MOU includes $400M plan to revitalize downtown Edmonton
The agreement involves developing an event park, enhancing public spaces, and supporting new housing.
Key Takeaways:
- Alberta’s government, the City of Edmonton, and OEGSE are partnering to develop an event park, enhance public spaces, and support new housing in downtown Edmonton, with a total project cost of $408.2 million.
- The project aims to build 2,500 diverse housing units, improve safety, and strengthen Edmonton’s economy by generating $70 million in GDP and up to 1,400 construction jobs.
- Budget 2025 allocates funding for the initiative, with discussions ongoing. The City of Edmonton is also exploring extending the Capital City Downtown Community Revitalization Levy to fund key infrastructure projects.
The Whole Story:
Alberta’s government announced that it is partnering with the City of Edmonton and OEG Sports & Entertainment (OEGSE) to support downtown revitalization and economic prosperity.
The memorandum of understanding (MOU) involves developing an event park and public realm space fully connected to Rogers Place in Edmonton’s ICE District, unlocking more housing in the downtown core, and supporting site servicing for the Village at ICE District and demolition of the old Coliseum at Exhibition Lands.
Discussions between the Government of Alberta, City of Edmonton, and OEGSE are ongoing as further details are worked out. The province’s Budget 2025 allocates funding for this project, should a final agreement be struck among all three partners.
“This investment will boost our economy and solidify Edmonton’s status as a global events hub,” said Amarjeet Sohi, Edmonton Mayor. “I’m pleased the Government of Alberta is investing in our city. Municipalities need provincial support to manage record growth, and this funding will support diverse housing projects, including needed affordable housing.”
These priority projects will support housing development, provide residents and visitors with year-round access to sports, culture and entertainment activities, as well as improve safety and build 2,500 new units of diverse housing types. The total cost for all projects is $408.2 million, which will be shared among all three partners.
As part of this ongoing work, the City of Edmonton has released a report that outlines options to extend the end date for the Capital City Downtown Community Revitalization Levy (CRL) beyond 2034. This report contains new catalyst projects including public infrastructure site servicing for the Village at ICE District housing development and a proposed event park that would be funded through the CRL. The event park is estimated to add over $70 million to the local gross domestic product (GDP) and up to 1,400 jobs throughout the construction phase.
Alberta’s government, the City of Edmonton and OEGSE will make a more formal announcement in the days to come.
