Latest news with #downtownrevitalization
Yahoo
4 days ago
- Business
- Yahoo
Edmonton city council extends downtown revitalization levy to 2044
Edmonton city council voted Friday evening to extend its divisive downtown revitalization levy another decade, following a two-day public hearing into the matter. The 9-4 vote came after council heard from dozens of citizens speaking for and against the levy. Those who signed up to speak represented various parts of the downtown community, including citizens, non-profits, business owners and post-secondary institutions. "Every North American downtown, coming out of COVID, has struggled," Mayor Amarjeet Sohi said during Friday's hearing, before the vote. "This council has shown a very strong commitment to bring more activity, more life into downtown, and more vibrancy into downtown." The package of proposed projects in the Capital City Downtown Community Revitalization Levy (CRL), which includes a partnership opportunity with the Alberta government and OEG Sports and Entertainment, which owns the Edmonton Oilers, "allows us to build on that success," Sohi said. "The time is to act, and to act now," he said. "These kinds of opportunities don't come our way all the time." Friday's vote means the downtown CRL, established in 2015, will be in place until 2044. It was set to expire in 2034. The levy lets the municipality borrow money from the provincial government against future property tax revenues to help pay for development in the downtown area. The city has two other CRLs to finance development in other areas. Downtown has seen $4.7 billion in new development since the CRL started, the city said in a news release Friday evening. With the extension, the release said, the city will consider spending money from the CRL on seven new or updated projects, such as expanding the Winspear Centre, improving transit infrastructure and remediating brownfield. But there's conflict around the downtown CRL and its use of taxpayer dollars to fund private projects — namely, a proposed event park beside Rogers Place, the Oilers' home stadium. Nita Jalkanen, who lives in the Parkdale neighbourhood, is among the Edmontonians who spoke against the CRL extension, suggesting taxpayers have been pouring money into the pockets of Daryl Katz, OEG's founder and chairman. "It's our money that's being spent like water," Jalkanen said. The park would be one of three major projects wrapped into an agreement between the city, provincial government and OEG. In March, the parties announced they had signed a memorandum of understanding, signalling a willingness to move forward with the project while negotiations continue to finalize the deal. Details of the MOU suggested the event park would cost $250 million, about one-third of which — $84 million — would be covered by OEG. The MOU also includes money to build 2,500 new housing units in the Village at Ice District, just north of Rogers Place, and demolish the Coliseum — the Oilers' former arena — and improve the Exhibition Lands area. Before Friday's vote, Ward pihêsiwin Coun. Tim Cartmell expressed that he finds the notion that OEG unduly benefits from the levy to be misplaced. "Everything we do, in terms of the CRL, benefits a private landowner in some way, in some form. So it's really a matter of scale, and we happen to have one landowner who's a public figure," said Cartmell, who is also a mayoral candidate in the upcoming civic election. Ward Anirniq Coun. Erin Rutherford, one of four council members who opposed, voted based on whether she felt locking in CRL funding for another 10 years was right, she told council Friday. "Our theory of change is fallible," Rutherford said. She felt the downtown CRL doesn't align with city initiatives to keep businesses from leaving, nor that it addresses social disorder, she said. "There's still not going to be vibrancy," she said, noting that residents from the McCauley neighbourhood and Edmonton's Chinatown have raised concerns to council. "Not everybody is seeing the benefit of this," she said.
CBC
4 days ago
- Business
- CBC
Edmonton city council extends downtown revitalization levy to 2044
Social Sharing Edmonton city council voted Friday evening to extend its divisive downtown revitalization levy another decade, following a two-day public hearing into the matter. The 9-4 vote came after council heard from dozens of citizens speaking for and against the levy. Those who signed up to speak represented various parts of the downtown community, including citizens, non-profits, business owners and post-secondary institutions. "Every North American downtown, coming out of COVID, has struggled," Mayor Amarjeet Sohi said during Friday's hearing, before the vote. "This council has shown a very strong commitment to bring more activity, more life into downtown, and more vibrancy into downtown." The package of proposed projects in the Capital City Downtown Community Revitalization Levy (CRL), which includes a partnership opportunity with the Alberta government and OEG Sports and Entertainment, which owns the Edmonton Oilers, "allows us to build on that success," Sohi said. "The time is to act, and to act now," he said. "These kinds of opportunities don't come our way all the time." Friday's vote means the downtown CRL, established in 2015, will be in place until 2044. It was set to expire in 2034. The levy lets the municipality borrow money from the provincial government against future property tax revenues to help pay for development in the downtown area. The city has two other CRLs to finance development in other areas. Downtown has seen $4.7 billion in new development since the CRL started, the city said in a news release Friday evening. With the extension, the release said, the city will consider spending money from the CRL on seven new or updated projects, such as expanding the Winspear Centre, improving transit infrastructure and remediating brownfield. But there's conflict around the downtown CRL and its use of taxpayer dollars to fund private projects — namely, a proposed event park beside Rogers Place, the Oilers' home stadium. Nita Jalkanen, who lives in the Parkdale neighbourhood, is among the Edmontonians who spoke against the CRL extension, suggesting taxpayers have been pouring money into the pockets of Daryl Katz, OEG's founder and chairman. "It's our money that's being spent like water," Jalkanen said. The park would be one of three major projects wrapped into an agreement between the city, provincial government and OEG. In March, the parties announced they had signed a memorandum of understanding, signalling a willingness to move forward with the project while negotiations continue to finalize the deal. Details of the MOU suggested the event park would cost $250 million, about one-third of which — $84 million — would be covered by OEG. The MOU also includes money to build 2,500 new housing units in the Village at Ice District, just north of Rogers Place, and demolish the Coliseum — the Oilers' former arena — and improve the Exhibition Lands area. Before Friday's vote, Ward pihêsiwin Coun. Tim Cartmell expressed that he finds the notion that OEG unduly benefits from the levy to be misplaced. "Everything we do, in terms of the CRL, benefits a private landowner in some way, in some form. So it's really a matter of scale, and we happen to have one landowner who's a public figure," said Cartmell, who is also a mayoral candidate in the upcoming civic election. Ward Anirniq Coun. Erin Rutherford, one of four council members who opposed, voted based on whether she felt locking in CRL funding for another 10 years was right, she told council Friday. "Our theory of change is fallible," Rutherford said. She felt the downtown CRL doesn't align with city initiatives to keep businesses from leaving, nor that it addresses social disorder, she said. "There's still not going to be vibrancy," she said, noting that residents from the McCauley neighbourhood and Edmonton's Chinatown have raised concerns to council. "Not everybody is seeing the benefit of this," she said.
Yahoo
5 days ago
- Business
- Yahoo
FaverGray Breaks Ground on N4 - Gateway Jax Multifamily Development in Downtown Jacksonville
JACKSONVILLE, Fla., June 27, 2025 /PRNewswire/ -- FaverGray, a leading general contractor specializing in multifamily and mixed-use developments, is proud to announce the groundbreaking of N4, a new luxury apartment community located at 715 Clay Street in downtown Jacksonville, Florida. Developed in partnership with Gateway Jax, N4 marks the second phase of development in the Pearl Square district, following the successful start of N11, located directly across the street and currently under construction. This project also represents FaverGray's second collaboration with Gateway Jax, reinforcing a strong partnership and shared vision for the transformation of downtown Jacksonville. The N4 project will transform a 1.27-acre site into a seven-story mixed-use development featuring 286 luxury apartment units and approximately 20,000 square feet of ground-floor retail space across five bays. "This project represents a pivotal moment in the continued revitalization of downtown Jacksonville," said Ben Hinson, Executive Vice President at FaverGray. "We're proud to be building our second project for Gateway Jax and to support their long-term vision by bringing new housing and retail to this growing district. It's a meaningful opportunity to contribute to the city's forward momentum." John Kitchens, Division Leader at FaverGray, added: "Our team is honored to be part of Gateway Jax's ongoing development efforts. With each project, we continue to build not just structures, but lasting relationships and impactful contributions to Jacksonville's future." Located within the vibrant Pearl Square neighborhood, the N4 community is surrounded by green space, bike trails, a revitalized waterfront, and festival-ready streets. Planned resident amenities include: A modern fitness center A multi-use club room with a theater, lounge, and venue A two-level integrated parking garage N4 will feature concrete podium construction for flood resiliency, transitioning to wood framing on upper levels. The first two floors will be constructed of post-tensioned concrete, and the building exterior will be finished with fiber cement siding and stone accents for a sleek, urban appearance. The site development scope includes utility connections, hardscape, landscaping, irrigation, asphalt paving, concrete sidewalks, and public realm enhancements that reflect Pearl Square's long-term urban design plan. About FaverGrayFaverGray is a premier general contractor specializing in multifamily, student housing, and senior living projects throughout the Southeast. With a reputation for delivering high-quality construction and building lasting partnerships, FaverGray continues to shape communities with a focus on collaboration, value, and precision execution. For media inquiries or more information, please contact:Paige RosenbergerDirector of MarketingFaverGrayprosenberger@ View original content to download multimedia: SOURCE FaverGray Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
CTV News
24-06-2025
- Business
- CTV News
City of Barrie infuses $7.5M into Georgian College's cutting-edge downtown hub
Georgian College rendering of a new downtown hub in Barrie, Ont., that will welcome up to 1,000 students in the fall of 2026. The City of Barrie announced it is investing $7.5 million in Georgian College's new downtown location, a move that's expected to revitalize the city's core and support economic growth. The College says the new hub will welcome up to 1,000 students and focus on high-demand programs like design, emerging technologies, and entrepreneurship. Barrie Mayor Alex Nuttall made the funding announcement Tuesday while delivering his 2026 budget directions to city staff. According to the mayor, one per cent from an existing two per cent capital levy would be reallocated and used for new projects that involve partnerships between different levels of government, starting in 2027, with Georgian College as the first recipient. 'This is about ensuring taxpayers get maximum value for their dollars,' Nuttall said. Georgian College President Kevin Weaver called the downtown development a 'monumental step forward' for the institution and the community. 'Our new downtown location will offer cutting-edge facilities, strengthen our connection to the city, and provide students with immersive, real-world learning opportunities,' Weaver added. 'This is an investment in our city's future,' the mayor noted. 'Georgian's new location will be a cornerstone of downtown revitalization, attract new faces and energy, and fuel long-term growth in our downtown core.' Along with the city's investment, the College said the project would be funded through one-time capital reserves and fundraising efforts. Students are expected to fill the halls of the new hub by September 2026.
CTV News
19-06-2025
- Business
- CTV News
Calgary transforms old, empty office building into new 226-room hotel
The Bow and Bend Rooftop Bar & Lounge atop Element Calgary Downtown, a new 226 room hotel that opened Thursday. Calgary turned an old office building into a new hotel Thursday. A once-vacant office tower on the west side of downtown has been transformed into Element Calgary Downtown. It's the city's first-ever office-to-hotel conversion under the city's downtown development incentive program. Local developer PBA Group of Companies partnered with Concord Hospitality to convert 170,000 square feet of Fourth Avenue office space into 226 hotel suites and the Bow and Bend Rooftop Bar and Lounge. Element Calgary Downtown Element Calgary Downtown, a new 226 room hotel opened in downtown Calgary Thursday. It was the city's first office-to-hotel conversion. (City of Calgary) The conversion was part of the city's downtown development incentive, which offers developers up to $60 per square foot to convert unused office space for hotel use. 'The Element Hotel is a powerful example of what downtown revitalization can look like,' said Mayor Jyoti Gondek, in a media release. 'As Calgary's first office-to-hotel conversion, it reflects our commitment to breathing new life into the core and creating dynamic, mixed-use spaces that bring people and energy back downtown.' The hotel fits into the city's vision for revitalizing Eighth Street S.W., offering easy access to nearby multi-use river pathways, the Bow River and public transit. Bow and Bend Rooftop Bar & Lounge The Bow and Bend Rooftop Bar & Lounge is part of the new Element Calgary Downtown on 4 Avenue S.W. (City of Calgary) 'The Element Hotel not only offers guests something truly unique, it injects fresh energy into our downtown core and helps shape Calgary's evolution as a dynamic, future-ready city,' said PBA CEO Patricia Phillips. 'We're excited to officially open our doors and welcome a new group of guests to Calgary's downtown West End, as we continue to lead the way in building community and driving positive change across the city.' The downtown development incentive is currently supporting 21 office conversions, converting more than 2.68 million square feet of office space into 2,628 new homes, 226 hotel rooms and a hostel. To learn more, go here.
