Council set to OK $6M for park in The Quarters
The value of the land in The Quarters is doing quite well. There’s a lot of optimism.
Edmonton’s city council is set to approve an additional $6 million for a new park in The Quarters as the redevelopment continues to creep forward. The borrowing bill goes before council Tuesday. The park — with a grassy area, plaza and snazzy red tent-like shelters — will run along the new pedestrian way on the east side of 96 Street north of Jasper Avenue. The city is funding upgrades to east downtown through a provincial tax-levy system, which lets Edmonton borrow against future local tax increases to upgrade sewers, roads and public spaces. Approved in 2013, so far the redevelopment has weathered the economic downturn and is still on track to meet at least the lowest revenue projections, said city director Mary Ann Debrinski. “We are tracking according to our original projections,” she said, speaking to a written update released to council Thursday. Over 20 years, increased taxes in The Quarters are expected to yield at least $149 million, which will cover the debt Edmonton took on for all improvements so far. Part of the tax increase collected so far is from new buildings. The rest comes simply because the vacant lots in this area are starting to be worth more on the open market. Their increased paper value increases the taxes owed to the city. “The value of the land in The Quarters is doing quite well,” said Debrinski. “There’s a lot of optimism.” The name of the new park, Kinistinaw, is a nod to the heritage of the area. 96 Street used to be called Kinistino Avenue, an anglicized version of the Cree words “we three.” It was a reference to the original function as a gathering place, said Debrinski. The Quarters area, or Boyle Street, as most of the neighbourhood is called, has traditionally been a place where many waves of newcomers lived first as they settled and made Edmonton their home. The neighbourhood park is meant to be a flexible space with grass at the south end and a water feature to be built as part of Phase 2 at the north end. Ken Cantor, a developer who bought the Brighton Block in The Quarters, said his 12- to 15-month renovation is ready to start and he’s noticed other developers at least buying land in the area. “But it might be a while yet before you see shovels in the ground.” His new concern is with a city plan to redevelop Jasper Avenue from 92 Street to 109 Street. Two or three years of construction there could cut off access to many of the largest parcels ready to be developed, including the Alldritt Tower. Debrinski also oversees the community revitalization levy near Belvedere LRT Station There, the city spent $34 million decontaminating land, laying utilities and improving the streetscape — $48 million when the cost of land and interest on the debt is included. Only one of the five parcels currently has a mixed residential and retail building under construction. City officials believe if nothing more than that one building goes ahead, they would pay off the investment through taxes by 2040. But Homeward Trust is now consulting with the community on plans to include subsidized housing on a second parcel. Debrinski said they’re open to changing zoning requirements for the mixeduse and residential area if another developer comes forward with a proposal. The downtown levy is the city’s most recent and best performing development play. City officials already approved spending $487 million on Rogers Place, a new park and drainage upgrades. They estimate private projects complete or under construction since 2015 are worth $4 billion.