Calgary Heritage Value Analysis Focused on Commercial Streets
Location: Calgary, Canada
Client: City of Calgary
The City of Calgary retained a consulting team of Lemay, and specialized consultants Heritage Strategies International, Altus Group, and CBRE to undertake a multi-phase heritage analysis, focused on commercial streets. Four commercial areas were selected – portions of Downtown Core/Stephen Avenue, Inglewood/Ramsay, Beltline/Victoria Park and Kensington. For comparison purposes, four comparable non-heritage areas were selected and used where appropriate within this report – Marda Loop, Mission, 17th Avenue and Bridgeland. This phase one study focuses on measuring the Heritage Value of historical commercial streets in comparison to non-heritage areas. In alignment with Calgary’s Council Policy and to develop a complete understanding of the monetized value of the identified heritage commercial areas, the Triple Bottom Line approach was used for the investigation. This analysis considered the Economic, Social and Environmental values of these areas. Heritage areas display a significant monetized value, with the aggregate triple bottom line value of all four areas is more than $900M.