Slate Canadian Real Estate Opportunity Fund I today named its 40-storey tower at 700 2nd Street in the heart of downtown Calgary Stephen Avenue Place. Slate also announced that it will partner with the collaboration of Oliver & Bonacini Hospitality (O&B) and Concorde Entertainment Group (Concorde) to create the city’s most unique working, dining and shopping destination.
Stephen Avenue Place offers 620,000 square feet of rentable space at the nexus of the historic Stephen Avenue Walk and 2nd St. This classic of the Calgary skyline will undergo a significant renovation — from its public-access ground floor to exclusive tenant amenities and top-floor restaurant — that will reposition it as a modern hub for energy, innovation, business, dining and shopping.
The acquisition and renovation of Stephen Avenue Place is part of Slate’s growing investment in Calgary. In the past 18 months, Slate has increased its footprint in Calgary to 2.3 million square feet with the purchase of 21 office properties, including 12 downtown.
“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. “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.”
Slate also announced that it has partnered with O&B and Concorde to create three innovative and inspired dining destinations in Stephen Avenue Place; a world-class restaurant on the top floor, an eclectic food hall and a high-energy restaurant, bar and patio on the street level.
“With an elegant, sophisticated restaurant on the top floor, a chef-driven urban market on the second and a stylish ground-floor restaurant, bar and patio with soaring ceilings, Stephen Avenue Place will be the city’s most unique space for experiencing Calgary’s culinary creativity,” said Andrew Oliver, President and CEO of O&B. “With unbelievable views and unparalleled food and service, O&B and Concorde are thrilled to be creating this unmatchable experience with Slate.”
Stephen Avenue Place Highlights:
- 620,000 square-foot, 40-storey office tower located in the very centre of downtown Calgary
- Direct connection to the Stephen Avenue Walk pedestrian thoroughfare, the Core Shopping Centre, the “Plus 15” system of pedestrian overpasses and adjacent to Light Rail Transit
- Complete restoration and renovation of the ground, second and third-floor retail and restaurant spaces
- Club-quality fitness facility, expansive conference centre, tenant lounge, games lounge and other exclusive amenities
“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. “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.”
Renovations are scheduled for completion in early 2020. For more information on Stephen Avenue Place, including leasing options, please go to stephenavenueplace.com
“Our team has extensive experience in successfully repositioning overlooked and under-appreciated properties,” Welch said. “Simply put, there is no better destination in Calgary for working, dining, shopping and celebrating than Stephen Avenue Place. We are excited to be part of Calgary’s future.”
About the Name
Stephen Avenue Place is named for George Stephen, 1st Baron Mount Stephen, the visionary and tireless businessman and financier behind the creation of the Canadian Pacific Railroad, which connected Canada to the world. Recognizing the West as the key to Canada’s prosperous future, the Montreal-based Stephen negotiated the route across the country as well as the raising of capital to pay for this bold venture. When other partners retreated in the face of geographical and financial setbacks, Stephen persevered until the Last Spike was driven at Craigellachie, BC on Nov. 7. 1885. The town of Banff is named in honour of Stephen’s childhood home in Banffshire, Scotland.
About Slate Canadian Real Estate Opportunity Fund
The Slate Canadian Real Estate Opportunity Fund I is a multi-asset class opportunistic real estate investment vehicle for institutional capital partners and family offices.
The Fund’s investment themes are:
- Asset Repositioning and Redevelopment
- Cyclical Investment Opportunities
- Portfolio Opportunities
About Slate Asset Management L.P.
Slate Asset Management L.P. is a leading real estate investment platform with $6.0 billion in assets under management. Slate is a value-oriented manager and a significant sponsor of all of its private and publicly-traded investment vehicles, which are tailored to the unique goals and objectives of its investors. The firm’s careful and selective investment approach creates long-term value with an emphasis on capital preservation and outsized returns. Slate is supported by exceptional people, flexible capital and a proven ability to originate and execute on a wide range of compelling investment opportunities. Visit slateam.com to learn more.
SOURCE Slate Asset Management LP