Downtown Edmonton is undergoing a slow yet steady overhaul. The inner city has been subject to a slew of construction, safety and foot traffic complaints. But two large properties that sat desolate for years were recently purchased by local developers. Re/Max River City broker John Carter says that’s because investors are smelling opportunity. “When you buy stuff is when the market sucks. This is strategic buying,” he told CTV News Edmonton. “Projects of size take a long time. The City of Edmonton has improved their permitting processes over the last several years, so things are getting done quicker than say, Vancouver or Toronto or other places, and cheaper than there.” The challenge, Carter says, will be to build properties that attract Edmontonians’ budgets. “With Edmonton, you still need parking and things like that. But if you can have integrated development where there’s retail and lifestyle, restaurants, things like that, is what buyers are looking for.” Two developers are already looking to bring a bit of vitality to the inner city lifestyle. Paramount Block, for one, was recently sold to Gather Co. after sitting empty for more than a decade. Spokesperson Puneeta McBryan told media the goal is to restore the once-iconic Paramount Theatre to its original glory. City Centre Mall, which went into receivership last year, is now owned by Westrich Pacific with plans to develop the largely unoccupied building into a mix of residential and commercial units. “We’re cautiously optimistic,” CEO David Sanche said when the sale was announced earlier this week. “We’re very passionate about downtown, and we’re very excited to be able to have the opportunity to do something really special here.” University of Alberta real estate professor David Dale-Johnson says the more companies invest in downtown in coming years, and the more attractive it becomes, the more competitive it will be. “Over the last 10 or 15 years, we’ve had a bit of a migration to the suburbs, or in the periphery … Having said that, families or residents can find living downtown to be attractive. No need for a vehicle. Access to certain services,” he said. “There are a lot of pieces that suggest that we could see a downtown renaissance for a lot of people.” Many business owners have said the core needs to be more accessible. Area Coun. Anne Stevenson says a completed Valley Line LRT will help. Construction is expected to finish in 2028. She also says constant construction – and delaying or speeding up affected areas – is a “trade-off.” Stevenson points to the stretch of Jasper Avenue from 102 Street to 109 Street in need of a makeover that’s been delayed until 2030. “(Delaying) means we’re going to have less-than-ideal infrastructure, but it does also provide downtown with a bit of a break from construction disruption,” she said. “After that stretch is done, though, I think we have pretty well gone through and upgraded what needs to be upgraded in the downtown.” Detailed plans for the future of City Centre Mall and Paramount Block are expected later in the year. Other developments – like the LRT and Ice District’s new event park – are also anticipated in the coming years. With files from CTV News Edmonton’s Curtis Goodrum
