Foster's mixed-use project will become the headquarters for the new EnCana corporation, a major player in the North American oil market.
The scheme, called The Bow, will also attempt to develop a social and cultural hub for the area, east of Centre Street.
Norman Foster said: 'We are thrilled to be working with an enlightened client, to realise not only a highly innovative new headquarters building, but also a civic destination for Calgary that can be a catalyst for the regeneration of the surrounding area.'
One of the potential problems for the project is the presence of a series of 'early 20th-century buildings', on the site, which represent architectural heritage in the city.
Work is set to start in spring next year - pending City of Calgary approvals.