THE CALGARY FOUNDATION MAKES AN $8.027 MILLION IMPACT INVESTMENT IN CALGARY’S ART COMMUNITY
Calgary Arts Development and The Calgary Foundation formally announced the purchase of the King Edward School site from the Calgary Board of Education.
King Edward School is a distinctive heritage building located on a three-acre site in South Calgary at 1720 – 30 Avenue SW. Built as one of nineteen sandstone schools between 1894 and 1914, the School is centrally located in the community of South Calgary.
The King Edward School site is the first of a future portfolio of spaces for cSPACE Projects. After five years of research, advocacy and planning, cSPACE Projects has been founded as a non-profit real estate enterprise dedicated to developing a network of multi-disciplinary creative workspaces across the city.
The property was formally transferred from the Calgary Board of Education to cSPACE Projects on December 2, 2011 for the amount of $8.027 million. The land purchase was supported by an $8 million loan from The Calgary Foundation, along with a $5 million grant from the City of Calgary’s Municipal Sustainability Initiative, which will contribute to the loan repayment. The Foundation also granted $3 million in multi-year funding toward the development of the project.
VISIT http://calgaryartsdevelopment.com/content/new-story-old-school TO LEARN MORE.