$4.8B projected in downtown Edmonton development
Report looks at probable, proposed and rumoured projects
A new report prepared for the Downtown Business Association has identified 36 projects worth $4.8 billion that may be built in downtown Edmonton over the next 5 years.
"It's huge. We're talking about eight by 16 blocks," said executive director Jim Taylor.
The report, prepared a University of Alberta MBA student, was unveiled at a breakfast meeting in Edmonton on Tuesday morning.
But few expect all the projects to go ahead.
While $2 billion worth of the residential, commercial and municipal projects are considered probable, such as the new arena and the Quarter's hotel, close to $3 billion of the projects fall into 'proposed' or 'rumoured' categories.
"Certain things I think will happen," said Mayor Stephen Mandel. "Certain things probably won't."
The biggest barrier to development is demand, though that is improving, Mandel said.
"There's no mandate like in other city's where you have to have your office downtown and we have as much office space around the city as many cities, many of our companies decide to go into the suburbs," he said.
The Downtown Business Association plans to use the report to promote and market Edmonton around the country.