Latest news with #downtownRevitalization
CTV News
15 hours ago
- Business
- CTV News
Debate rages at city hall over Oilers event-park funding in hearing on future of tax levy
Edmonton city council is divided over a directive from the province to use money from a special tax levy on projects on land owned by the Oilers. It was the Edmonton Oilers arena debate all over again at city hall on Thursday with a slightly different flavour. Most city councillors and business leaders agree a special tax program in the core is vital for the future prosperity of downtown. The sticking point is a directive from the provincial government to spend tens of millions of public dollars to build projects on land owned by the Oilers. City councillor and mayoral candidate Andrew Knack wants to halt a $250-million event park beside Rogers Place, the home of the Edmonton Oilers. The Oilers Entertainment Group (OEG), which owns the site, is using it as their outdoor Fan Park. The event park is listed as one of the so-called catalyst projects city money would help fund through the downtown Community Revitalization Levy (CRL). 'I do support downtown revitalization, but I will not support a bad deal,' Knack, who represents the west-end Ward Nakota Isga, told media on Thursday morning. 'We don't even know if we need an event park yet ... there's just this assumption that something new and shiny will solve everything.' Event park rendering Conceptual rendering of the event park in downtown Edmonton. (Oilers Entertainment Group) The CRL was introduced in 2014 as part of the deal to build Rogers Place, which opened two years later with a final price tag of $613.7 million. The city paid $312 million of it in cash and through the levy, the team paid $165.5 million and the rest came via a ticket surcharge, the federal government and MacEwan University. The home arena of the Oilers opened in 2016, replacing Rexall Place, following years of debate and negotiation after Daryl Katz bought the National Hockey League team in 2008 from the Edmonton Investors Group for a reported $200 million. As the area within its boundary is redeveloped, the CRL is meant to reinvest that extra tax revenue into downtown. City staff have crunched the numbers and say extending the 20-year levy by an extra decade is worthwhile. Event park site The site of the proposed downtown Edmonton event park, right, that's currently being used by the Oilers Entertainment Group as its Fan Park, with Rogers Place in the background on June 26, 2025. (CTV News Edmonton) 'It is a comprehensive approach to developing downtown Edmonton, encompassing underground utilities, beautification of our streets and parks, creation and expansion of event spaces, improvement to transit stations and incentives for attainable housing,' Brett Latchford, the city's director of strategy and emerging economy, said at Thursday's public hearing. Kris Sims, the Alberta director of the Canadian Taxpayers Federation, drove to Edmonton from Lethbridge to express her concerns about the deal along with those from several others. 'That's fine, go ahead and revitalize the downtown … but why are you tying it to one element of corporate welfare?' Sims said. 'That is not fair, and it's not right.' The provincial government has final say over the CRL. Municipal Affairs Minister Dan Williams says it won't be approved unless it includes the event park and site servicing for the housing planned north of Rogers Place. The province said it would contribute more than $100 million for those projects. CRL hearing People in attendance for a public hearing at Edmonton city hall about the future of the downtown Community Revitalization Levy on June 26, 2025. (Jeremy Thompson/CTV News Edmonton) Mayor Amarjeet Sohi said he understands why Edmontonians are upset but believes the deal would fall apart without the event park, which he says would be a major missed opportunity for downtown. '(The province is) a major funder of this, a major enabler of this plan, so they're definitely going to have a say in this,' Sohi told media between hearing sessions. 'Anyone who believes that we can find $175 million of new revenue or $103 million of grant funding I think is not living in reality.' A representative of the Oilers Entertainment Group (OEG), which operates Rogers Place and the Ice District plaza as well as the NHL team among other sports and entertainment enterprises, said the corporation is proud of its contributions to the CRL. Edmonton Rogers Place downtown skyline spring/summer overcast An aerial image of Rogers Place in downtown Edmonton on June 17, 2025. (Cam Wiebe / CTV News Edmonton) 'It has been a powerful tool for revitalizing Edmonton's downtown core and helping to strengthen our education, arts, housing, and business districts,' Tim Shipton, OEG's executive vice-president of external affairs, said in a statement to CTV News Edmonton. 'The CRL has supported critical public infrastructure, attracted billions in private investment and created safer, more vibrant spaces for all Edmontonians. The MOU (memorandum of understanding) signed with the city and province represents a transformational city building opportunity, focused on additional housing when it's needed most, and a one-of-a-kind community event facility with vibrant public realm spaces — developments that will not just benefit downtown, but the city as a whole.' The public hearing is expected to be held all day Thursday and Friday. Edmonton city council Edmonton city council on June 26, 2025. (Jeremy Thompson/CTV News Edmonton) Michael Janz, the city councillor for south-side Ward papastew, told CTV News Edmonton he believes the deal isn't really about downtown, rather how a 'provincial tax grab' is going to be distributed, asking would it 'go back to Edmontonians, or is it going to go to one private business?' 'We don't even know the other options, because this was decided behind closed doors in a private negotiation between one business and our premier with the city of Edmonton along for the ride,' Janz said. 'When you can't walk away, when you're being told you have to accept this deal on terms acceptable to the OEG, that's not a negotiation.'
CTV News
04-06-2025
- Business
- CTV News
'People being on the street, people living here': Richmond Row office building is being converted to apartments
The city partnered with Farhi holdings to turn Richmond Row office space into apartments, reports CTV's Gerry Dewan. The city partnered with Farhi holdings to turn Richmond Row office space into apartments, reports CTV's Gerry Dewan. London's mayor Josh Morgan announced a new office-to-residential conversion on Tuesday. It's the city's third such project for the city, this one a partnership with Farhi Holdings. Work is already underway at 685 Richmond Street where they are taking almost 32,000 square feet of office space and converting it into 41 residential units that will house approximately 80 people. 060325 - housing Third office-to-residential project announced by the city. (Gerry Dewan/CTV News London) According to Morgan, 'In the long run, people being on the street, people living here, are what supports the businesses in the area.' The offices in the four-storey building have been mostly empty for five years. Total office vacancy rates in the downtown have reached about 32 per cent, according to analysis from CBRE Limited. Morgan says the office conversions address three issues -- office vacancies, the demand for affordable housing and the goal of maintaining a vibrant downtown core. 'The people who are going to live in this building are going to walk out the doors to support the businesses and the downtown core. They're going to have opportunities to work in the downtown core as well,' said Morgan. 060325 - housing Third office-to-residential project announced by the city. (Gerry Dewan/CTV News London) Ilias Korakianitis and his family members operate Dimi's Greek House, an eatery located close to where the conversion is taking place. He told those gathered for the announcement that having more downtown residents, along with increased policing and street maintenance, could bring significant improvements to the core. 'If we want downtown to come back to life, we need leadership. We need support, and we need urgent action,' he said. Farhi Holdings owner Shmuel Farhi says the conversions also prevent buildings from falling to the wrecking ball. 'Every building we adapt saves tons of concrete, glass, steel from the landfill,' said Farhi. The city has provided economic incentives amounting to about $35,000 per residential unit. Farhi told CTV News incentives are necessary because the conversions aren't easy or cheap, pointing to the heating system as one example. 'The heating that was for an office wasn't conducive to heating for residential. So that's another million dollars that we have to put there,' he said. 060325 - housing Third office-to-residential project announced by the city. (Gerry Dewan/CTV News London) Morgan said the money comes from the $85 million Housing Accelerator Fund which is supported with money from the federal government. He said more downtown residential conversions are coming, including a proposed 35 storey tower planned for the southwest corner of Oxford and Richmond, where retailer Urban Outfitters was once located. That project is being spearheaded by Toronto developer Fitzrovia Real Estate.
Wall Street Journal
10-05-2025
- Business
- Wall Street Journal
Cities Turn to Sports Stadiums to Snap Out of Downtown Doom Loop
A growing number of U.S. cities are embracing an alternative approach to revitalizing sleepy downtowns: Strike a deal with a local sports team to usher in a giant real-estate project. The creation of whole neighborhoods anchored by new sports stadiums or entertainment arenas is emerging as a real-estate asset class all its own. Stadiums serve as the foundation, surrounded by hotels, shopping centers, office towers, residential buildings and entertainment venues.
