Delayed Station Pointe plans find new lease on life
A new direction for the sole development at the long-delayed Station Pointe on Fort Road is poised to revitalize old surrounding neighbourhoods and help transform the historical area into a bustling corridor to northeast Edmonton.
For nearly 20 years, the city has been working to develop five plots of land near the Belvedere LRT Station into a transit-oriented urban village.
So far, only one site has been sold and it has faced multiple hurdles over the years, including legal troubles and escalating costs.
Emmett Hartfield, the owner and partner of Intelligence House, is working as an adviser to the current owner to finish the project, which has now shifted its focus from condos to apartments.
“We are actually on pace now to have all 112 units within both buildings leased up in about a five-month period,” he said. “It's something that's long overdue for the community. There hasn't been a new project within that community for decades. This is the first one that's been brought (forward) and the interest is extremely high.”
Ward 4 Coun. Aaron Paquette said it's great to see the project finally has traction.
“The whole neighbourhood, Balwin and Belvedere, needs revitalization and so this was a way for private investment to go handin-hand with public investment to revitalize that whole area,” Paquette said.
“It also happens to be sort of a psychological and physical gateway into the northeast. As we go up Fort Road, one of the plans is to have the Clareview area of the new city plan be a major hub for the city.
“Fort Road is going to be one of the major corridors. So getting these things right now is really important as we develop the next stage of the city plan.”
The Station Pointe development was originally being handled by BCM Developments, but the company backed away from the project following financial troubles. The land has been handed back over to the Toronto-based investors who originally financed the effort.
Hartfield said one big reason the project failed the first time was that it was being sold as a condo development.
“That contributed to, ultimately, the project stalling,” he said. “Presales are very hard to come by in the City of Edmonton for condo projects, and it was the wrong area for condo units. A rental project would be way more feasible within that area. So, it was converted to (rentals) … and it's full steam ahead and doing very well.”
The average rent for an apartment in the newly rebranded Fort Crossing apartment buildings is around $1,100. A two-bedroom apartment starts at $1,250.
Of the four remaining land plots, one is currently pending sale, and the others remain available for purchase. City council rezoned a large portion of Station Pointe in September to give developers more options, including apartment buildings and townhouses.
The Station Pointe redevelopment is partially funded by the Belvedere community revitalization levy area plan and is part of the Fort Road Old Town Master Plan, with the goal of revitalizing the historical area. Paquette said he believes the city's contribution to the project will be up to about $75 million over the next five years.