Maxim Olshevsky

Maxim Olshevsky is a Canadian real estate developer known for adaptive reuse and office-to-residential conversions. He is managing director of Astra Group and PeopleFirst Developments in Calgary, Canada which have played a role in transforming vacant office spaces into residential and mixed-use developments as part of Calgary's Downtown Development Incentive Program.

Biography

Olshevsky immigrated from Ukraine to Calgary, Canada with his family when he was 13.[1] He grew up in the west side of Calgary in a two-bedroom apartment with his parents and a little sister while adapting to life in Canada and slept on the couch.[2][3]

At the age of 16, Olshevsky began working as a construction labourer, gaining hands-on experience across multiple trades while quickly learning English.[1] He launched his first company when he was 18, initially focused on framing, selling it in his mid 20s.[1] He has stated his motivation was to build the kind of homes he wished his family had when he they first moved to Canada.[3]

In 2014, he founded Astra Group, originally focused on foreclosed and condemned buildings.[4][5] After Calgary announced that it would institute an incentive program for developers tackling office-to-residential conversions, Olshevsky completely pivoted to focus his companies to specialize in turning abandoned office towers into housing.[6]

In 2021, Olshevsky's Peoplefirst Developments, a subsidiary of Astra Group, became the first company to complete a project under Calgary's incentive program for office-to-residential conversions.[7][8] The began redeveloping on the vacant former SNC-Lavalin building in 2022.[9] After he completed acquisition of the building in February 2022, he obtained building permits within two months and started construction in eight months.[10] $7.8 million of the project's $38 million budget came from Calgary's incentive program.[10]

Following the onset of the war in Ukraine in 2022, Olshevsky participated in efforts to integrate Ukrainians refugees in Canada.[11][12]

In 2024, the redevelopment resulted in converting the 129,000-square-foot tower into the 112-apartment complex known as The Cornerstone.[13][14][15] The project included 40% of units priced at below market rates which the company stated would continue with future projects, and there was a waiting list of potential renters for the building.[15][16]

Following Cornerstone, the company acquired Petro Fina and Place 800, both slated for office-to-residential redevelopment. It started Petro Fina as its second conversion in 2023.[17] The Petrofina Building conversion was completed in October 2025.[18]

Notable projects

Building Address Year Notes
 The Cornerstone[14] 909 5 Ave SW[14] Completed 2023[14] Former SNC-Lavalin office tower, converted into 112 residential units and a coworking space for beauty professionals[15][14]
Petrofina Building[18] 736 8 Avenue SW[18] Completed 2025[18] Former Petrofina office tower, converted into 103 residential units[18]
Place 800[15] 800 6 Ave SW[15] Expected 2026[15] Office tower being converted into 203 residential units with connection to Calgary's Plus 15 network.[15]

Recognition

  • Calgary's Top 40 Under 40 2023[5]
  • EY Entrepreneur of the Year Prairies Finalist 2023[19]
  • Business in Calgary Leaders Award 2022[20]

References

  1. ^ a b c Parker, David (2022-05-23). "Peoplefirst Developments tackling housing affordability in Calgary". Calgary Herald.
  2. ^ "Varcoe: West side story for downtown Calgary needs a big role for local players". calgaryherald. Archived from the original on 2025-07-05. Retrieved 2025-10-27.
  3. ^ a b Arroyo, By Noah. "Yes, S.F. could turn empty downtown offices into housing. Here's what it would take". San Francisco Chronicle. Archived from the original on 2025-04-28. Retrieved 2025-10-27.
  4. ^ Liss, Sarah (2023-10-16). "Calgary Is Converting Abandoned Offices Into Housing". Canadian Business – How to Do Business Better. Retrieved 2025-10-29.
  5. ^ a b "Maxim Olshevsky | Top 40 Under 40 2023". Avenue Calgary. 2023-11-02. Retrieved 2025-10-27.
  6. ^ "'A great idea': How office conversions could resurrect Calgary's ailing downtown". CTVNews. 2025-03-30. Retrieved 2025-10-27.
  7. ^ "Office conversion to housing costly, say developers". The Globe and Mail. 2023-05-23. Retrieved 2025-10-27.
  8. ^ Varcoe, Chris (2024-01-05). "Calgary to see payoff this year from incentives to convert aging offices into new homes". Calgary Herald.
  9. ^ Toombs, Aryn (2022-04-29). "Peoplefirst development aims to transform long disused Calgary commercial tower". LiveWire Calgary. Retrieved 2025-10-27.
  10. ^ a b Bergeron, Maxime (2023-02-21). "La Presse à Calgary: Sauver un centre-ville, mode d'emploi". La Presse (in Canadian French). Retrieved 2025-10-27.
  11. ^ Toombs, Aryn (2022-12-19). "Christmas dinner, Monopoly donations given to Calgary families in need". LiveWire Calgary. Retrieved 2025-10-27.
  12. ^ Toombs, Aryn (2023-12-23). "'We must stay positive, we must give back and make a place a little bit better': Christmas turkeys with all the trimmings go to Calgary families in need". LiveWire Calgary. Retrieved 2025-10-27.
  13. ^ "How Peoplefirst Developments Converted The Cornerstone". storeys.com. Retrieved 2025-10-28.
  14. ^ a b c d e Roquette, Tiphanie (2024-09-24). "Convertir des bureaux en logements, un succès calgarien encore peu suivi au Canada". Radio-Canada.ca (in Canadian French). Retrieved 2025-10-28.
  15. ^ a b c d e f g Toombs, Aryn (2024-06-25). "Calgary completes first office-to-residential conversion project with The Cornerstone". LiveWire Calgary. Retrieved 2025-10-27.
  16. ^ "Opinion | The model city for transforming downtowns? It's in Canada". The Washington Post. 2023-05-18. ISSN 0190-8286. Retrieved 2025-10-28.
  17. ^ Krause, Darren (2023-04-19). "Five new downtown Calgary conversion projects set to begin". LiveWire Calgary. Retrieved 2025-10-27.
  18. ^ a b c d e "Downtown Calgary's latest office-to-rental conversion begins welcoming tenants". The Globe and Mail. 2025-10-16. Retrieved 2025-10-27.
  19. ^ "EY Entrepreneur Of The Year® Canada 2022 - Atlantic regional winners". www.ey.com. Retrieved 2025-10-27.
  20. ^ Brooks, Bill (2022-11-25). "Brooks: Business in Calgary salutes 2022 exceptional leaders". Calgary Herald.
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