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Thread: edmonton municipal development corporation redux

  1. #1
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    Default edmonton municipal development corporation redux

    it seems there are hints and opinions starting to circulate about the resurrection of a municipal development corporation for the city of edmonton.

    despite some of the recent council enquiries, to the best of my knowledge the city is not continuing to look at an mdc based either on calgary's model or on the previous edmonton model. the discussion also needs to separate a municipal development corporation - which was strongly opposed by the development industry - from the community development corporation which was created with the support of the development industry.

    if the city does choose to go down this path again, (a) they are not likely to receive any more industry support than they received last time and (b) they would be jeopardizing the support, the participation, the value and the trust they currently have with the industry through the joint city/industry real estate advisory committee.

    what does that reac work/consultation amount to? from the march 13 update to council:

    3. An update on the work and findings of the Real Estate Advisory Committee. Following the April 12, 2016 report CR_3168, Municipal Development Corporation - Relationship and Land Inventory, Administration worked with local industry to create an advisory group (the Real Estate Advisory Committee, or REAC) to inform the review of City real estate holdings and provide advice to maximize the value to the City on market development potential of surplus City land.

    Since September 2016, REAC has provided advice on 121 sites consisting of 321 holdings and 239 acres of land valued at in excess of $170 million. REAC has also 2 recommended a principle-based framework to address over 2,000 remnant holdings. The results of REACís review are as follows:

    ● 21 sites consisting of 72 holdings and 35 acres with potential gross sale value of over $34 million have been sold, are pending or listed, or are projected to be sold / transferred in the immediate to short term future (2019-2020 timeframe).

    ● 24 sites consisting of 54 holdings and 24 acres with potential gross sales value of over $25 million are identified for sale in the short to medium term future (2021-2022 timeframe) and have a confirmed disposition strategy.

    ● 24 sites consisting of 30 holdings and 20 acres will be retained for civic use.

    ● 15 sites consisting of 48 holdings and 22 acres are located in project areas (eg. The Quarters, Station Pointe, Exhibition Lands) with REACís advice informing the urban renewal and strategy initiatives associated with these parcels.

    2 Value estimate is Ďorder of magnitudeí and hypothetically assumes all costs to bring property to market have been incurred; these estimates are not net proceeds of sale that would accrue if sold (potential gross sale value minus book costs minus enhancement / marketing costs).

    ● 10 sites consisting of 37 holdings and 35 acres are being held pending completion of projects (eg. LRT Expansion) or are under review for potential repurpose to alternative civic use.

    ● 27 sites consisting of 80 holdings and 103 acres have been identified as lower priority due to low potential value and/or risk considerations such as environmental contamination, independently undevelopable (size/shape), geotechnical complications (organic soils), and/or additional work requirements (studies/planning).

    In addition to site review, REAC has provided significant advice, feedback, and recommendations for major strategic City initiatives and project areas such as:

    ● Station Pointe: Administration acted on REACís recommendation to undertake a market study to identify appropriate built form for the target market in todayís economy. The recently completed study recommends rezoning the remaining land to allow lower density housing products in order to stimulate sales. Administration anticipates returning to Council Q4 2019.

    ● Graphic Arts Building: Through REAC's engagement and feedback Administration is determining the cost of moving and rehabilitating the building to one of two potential sites within the Quarters. Administration anticipates returning to Council Q4 2019 with further information on this project.

    ● Exhibition Lands: REAC and other stakeholder groups consulted on the evolution and definition of working development concepts for Exhibition Lands. Administration anticipates returning to Urban Planning Committee in Q2 2019 with a working preferred development concept, and following that, preparing the Area Redevelopment Plan for Council consideration in Q3 2019.

    ● Plan Whyte and Old Strathcona Public Places Plan: Through discussion with REAC and other stakeholders, Administration confirmed the requirement for a special study that is planned to begin later in 2019 which will confirm future uses for publicly-owned lands generally between Gateway Boulevard and 102 Streets in Old Strathcona. It is expected that the results of the Old Strathcona Public Places Plan will inform a future design program, capital improvements and potential funding mechanisms for the area.
    Administration anticipates returning to Council for consideration in late 2020.

    ● Iron Works Building (96 Street and 104 Avenue): REAC discussion has focused on potential options for repurposing the historical components of the building with the intention of catalyzing development in the area or acting as an incubator for other uses in the area. Administration anticipates returning to Council with an updated Master Plan for Boyle Renaissance Phase III and options for the Iron Works site in Q4 2019.

    In 2019, REAC will review and advise on approximately 40 previously unreviewed sites to enhance their value, and will provide feedback on the Cityís major strategic development initiatives. Administration and REAC are also working to potentially broaden REACís mandate to include acquisition and leasing strategies and portfolio management. Additionally, REAC has offered to advise Administration about how the City and private industry can work more collaboratively to build public / private relationships and catalyse further private sector investment and development in Edmonton.


    http://sirepub.edmonton.ca/sirepub/c...9114506932.PDF

    this work was undertaken and accomplished between administration and industry at no cost to the city of edmonton and with no additional infrastructure/corporate investment required of the city. is an mdc a possible "alternative model"? maybe. but it didn't pass the smell test the first time around and this time it would be like throwing the baby out with the bathwater.
    "If you did not want much, there was plenty." Harper Lee

  2. #2

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    They did buy a parcel in Aster at $200k/acre...

  3. #3
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    Default

    $211/Acre to be exact

  4. #4
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    City should not be in developer business - period. The cluster-flock of city managed projects are ample proof of incompetence of the public bureaucrats and deadbeat socialist politicians. UCP should re-write the City Charters and prohibit the Cities from using public funds when the Province needs massive private funding coupled with competent developers to stimulate the economy.

  5. #5

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    how can the UCP do anything they are not in power.

  6. #6
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    Default

    Quote Originally Posted by Medwards View Post
    how can the UCP do anything they are not in power.
    i think the point being made was that the province - through the municipal government act - has the power to both enable and restrict municipal activities.
    "If you did not want much, there was plenty." Harper Lee

  7. #7

    Default

    Oh I get the point. I just find it funny that many people think UCP are going to fix everything magically.

  8. #8

    Default

    Omg the UPC is not some magic fairy tail provinces who is going to fix our ******* mess with a song and magical mice.

    As for a Municipal development office. Iím not against it. Itís done elsewhere with success.

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