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A Calgary-based company that transforms underutilized office space into residential units has struck a deal to buy the historic Hudson’s Bay building on Stephen Avenue.
Astra Real Estate Corp. signed a purchase agreement in February.
The company’s website says it works to “convert underutilized properties, particularly empty downtown office towers, into multifamily properties.”
It’s not clear what the plan for the building is. Astra Group said it is unable to comment on the property at this time.
The sale also remains subject to court approval. The court filing states FTI Consulting Canada, which is acting as the receiver for the property, intends to seek approval in the near future.
It also says the costs of maintaining, insuring and safeguarding the property while vacant has been substantial, making a sale “prudent and appropriate.”
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What will happen to the Bay building downtown? It’s a question that’s been on some Calgarians’ minds since the company went under. One local artist says Indigenous input on its future would be a step forward in a complicated historical relationship.
The building was completed in 1913 and further expanded in the decades that followed.
It has sat vacant since June 2025, after Hudson’s Bay went under.
On its website, National Trust Canada, a national charity that renews heritage spaces, calls the downtown Calgary building “one of the most architecturally and historically significant commercial buildings in Western Canada.”
Heritage Calgary previously told CBC News the sandstone building was the first of its kind in the HBC portfolio and would later be used as a model for other locations.
The court filing also includes purchase agreements for former HBC stores in downtown Vancouver and Windsor, Ont.