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.
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]
| 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] |