Good News For Fans and Edmonton Realtors
The Katz Group and Edmonton City Council raised the stakes to put skates on ice in a new arena, finally. The Edmonton Journal has reported that barring any unforeseen event in the very immediate future, the arena will begin construction at the end of this up and coming summer. Our Edmonton Real Estate team, NHL fans, and supporters of the downtown Edmonton expansion initiative are happy to hear it.
Edmonton Real Estate Developments No Longer Threaten Team
If you’ve been following our Edmonton real estate blog then you know that we have discussed the concerns regarding Katz and the potential threat of moving the Edmonton Oilers to another city. It seemed that if an optimal deal (for Katz) for a new arena could not be included in the downtown Edmonton core real estate expansion plan then he would march off into the horizon with our beloved Oilers in tow. As of today this is no longer a threat.
Pay Off Will Be Huge
The now revised Edmonton arena deal is almost exactly the same as the one initially proposed back in 2011. However, apparently acceptable concessions in this downtown Edmonton expansion have been made to appease both Katz Group and City council. At the end of the day, the tally for the new arena will run $480 million, which is $30 million more than anticipated, a cost split between the two groups. With the $5 billion total planned residential and commercial real estate expansion for downtown projected in 2018, our Edmonton realtors see this recent concession as nothing more than a drop in the pond for what is to come for the city over the next few years. Expensive? Yes. But for all of the jobs that come with the commercial Edmonton real estate expansion and the flood of new homeowners moving into new Edmonton residential properties, the pay-off will be huge in the long run.
At Home In Edmonton
For now, we are happy to say that it looks like our Oilers have a new home at home and the city of Edmonton has a vastly improved skyline and large scale event facility on the horizon.
If you are looking at joining the new wave of commercial and residential development, along with the Oilers, anywhere within or surrounding the burgeoning downtown of Edmonton, please do not hesitate to contact our Edmonton Real Estate office today to start the process with a friendly conversation.