I've always thought that the epicentre of 17th should be further east, or at least that there should be a second epicentre.
To me, the blocks between 17th Ave & 13th Ave, and 4th St & 1st St are ripe for redevelopment because of the incredible central location. Here you are within walking distance of 17th Ave (W), the Mission/4th St (S/SW), the Elbow River/Lindsay Park/MNP (S/SE), the Entertainment District/Stampede Grounds (E), Central Memorial Park (N), 10th Ave (N), E end of Downtown (arguably the better part of Downtown) (N), and then East Village/Central Library/Bow River a bit further (NE).
I think that 17 Ave between 4th St & 1 St should be the first area to be redeveloped (which this development would contribute to). Right now, there basically isn't anything of interest on 17th Ave east of 4th St, save and except the corner with Model Milk/Pigeon Hole. It's an area with so much potential given it could connect interesting areas (1st St, 17th Ave & 4th St), and has some unique character (e.g., St. Mary's Cathedral & Rouleauville Square).