Edmonton company WAM joins Katz Group to develop arena lands
The Katz Group will work with Edmonton-based WAM Development Group to develop the lands adjacent to the proposed site of the downtown arena, the Oilers owner announced Friday.
WAM will acquire a minority equity position in the properties between 101st Street and 104th Street, immediately north of 104th Avenue which the Katz Group currently has first rights to acquire around the arena.
The city owns the land, which stretches from the Square 104 apartments to the Baccarat Casino, after buying it from WAM in October for $40 million.
WAM will work with the Katz Group in developing a master plan, hiring architects and contractors, coordinating financing, overseeing all phases of construction, and leasing and managing the retail and commercial space.
"We see great potential in developing the lands around the arena," said Darren Durstling, partner with WAM Development Group.
"We are extremely proud to be involved with this project and look forward to working with the Katz Group, the City and other stakeholders to create a world-class urban community in downtown Edmonton," he said.
"We are confident that the district will add great vibrancy to the heart of our city and will help create a more walkable and better connected downtown core," said John Karvellas, Katz Group executive vice-president.
WAM will not be involved in the development of the arena itself, nor the operation of the arena once it is completed.