Delayed Strathearn Heights project developer wants $13-million deal before construction
The company behind a much-delayed Strathearn Heights redevelopment wants the city to reimburse the cost of a $13-million pedestrian main street.
The project is key to Edmonton’s LRT dreams for the area and was first given the green light through rezoning in 2008. But owners Rockwell Group and Nearctic Property Group said they just can’t make it work without city help.
“We can’t borrow money to build a city street. That’s the financial obstacle,” said Patrick Adams, chief operating officer for Nearctic.
Council’s urban planning committee approved talks with the developer Wednesday.
Any deal would go to council for approval and could include paying for the street with the increased property taxes the redevelopment would generate. That’s similar to how the city handles contaminated land and how it funded downtown upgrades with Rogers Place.
The pedestrian main street running down 88 Street is the backbone of the project, said Adams. A treed boulevard in the centre, wide sidewalks, cycling lanes and slow-moving traffic would create a main park-like corridor to funnel residents to the LRT.
The development would have up to 1,900 residential units on 9.7 hectares with a mix of retail and residential development right beside the new LRT station. It would slowly replace the 500 units of 1950s’ walk-up apartments there now.
