Calgary-based real estate company Strategic Group has purchased the former Chevron Plaza, a 25-storey office tower in downtown Calgary, with plans to convert it into 332 residential units.

Riaz Mamdani, CEO of Strategic Group, told RENX the company acquired the vacant 380,000-square-foot class-A building at 500 5th Ave. SW from Chevron for $17 million. 

“We've been able to buy a building that is on an incredible street, close to the LRT, on the Plus 15. It's a building that is a class-A building, and it's really the only class-A building that will be converted to residential, that just doesn't happen,” Mamdani explained.

“So it was an opportunity for us to acquire a 380,000 (square) foot, gross buildable building in a perfect location, east west traffic, north, south access as well, close to the bike path, that you couldn't acquire otherwise. That location is unavailable, but for an A class building that already exists there.”

The tower also has 30,000 square feet of parking. 

“When Chevron exited the Calgary market, it opened the door to reimagine a significant downtown asset,” Mamdani added. “We saw an opportunity to transform Chevron Plaza into a vibrant, inclusive and walkable community hub. It’s a powerful example of how adaptive reuse can drive downtown renewal and support Calgary’s evolving urban future.”

A key player in downtown Calgary

Strategic Group has been one of the key players in the downtown conversion strategy for Calgary where underutilized office space is being developed primarily into residential rental units, but other projects include hotels and post-secondary institutions.

“I think we were the first converter of an office building to residential probably 10 years ago in Calgary. We've got six behind us. We've done more than anyone in Canada,” Mamdani said, as Strategic Group has responded to housing market dynamics indicating a critical need for more residential housing.

“We're currently under construction on more than anyone in Canada, and our pipeline continues to grow . . . Certain things have to work, location, size, floor plate, amenities, all of those things have to make sense. But you get the opportunity to acquire a property in a perfect location . . . at a mathematical number that makes sense to convert to residential.

“And with our experience, we're able to do that within a time frame that makes sense, and are able to achieve a revenue stream from the residential that's accretive so it makes sense, and we're good at it.”

Project's math stands on its own

He explained that the project does not fall under the City of Calgary’s ongoing incentive program for conversion. Mamdani said Strategic did not make an application for that because this project “works mathematically on its own.”

Construction on the project is anticipated for later this year with expected completion and occupancy in 2027.

Other conversion projects by Strategic include:

• Cube (1117 11th Ave. SW, Calgary) – Formerly known as Stephenson House, it was a 55,000-square-foot conversion with 65-units;
• Missao (335 18th Ave. SW, Calgary) – 15,500 square feet on the 15th and 16th floors, it was previously office space. The conversion resulted in 24 units;
• Avenida Food Hall & Fresh Market (12445 Lake Fraser Dr. SE, Calgary) – A 22,500-square-foot office-to-retail conversion. Originally a SportChek retail space and later used for real estate brokerage offices. It's now Calgary’s first European-style food hall combined with a farmers’ market;
• Store and Go (1216 10 Ave. SW, Calgary)  – Unused office space converted to self-storage. More than 150 units;
• E11even (10045 111 St. NW, Edmonton) – 177 rental units. The building was formerly known as Harley Court, a 12‑storey late‑1970s office tower;
• Capital (10043 108 St. NW, Edmonton) – A 12-storey office tower which was predominantly vacant office space. It is now 214 residential units;
• Barron Building (610 8th Ave. SW, Calgary) – Targeting Spring 2026 completion with 124 high end rentals;
• One01 (101 6th Ave. SW, Calgary) – The former Hanover office tower in downtown Calgary has been renamed and will have 314 residential suites with expected occupancy in November; and 
• Shelbourne (1019 17th Ave. SW, Calgary) - A former office building, converted to eight apartments and a daycare.

Strategic’s vision doesn’t end there. Mamdani said the company is looking for more projects.

“Location, opportunity, all of that matter. And because we're good at it, we can scale our operations.”