News   Feb 27, 2024
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Edmonton Downtown Revitalization

Private Investor

This may be a tad off topic, but if any of you were curious what this project is doing to the real estate in the immediate area, I will share my story.

I am a 30 year old Nurse that lives and works in Edmonton - I have been watching this project for a while now and eyeing up investment homes in the area. On August 1, 2012, I will be taking possession of a detached raised bungalow that is a 20 minute walk away from this project in Little Italy (McCauley).

The areas around the arena are rough, but detached home inventory within walking distance of the project zone is declining to the point that I would start to call it scarce soon.

The inner city areas surrounding the arena also have active revitalization plans and funding in place If anyone out there was thinking of investing near the arena, I would be looking into it sooner than later!

If you find available homes, they are still valued price - in my case my new home was purchased in 2006 for $260,000 - however the city`s 2012 assessment of the property is $213,000 - my final purchase price was $192,000.

It is 1,012 sqft detached home with a separate entrance for the suite below. I have had to sift through about 100 e-mail responses of people wanting to rent the home from me on Kijiji ($1,200 for the top, $800 for the suite) - my mortgage payment is just $600.

After the arena is in place and my new neighborhood `s revitalization program is further along, I will end up moving into the home for my own use since I am a Downtown kinda guy.

It`s a solid home, completely renovated with great curb appeal in a neighborhood with great bones!

Thanks for listening!
New Video fly-through of the district

insane amount of construction in the Arena District.... with more cranes to come!
picture posted by yo-youyi on Skyscraperpage... link below




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It reminds me of Toronto south of the QEW, or any of the new-build areas really. Never been but looks like a clean modern prairie city.
Unfortunately, Edmonton's economy seems to be in a poor state.

HSBC Bank Place: 10250 – 101 Street. 324,767 square feet. Sold for $35,000,000. Previously sold in December 2010 for $83,400,000.

Enbridge Place: 10130 – 103 Street. 263,660 square feet. Sold for $25,000,000. Previously sold in April 2010 for $90,850,000.

HSBC Building: 10055 – 106 Street. 118,747 square feet. Sold for $12,250,000. Previously sold in August 2011 for $28,570,000.

Milner Building: 10030 – 104 Street. 177,645 square feet. Sold for $7,500,000. Previously sold in August 2011 for $40,170,000.

Those four buildings alone declined $163,240,000 in a matter of 6 – 7 years.

Even so, there's been tremendous improvements and revitalization, I hope redevelopment persists.
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