A series of street-level retail outlets have attracted Calgarians to Shelbourne Plaza for 45 years but that same foot traffic has not been mirrored in the second-floor space that has long been vacant.
The building at 1013 17th Ave. SW sits in a popular area of downtown Calgary known as the Red Mile District, a name it earned by the red sweater-sporting Calgary Flames hockey fans that filled the area during the team’s 2004 Stanley Cup run. The downside to the area is found in relatively high property taxes that have deterred potential tenants from signing onto the upstairs space.
When local not-for-profit Connections Daycare showed an interest in the space, a group of real estate professionals representing both the landlord and the potential tenant embarked on a five-month process to negotiate a lower municipal tax rate with city officials to allow the daycare to operate in the space.
The representatives also organized a significant reconfiguration of the space in order to comply with municipal regulations that govern daycare spaces in the area.
The project has been selected as the winner of the 2024 CoStar Impact Award for lease of the year, as judged by a local team of real estate professionals familiar with the market.
About the Project: The fruit of the labour is expected to be harvested late this summer when the 12,000 square feet will be filled with up to 150 children enjoying the second-floor facility.
What the Judges Said: “Obtaining the change of use for a highly regulated use with very specific prerequisites to occupancy presents challenges on multiple levels. Creative solutions were developed to meet a growing need within the inner city,” said Michael Anderson, senior vice president at Centron Group.
They Made It Happen: Joshua Gill, associate retail leasing at NAI Advent, represented the tenants, while Carter Chell and Ryan De Boer with Strategic Realty Advisors Inc. represented the landlord.