Revitalization planned for rundown block
Developer aims to transform historic downtown strip into a ‘hip enclave’
A rundown but historic downtown Calgary block that has been the subject of failed development plans in the past has once again been targeted for revitalization by a developer.
The five buildings on the 100 block of 7th Avenue S.W., a shabby but busy commuter strip on the south side of the CTrain tracks, have been sold to Calgary-based property company Triovest. The company declined an interview, but executive vice-president of investments Tim Blair said in a statement that Triovest is looking forward to transforming the block into a “hip enclave in the heart of downtown.”
The block is a designated municipal heritage resource, since it is one of the few remaining streetscapes of its kind in the city. The low-rise brick buildings date from 1906 to 1913, and one of them was the first home of the Calgary Stock Exchange.
However, in recent years, the strip — which has also been called “Stephen Avenue’s little sister” — has had its share of problems, including relatively high incidences of crime and drug use.
The buildings — which currently house a donair shop, a pawnshop, a textiles store and a small art gallery — have fallen into a state of disrepair, and Blair said Triovest needs to address “health and safety concerns” before moving forward with any development plans.
Triovest is not the first developer to come forward with a plan to revitalize the block. Previous owner Heritage Property Corp. had proposed restoring the historic storefronts, perhaps converting them to arts studio and gallery space, and constructing Canada’s first automated parking garage with capacity for 360 vehicles.
The cost of the project was pegged at about $30 million for the parkade, and between $5 million and $8 million for the heritage buildings, according to a 2009 Calgary Herald story, but the developer never started construction.
Maggie Schofield, executive director of the Downtown Calgary Association, said developers face unique challenges on the block — including cumbersome access to the street with no vehicle traffic other than the LRT on 7th Avenue.
In addition, the heritage status of the buildings means developers have restrictions on what they can do.
“These buildings have been sorely neglected for many years, and are almost derelict,” Schofield said.
“So in order to preserve any heritage which may still be of value in those buildings, you’re going to need a company that really understands that and has the financial wherewithal to capture and create something that’s really exciting and interesting, while maintaining the heritage value.”
Schofield added that she is optimistic about what Triovest might do for the block, given that the developer already has experience with heritage buildings. (It owns the 1892 Tribune Block as well as the Hudson’s Block, both of which are located along the Stephen Avenue pedestrian walk.)
The fact that both the Telus Sky and Brookfield Place developments are going up in the vicinity of the strip in question also makes it more likely that a revitalization will actually happen this time, Schofield said.
“The area is getting some traction. There’s the opportunity to get really creative and do some fantastic architecture,” she said.
Existing tenants along the 100 block of 7th Avenue SW had to be out as of last Friday.
Nasir Hasan, who has owned the Hop In Hop Out Convenience Store for 12 years, said he’s not sure where he will go.
“I am looking, but with a business like this it’s not easy to find a good location,” Hasan said. “Our customers are shocked.”