Canadian Design and Construction Report staff writer
EDMONTON – Edmonton city council has approved a master agreement with the Oilers Entertainment Group (OEG) that will see the development of a Public Event Park and a residential community in the ICE District, along with the demolition of the Coliseum and early work on Exhibition Lands.
The $408.2-million plan is a partnership between the city, OEG and the Government of Alberta. The projects aim to accelerate housing, public infrastructure and economic growth in the downtown core.
Under the agreement, a new indoor/outdoor Public Event Park will be built at an estimated cost of $250 million. The park is expected to host events that draw people downtown, including low- or no-cost community events, while enhancing Edmonton’s reputation as a destination and boosting the local economy.
The preliminary work for the Village at ICE District, estimated at $68.2 million, will fast-track the development of 2,500 new housing units and is expected to stimulate roughly $1 billion in private sector investment. Plans also include a new downtown park and improved streetscapes with wider sidewalks and pedestrian crossings.
The Coliseum Demolition and Improvement Project, pegged at $90 million, will be funded with $55 million from the province and $35 million from the city. The project will demolish the Coliseum and build public infrastructure in Exhibition Lands, laying the foundation for a centrally located urban community connected to downtown.
“This type of investment in downtown helps answer the call of downtown vibrancy and could have a cascade effect to stimulate further investment,” said city manager Eddie Robar.
City revenues from the Capital City Downtown Community Revitalization Levy (CRL) will fund the city’s share of the Event Park and ICE District site servicing. Additional early work on Exhibition Lands will be financed through land development revenues already earmarked in the capital budget.
The projects will spark the next phase of growth in Edmonton’s downtown.
“It is encouraging for the Edmonton business community to see the Government of Alberta and City of Edmonton working together to take our downtown economy to the next level, coupled with the proven success and significant investment from their partners at Oilers Entertainment Group,” said Puneeta McBryan, CEO of the Downtown Business Association.
Council’s approval allows the city to finalize the agreement with OEG and ensures the provincial funding contributions are secured, paving the way for all three projects to move forward.
