1 Palliser square

Office to Residential Conversion project

TC Alternatives, along with Aspen Properties, has partnered to undertake a conversion of the iconic 1 Palliser Square office building in the heart of Downtown Calgary – the largest office to residential conversion in Canada to date. The over 415,000 SF completed project will feature 424 purpose built rental units, along with over 20,000 SF of luxury amenities. The project has secured $31.2M in grants from the City of Calgary. 1 Palliser Square is currently under construction and will be leasing it’s first units in early 2027. 1 Palliser Square has been fully funded, and TC Alternatives is not raising additional capital at this time.

Square Feet

units

City of Calgary Grant

$ 0 M

All balances are in Canadian Dollars.

Our Investment Thesis

Our investment thesis centers on transforming a vacant downtown Calgary office tower into a high quality rental residential community. 1 Palliser Square was rated one of the most suitable buildings for conversion in all of Canada. The strategy leverages Calgary’s Downtown Development Incentive Program, which provides substantial grants for office-to-residential conversions, reducing project risk and enhancing returns. Additionally, the property was acquired at a significant discount to replacement cost and partnered with Aspen Properties to execute the conversion efficiently. 1 Palliser Square is currently the largest office to residential conversion in Canada, seeking to deliver high quality rental units in one of the fastest growing cities in Canada.

Unit & Amenity renderings

1 Palliser Square will feature high quality, luxury finishes, and a mix of units from studios, to 2 bedroom units. Additionally, the completed project will contain a full floor of amenities, including quiet working space, a golf simulator, a pool table, lounge, and outdoor skating rink.