Edmonton Alberta’s recent retail boom is being followed by a renaissance in the form of a proposed 5 year downtown expansion initiative totalling almost 5 billion dollars.
The continued success of Edmonton’s commercial business and development indicates that many of the proposed projects will likely move forward. Edmonton Properties Realtor Jay Love expects to see an unprecedented residential migration towards the downtown core to accompany the initiative.
Edmonton, AB, Canada (PRWEB) September 05, 2012
The Downtown Business Association released a report on August 28/2012 detailing a five year growth strategy. The summary includes three categories: Probable Projects, Proposed Projects, and Rumored Projects. Probable Projects which estimate at $2 billion include constructions already under development with a high likelihood of reaching completion. Proposed Projects account for an estimated $.7 billion and include those that have been publicly communicated and are in the planning phase which also indicates a likelihood of seeing the light of day. The remaining $2.1 billion Rumored Projects are still considered reasonable additions to downtown Edmonton but have yet to be confirmed in a public forum and thus cannot be officially attributed with a probability. Regardless the final tally of the follow through, the landscape of downtown Edmonton will change dramatically. The initiatives are broken down into Arts/Culture & Entertainment, Education, Commercial, and consequentially – Residential Construction.
A top priority of the new development includes a new arena for the Katz Group owned Edmonton Oilers NHL team and is considered to be at the heart of it all. However, its tally is less than half a billion dollars. The remaining amount attributed to the Arts/Culture & Entertainment portion includes a new Royal Alberta Museum, a new performing arts theater, and expansions to other focal points of interest in downtown Edmonton that will benefit from revitalization, including the current development of bustling Jasper Avenue making the area more pedestrian friendly which will in turn support residential growth. Educational infrastructure is slated to improve with the expansion of NorQuest College and the consolidation of MacEwan University facilities into the downtown core and both are expected to spike short and long term residential requirements. Edmonton’s aforementioned commercial growth will continue to expand into the downtown zone as well with a slew of new retail, service, and hospitality developments creating a new labor center that too lends to demand for residential properties. Public transportation improvements such as the $132 million replacement of Walterdale Bridge and $755 million dollar Light Rail Transit (LRT) expansion will help usher visitors and residents in and out of downtown. The residential construction to accompany the growth of downtown Edmonton will be evidenced by more than a dozen high-rise buildings being added to the Edmonton skyline with the addition of over 2,000 new homes accommodating potentially thousands of new residents.
Jay Love, an Edmonton Properties realtor of home and commercial real estate group Team Love, comments “This unprecedented expansion of Edmonton’s downtown core will be met with an unprecedented growth in residential migration. It’s only natural that these initiatives will spur residents to move towards the pulse of the city where labor and leisure come together. This is truly an exciting time.” Edmonton Properties is currently consulting for prospective downtown Edmonton home owners and real estate investors and encourages anyone considering buying Edmonton real estate to contact Edmonton Properties as soon as possible.
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