Flanders Avenue Highway Interchange
Transportation
Calgary, AB, CA
Transforming Calgary’s Downtown Core with Purpose
In a bold move to address Calgary’s growing housing needs and revitalize underused urban spaces, Dream Office REIT and Pomerleau Capital have announced a $70 million partnership to convert the former Barclay Centre at 606 4 Street SW into a vibrant residential community. This transformative project will see 135,000 square feet of vacant office space reimagined into 166 new homes, including a significant portion of affordable housing units.
This initiative is more than a real estate development — it’s a vision for sustainable urban living and a testament to the power of strategic collaboration.
A Strategic Partnership Rooted in Impact
This project marks the first collaboration between Dream Office REIT and Pomerleau Capital, the investment and financing arm of Pomerleau. It also represents Pomerleau Capital’s first investment in an office-to-residential conversion, underscoring its commitment to real assets that generate long-term community value.
“We all know that housing needs are significantly growing across Canada. This transformation of unused offices into market and affordable housing is precisely the type of project we’re eager to take part in, as it offers a practical solution to the housing challenges,” said Philippe Adam, President and CEO of Pomerleau. “We are proud to be part of a partnership that delivers real solutions for communities, and we look forward to future collaborations with Dream.”
The project aligns with Calgary’s urban densification policies and supports the city’s goal of creating healthy, inclusive, and sustainable communities.
Affordable Housing at the Heart of the Vision
Of the 166 units planned, 27% will be designated as affordable housing, offering a mix of studios, one-bedroom, and two-bedroom apartments. This thoughtful approach directly addresses the pressing housing challenges in Alberta, while contributing to the livability and affordability of Calgary’s downtown core.
The first units are expected to be delivered in 2027, bringing new life to a previously underutilized space and setting a precedent for similar projects across Western Canada.
Powered by Pomerleau’s Integrated Expertise
Construction is being led by ITC Construction Group, one of the largest residential construction companies in Western Canada and a wholly owned subsidiary of Pomerleau. This internal synergy highlights Pomerleau’s integrated delivery model, combining investment, construction, and innovation under one roof.
“Through our collaboration with Pomerleau Capital, this project showcases how innovation in design and development can redefine urban living. By thoughtfully adapting existing spaces, we’re creating distinctive homes that contribute to a more sustainable and connected downtown community,” said Jay Jiang, CFO of Dream Office REIT.
A Model for Future Urban Redevelopment
This project is more than a conversion — it’s a model for how public-private collaboration can reshape cities. By leveraging underused assets and aligning with municipal goals, Dream Office REIT and Pomerleau Capital are demonstrating how real estate can be a force for good. Pomerleau is proud to be part of this transformative initiative, which reflects our deep commitment to building sustainable communities and driving meaningful change across Canada.
To learn more about Pomerleau Capital’s mission and portfolio, visit Pomerleau Capital.
