About The Strategic Group
The Strategic Group, P.R. is a boutique, multi-national, private equity firm that acquires, develops, and successfully operates companies across a multitude of diverse industry types. Primarily focused on technology and fintech companies, this acquisition reflects a recent emphasis on healthcare.
The Strategic Group Headquarter Location
Latest The Strategic Group News
Sep 7, 2021
Article content The Art Moderne-style building known as Calgary’s first skyscraper has been languishing empty at 6th Street and 8th Avenue S.W. for years. Property development company Strategic Group, which owns the building, has stopped work on it and city officials say there are “financial hurdles” standing in the way of its completion. We apologize, but this video has failed to load. Try refreshing your browser, or Council committee approves $7.5M boost for Barron Building redevelopment Back to video The city’s downtown strategy includes a grant program to incentivize office building owners to convert empty highrises into residential space. But city staff say in this case, it makes sense for them to step in not only to help the redevelopment along, but to ensure the building gets formal protection as a municipal historic resource. The city says the building is currently uninhabitable and valued at about $14 million, but once it’s completed, that assessment increases to $60 million, offering a property tax boost, too. Advertisement Article content The committee unanimously approved the money for the project Tuesday, but council must still give final approval next week. The money comes with some strings attached. A report presented to the committee notes Strategic Group has been working through insolvency proceedings since late 2019, and while the Barron Building isn’t subject to that, city officials say there’s a risk that the public funds might not be used for the redevelopment. Staff suggested adding a condition that no funds from the grant would be paid until the project is done and an unconditional occupancy permit is issued. Calgary’s Barron Building located on 8th Ave. SW. City council will consider a proposal to put $7.5 million to turn the office building into residential suites. Tuesday, September 7, 2021. Brendan Miller/Postmedia City manager of urban initiatives Thom Mahler said the Barron Building is at issue this time, but city staff want this effort to serve as a model for renovating and protecting other heritage buildings downtown. Advertisement Article content The city report notes that historic buildings “may have unique challenges associated with their age or original use, causing issues in securing investment due to the financial risks and challenges with heritage renovation projects.” Mayor Naheed Nenshi said the Barron Building is an important part of Calgary’s history, and he hopes finishing the redevelopment could breathe new life into the block. “We had a number of stops and starts on that building, and I’m hoping that this will actually allow it to achieve some potential for a real future and build up the property values for that whole area.”