With approximately 32 per cent of downtown office space sitting vacant, Calgary city council has approved a revitalization plan for the core that involves an initial investment of $200 million. The vote was 10-3 in favour of the $200-million investment, with Farkas as well as Coun. The city plan will include:$45 million for incentives for existing office space to convert to residential, redevelop or look at "adaptive use." "Calgary's greater downtown plan builds on the work that is already being done, and this significant investment is needed to address one of our city's greatest challenges." Scott Hutcheson, the executive chair and co-founder of Aspen Properties, which has significant holdings in downtown Calgary, said action is needed.

Source: CBC News April 26, 2021 18:25 UTC