A downtown Calgary office tower is getting a new name and will undergo a huge renovation.
Slate Canadian Real Estate Opportunity Fund I announced on Thursday that it has named its 40-storey tower at 700 2nd Street in the heart of downtown Stephen Avenue Place. It also announced that it will partner with the collaboration of Oliver & Bonacini Hospitality and Concorde Entertainment Group to create the city’s most unique working, dining and shopping destination.
“We are thrilled to acquire and develop such a high-quality property in downtown Calgary that offers businesses, diners and shoppers the very best in location, amenities and access,” said Slate founding partner Blair Welch. “Stephen Avenue Place will undergo an extensive renovation to fully reflect the way we work and live now, while respecting and celebrating its history and future as a Calgary landmark.
“Our team has extensive experience in successfully repositioning overlooked and under-appreciated properties. Simply put, there is no better destination in Calgary for working, dining, shopping and celebrating than Stephen Avenue Place. We are excited to be part of Calgary’s future.”
The tower has 620,000 square feet of rentable office space. Slate said the renovation will include the public-access ground floor to exclusive tenant amenities and a top-floor restaurant creating a place as a “modern hub for energy, innovation, business, dining and shopping,” said Slate.
Slate also announced that it has partnered with O&B and Concorde to create three innovative and inspired dining destinations in Stephen Avenue Place; a world-class restaurant on the top floor, an eclectic food hall and a high-energy restaurant, bar and patio on the street level.
“With an elegant, sophisticated restaurant on the top floor, a chef-driven urban market on the second and a stylish ground-floor restaurant, bar and patio with soaring ceilings, Stephen Avenue Place will be the city’s most unique space for experiencing Calgary’s culinary creativity,” said Andrew Oliver, president and CEO of O&B. “With unbelievable views and unparalleled food and service, O&B and Concorde are thrilled to be creating this unmatchable experience with Slate.”
Slate said the acquisition and renovation of Stephen Avenue Place is part of its growing investment in Calgary. In the past 18 months, Slate has increased its footprint in Calgary to 2.3 million square feet with the purchase of 21 office properties, including 12 downtown.
Mario Toneguzzi is a veteran Calgary-based journalist who worked for 35 years for the Calgary Herald, including 12 years as a senior business writer.