One of things we're trying to do more of out here in Calgary is recognizing that knocking everything down isn't always the best way forward - sometimes the existing buildings can be converted to other things. Adaptive re-use is becoming a key principle of building design and approach more and more for new buildings.
It's good to see - Edmonton has a lot of reuse of old buildings.
This building is a flat iron building that used to be offices which is now Lofts.
This building was a warehouse that turned into lofts as well - there are several examples in Edmonton (not so many in Calgary).
This gives a variety of price points throughout an area (often higher for new Development; lower for renovation - although some conversions can be pricey too!) allowing all levels of residents to move in.