- What Rocky Mountain Plaza is up for grabs as part of a court-appointed sale
- Why The office building was set to be converted into a residential building
- What next Avison Young has the marketing assignment
An office building in Calgary is being shopped for $18.5m as part of a court-appointed sale.
Avison Young has the assignment for Rocky Mountain Plaza, at 615 Macleod Trail Southeast. The valuation for the 205,000 sq ft building works out to $90/sq ft.
The 15-storey building was completed in 1972. It’s 17% occupied, including by the U.S. Consulate General and Tim Hortons. There 102 parking stalls and a Plus-15 connection.
Rocky Mountain Plaza is at the corner of Macleod Trail Southeast and 7 Avenue Southeast. It’s adjacent to Olympic Plaza and is on the LRT line. It’s close to Calgary Tower and the Bow River.
According to court documents, owner Rocky Mountain Alberta Partners Ltd. had intended to convert the building to 205 residential units under the Downtown Calgary Development Incentive Program but was unable to do so due to financial difficulties. The estimated conversion costs were $49.5m.
As of June, Rocky Mountain Alberta Partners owed Canadian Western Bank approximately $16.6m after defaulting on two loans. FTI Consulting Canada was appointed as receiver of the property in August.
Priya Bains, Parmjit Nijjar, Jessal Parmar and Sarbjeet Sahota are directors of Rocky Mountain Alberta Partners.
