Chiniki First Nation invests $10M in Symons Valley redevelopment
12.4-hectare site will see housing, retail spaces built
A $10-million investment into Symons Valley Ranch gives Chiniki First Nation majority ownership of the historic 12.4-hectare northwest Calgary property, with plans for a major development at the site.
Chiniki First Nation said it now holds a 51 per cent stake in the property, which has been approved by the City of Calgary for high-density mixed-use development, including building more than 1,500 residential units, retail and commercial.
“Chiniki is very interested in pursuing economic development opportunities for the betterment of its nation members,” said Chiniki CEO Ryan Robb.
“Once you have more economic development opportunities and you're making money from business perspectives, it helps you then return revenues back to address social needs or determinants in the community.”
The investment was withdrawn from the nation's capital trust account, held in trust by Ottawa. A 2023 financial statement shows the account held about $39 million as of March 31, 2023.
Redevelopment of the Symons Valley site, which does not yet have a timeline, is expected to help address Calgary's housing shortage. A news release states it will benefit Chiniki First Nation by “generating sustainable income streams” and jobs during construction, and in long-term operation of the development once complete.
“It is also a chance to showcase the potential for successful partnerships between Indigenous groups and municipal authorities in achieving mutually beneficial outcomes,” the release states.
Some community members, however, have voiced concern with the investment and say there should have been consultation by nation leadership to withdraw funds from the capital trust account.
“It seems to be that any nation members — Chiniki, Goodstoney or Bearspaw — are only aware of things happening after the fact through a news release,” said Kenny Hunter, who is from Goodstoney First Nation, one of the three nations that comprise Stoney Nakoda First Nation.
“We should start holding community band meetings to ask affected nation members about ideas like this project.”
The proposed redevelopment includes plans for 840 residential units, with potential for 680 more units in mixed-use buildings.
Proposed land uses include a new farmers market building to replace Symons Valley Market, which has permanently closed, a mixed-use street corridor, commercial district and scenic public spaces and pathways.
JLL Capital Markets was retained in an order by the Alberta Court of King's Bench as the listing agent for the property, which had an initial asking price of $33.5 million that was reduced to $30 million, according to a listing brochure.
JLL did not immediately respond to a request for more information on other entities that may have purchased a stake in the property.
Symons Valley Ranch dates back to 1968 as a hospitality facility that hosted parties and corporate events.
In 1989, a fire destroyed three banquet buildings but the property was renovated. Another fire in 2017 swept through the farmers market. The former, most recent landowner was Capexco, a Calgary-based real-estate developer, which acquired the site from Durum Properties.
“This investment and development project could serve as a model for similar collaborations across Canada, highlighting the potential for Indigenous communities to play a key role in urban development projects,” states the Chiniki First Nation news release.
“It reflects a growing recognition of the value of inclusive approaches to development that respect Indigenous rights and contributions to Canada's economic landscapes.”