November 2, 2020
University of Calgary Properties Group Adds New Master Plan Project to Portfolio
UCPG will lead the future redevelopment of University Innovation Quarter, formerly known as University Research Park
University of Calgary Properties Group (UCPG), formerly West Campus Development Corporation, will be taking on the management and redevelopment of a new project. The University Innovation Quarter (UIQ) lands, formerly known as University Research Park, will fall under the UCPG portfolio.
The 76-acre site immediately adjacent to the University of Calgary’s main campus has significant capacity for growth, change, and densification to accommodate a rich ecosystem of research, industry, innovation, and entrepreneurial activities.
There are currently 12 buildings located in UIQ comprising approximately 1.24 million square feet of office or lab space. There will be no impact on the current tenancy or leases with this management change.
Ownership of the lands was transferred from the Province of Alberta to the University of Calgary earlier this year, with the university’s intent to establish an innovation and research cluster to be known as UIQ. The University of Calgary then entered a 130-year head lease agreement with University Innovation Quarter Trust to operate, manage, and develop UIQ lands to support an innovation ecosystem. As the developer, UCPG will serve as Trustee for University Innovation Quarter Trust.
With this new opportunity, UCPG will continue to carry out its vision of being an award-winning leader in creating amazing places as the trusted developer for the University of Calgary.
Says James Robertson, President and CEO, University of Calgary Properties Group, “Revitalizing UIQ will help create a world-class destination for research and innovation while demonstrating leadership in environmental sustainability and social responsibility. We have a strong track record to date with the development of University District, and we look forward to bringing our vision and talent to this exciting project.”
“The University of Calgary has a robust and integrated innovation ecosystem that is focused on linking discovery, creativity, invention and entrepreneurship to solve local, national, and global challenges,” says Ed McCauley, President and Vice-Chancellor, University of Calgary. “University Innovation Quarter will be a dedicated and recognized location where research, cross-sector collaboration, ideation, incubation, and entrepreneurship will be translated into scalable solutions to improve the world. UIQ will be a hub for transformative action to boost our economy, create new jobs and forge positive change.”
With the initiation of this large scale, long-term project, UCPG will be taking on a series of concurrent tasks. This includes reaching out to existing tenants and key stakeholders from the surrounding area to better understand the site conditions and determine how the site can be transformed into a dynamic and thriving hub to fuel the University of Calgary’s innovation agenda.
UIQ is located immediately north of the University of Calgary main campus and is bounded by the Brentwood LRT station and Crowchild Trail NW to the east, 37 Street NW to the west, 32 Avenue NW to the south and 40 Avenue NW to the north.
University Innovation Quarter sits at the north end of the University of Calgary campus.
About University of Calgary Properties Group Ltd.
University of Calgary Properties Group Ltd. (UCPG) was created by the University of Calgary to oversee the development and management of university land projects. With a financial model that provides an innovative approach to land development, residual profits from UCPG are directed back to the University to fuel its academic mission. Setting a high standard for sustainable and progressive neighbourhood design, UCPG’s team and 14-member board of directors are dedicated to creating, developing and managing premier communities. With the masterplan for University District underway and portfolio diversification with University Innovation Quarter, UCPG is delivering on creating amazing places for people to thrive.
Media Relations Contacts:
Director, Marketing & Communications
University of Calgary Properties Group
Worthington PR & Story