduces much-needed new housing at a time when the city faces rising demand. By converting the underutilized 18 storey office tower into modern rental homes, this development provides a faster, cost-effective, and environmentally responsible alternative to new construction. Unlike most new construction projects - which is often priced beyond the reach of many residents - this conversion is intentionally designed to serve underrepresented renters, including young workers, seniors, veterans, and multigenerational households, with attainable, well-designed homes in the heart of the city.

510 will consist of 128 residential suites consisting of studio, 1-bedroom, 2-bedroom and 3-bedroom units, each featuring in-suite laundry, high ceilings and modern finishes. Residents will benefit from dedicated on-floor storage and a purpose-built work-from-home space designed for today's hybrid lifestyles. Additional amenities include secure bike storage, modernized lobby space and a retail storefront intended to support local business and resident needs. With direct access to transit, hospitals, educational institutions, and the Plus 15 network, this conversion places residents at the center of a highly connected, walkable urban district - enhancing livability and everyday convenience. The project partners include Gensler as the architect, Bouthillette Parizeau (BPA) and Entuitive as engineering consultants with EllisDon spearheading construction. Peakhill Capital, a real estate lender with over $15 billion in loans under administration across Canada and the U.S. specializing in multifamily, mixed-use, and affordable housing, will be providing financing for this project.  

"Office-to-residential conversion projects like 510 are complex, but our team thrives on tackling these challenges head-on," according to Bluevale's Pavel Abdur-Rahman. "The City of Calgary's incentive program, combined with priority project status and collaborative permitting, set a global example for how cities can transform underutilized assets in order to unlock housing faster."

510 represents Bluevale's second office conversion project in Canada. In August 2025, Bluevale successfully completed the first office to residential conversion project in London Ontario, creating 23 new residential units in less than a year. Bluevale's approach prioritizes sustainability through adaptive reuse, significantly reducing embodied carbon and construction waste while revitalizing underutilized buildings. Over the last 3 years, Bluevale has created 1,100+ residential units across North America through adaptive reuse.

The 510 conversion project is among the 9 new office conversion projects announced this month supported by the City's Downtown Development Incentive Program, which is repurposing 2.68 million square feet of office space into 2,655 new homes for Calgarians and redefining urban revitalization in Calgary and beyond.

About Bluevale Capital
Bluevale Capital is a leading North American real estate owner, asset manager and operator focused on creating vibrant communities and sustainable housing solutions by converting underutilized buildings into valuable rental units. With expertise in adaptive reuse, development, and value-add real estate projects, the company collaborates closely with municipalities and non-profit organizations to maximize the potential of urban spaces. Today, Bluevale Capital manages a growing portfolio across both Canada and the U.S., delivering high-quality, sustainable housing while revitalizing urban neighborhoods and fostering thriving communities.

The company seeks to redefine industry standards by integrating community engagement, innovation, and responsible investment into every project. Through its forward-thinking approach, Bluevale Capital aims to make a lasting impact on the cities and neighborhoods it serves, contributing to a more sustainable and inclusive future.

SOURCE Bluevale Capital Group Inc.