40-storey building on Stephen Avenue getting facelift and new top floor restaurant
One of Stephen Avenue’s tallest buildings will be getting some major renovations by 2020.
Formerly known as the Scotia Centre, what has now been dubbed Stephen Avenue Place sits at the intersection of 7th Avenue SW and 2nd Street SW in the heart of downtown Calgary.
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The building was recently acquired by Slate Canadian Real Estate Opportunity Fund, and, in partnership with Oliver & Bonacini Hospitality and Concorde Entertainment Group, it will undergo a significant renovation.
Artist rendering of new retail podium at Stephen Avenue Place (CNW Group/Slate Asset Management LP)
“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 in a release.
“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.”
How the Scotia Centre/Stephen Avenue Place currently looks (Google Maps)
The top floor of the 620,000-sq-ft building will be taken up by a world-class restaurant, making the most of the 400+ ft high view.
The base of the building is expected to become a bustling retail and dining area, with a second-floor food hall, shopping spaces, and a ground floor restaurant complete with bar and patio.
Artist rendering of the north east corner of Stephen Avenue Walk and 2nd Street (CNW Group/Slate Asset Management LP)
The building’s proximity to the CTrain line and major bus routes made it a draw for Slate, and they expect Stephen Avenue Place to become a central hub in downtown.
“Slate’s vision for the former Scotia Centre will transform this part of Stephen Avenue into a vibrant restaurant, retail, and office hub,” said Druh Farrell, Calgary City Councillor for Ward 7, in the release.
“Their investment shows confidence in Calgary’s rebounding economy and is a tremendous opportunity to breathe new life into a key corner in our downtown.”
Artistic renderings of what the building is expected to look like have been made available by Slate, and more information on dining, office, and retail within the soon-to-be-renovated building is available at the Stephen Avenue Place website.
The entire project is expected to be completed by early 2020.
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