City of Calgary Awards Bluevale Capital for Office-to-Residential Conversion Projects, Creating 128 New Homes in the Downtown Core
Bluevale Capital has been awarded $8.3 million through Calgary’s Downtown Development Incentive Program to convert the underused 18-storey tower at 510 5th St SW into 128 new rental homes, supporting the city’s plan to remove vacant office space and expand housing supply. The project delivers a faster, more cost-effective, and climate-friendly alternative to new construction, with homes intentionally designed for underrepresented renters such as young workers, seniors, veterans, and multigenerational families. Suites will feature in-suite laundry, modern finishes, high ceilings, and dedicated storage, alongside amenities including a work-from-home hub, secure bike storage, an upgraded lobby, and ground-floor retail.