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EnCana Sells Billion-Dollar Calgary Development

CALGARY-The natural gas company sells its planned two-block Downtown development here for $70 million and agrees to lease long-term a 1.84 million-sf office tower that will be built there.

By Brian K. Miller | Updated on February 09, 2007

CALGARY-Locally based natural gas producer EnCana Corp. has sold its planned billion-dollar Downtown development here for $70 million and will lease long-term for its headquarters a 1.84 million-sf office tower that will be built on a portion of the property. The new owner and developer of the two-block property is Centre Street Trust, a subsidiary of Toronto-based H&R REIT.

The development site is located between 5th and 7th Avenues and between Centre and 1st Street S.E. The north block of the property will be developed with EnCana’s 59-story office tower and be called “the Bow.” In addition to the office space, the building will hold 20,000sf of retail and below-grade parking for 700.

The south block will be home to a multi-level, mixed-use building containing approximately 100,000 sf of retail space, up to 100,000 sf of office and cultural arts space and an additional 700 below-grade parking spaces. As part of the transaction, EnCana has agreed to reimbursement H&R for the cost of the 100,000-sf office and cultural component of the south block development.

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