Edmonton Proposing $553M Action Plan To Revitalize Downtown Core

Many major North American cities are still in the process of recovering from the effects of the COVID-19 pandemic, which greatly impacted the office sector and the downtown cores.

This week, the Urban Planning Committee in Edmonton is set to discuss a new comprehensive plan to revitalize its downtown core, which the City says is crucial to the financial sustainability of Edmonton.

The City adopted the Capital City Downtown Plan (CCDP) in 2010, but the downtown core "has undergone a remarkable transformation and growth" since then and is in need of a jolt.

"The COVID-19 pandemic has had a profound and lasting impact on the downtown area," said staff in a recent Council report. "While the CCDP provided a strong foundation, it could not anticipate the scale of disruption caused by the pandemic, specifically to downtown's economic activity and vibrancy. In response, the City implemented the Downtown Vibrancy Strategy in 2021, a targeted, two-year initiative aimed at supporting economic recovery and enhancing public space activation. This strategy delivered positive results, but now it is time to refocus on potential necessitating a new coordinated approach."

The new Downtown Action Plan has four major overarching goals: to increase property values (and thus tax revenue), increase the residential population, increase the vibrancy, and reduce the commercial vacancy.

The four overarching goals of the new proposed Downtown Action Plan. / City of Edmonton

According to the City, the downtown core represents less than 1% of Edmonton's land base, but approximately 5.2% of its tax base — a number that has been as high as 10.1% and has averaged 7.6% since 2010. In recent years, the office vacancy rate has climbed to nearly 20% while the street-level commercial vacancy rate has reached approximately 33%.

Aside from the four overarching goals, the Downtown Action Plan will include eight major actions and 45 sub-actions. The eight actions are to:

Leverage the Capital City Downtown Community Revitalization Levy for Catalyst Projects: Driving economic growth by investing CRL funds in high-impact projects that create a vibrant downtown hub.
Invest in Upgraded Infrastructure: Enhancing downtown's user experience through targeted infrastructure investments in roads, sidewalks and public spaces.
Enable an Increased and Diversified Housing Supply: Fostering a 24/7 community by increasing diverse housing options through strategic incentives and development.
Create Safer Public and Private Spaces: Improving downtown perceptions of safety by strengthening safety strategies, including enforcement and supporting community well-being.
Enhance Cleaning, Maintenance and Beautification of Public Spaces: Attracting businesses and promoting community pride by keeping public spaces clean and appealing.
Demonstrate the Significance of Downtown’s Economy: Establishing downtown as a vital economic driver both globally and nationally through collaborative initiatives to draw in investment and talent.
Increase Public Amenities, Programming and Activities: Enhancing and enriching downtown by increasing public areas and community-oriented programming.
Expand Downtown Districts: Maximizing revitalization opportunities by strategically expanding and defining distinct districts to create catalytic change.

"The Downtown Action Plan is not an exhaustive list of all municipal activities occurring downtown, but rather a focused compilation of priority actions," the report notes. "Developed in collaboration with City Departments and key downtown partners, the Action Plan is intended to guide immediate investment and policy action."

In terms of money, the new Downtown Action Plan proposes a $553 million commitment towards the revitalization of the downtown core. Approximately $511 million would be sourced from the City's Downtown Community Revitalization Levy (CRL), which allows municipalities to borrow against future property tax revenues to help fund investments in specific areas. Earlier this year, the City proposed a 10-year extension of the Downtown CRL program and the City says $440 million for the Downtown Action Plan is contingent on that extension, subject to budget approvals.

The proposed plan also includes $15 million sourced from the City's Housing Accelerator Fund agreement that will be dedicated towards student housing, $2.5 million sourced from the Funds-in-lieu reserve that will be dedicated to parkland acquisition, and $9.5 million from the aforementioned Downtown Vibrancy Strategy. (The remaining $15 million has yet to be sourced.)

For now, the Urban Planning Committee is only receiving the report for information and the new Downtown Action Plan is not up for approval this week. A full draft of the plan can be viewed here.

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Edmonton Proposing $553M Action Plan To Revitalize Downtown Core

​The four overarching goals of the new Downtown Action Plan are to facilitate economic, residential, vibrancy, and business growth, says the City of Edmonton.

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The four overarching goals of the new Downtown Action Plan are to facilitate economic, residential, vibrancy, and business growth, says the City of Edmonton.

Both of the projects, Guildford Plaza in Surrey and Foster Fairview in Coquitlam, were previously joint ventures with Landmark Premiere Properties.

On Victoria Day, Liberty Development hosted a community celebration on-site at Canopy Towers, welcoming partners, homebuyers, and special guests to mark several major project milestones.

A total of 126 units are proposed, and although there aren’t any three-bedroom units in the plans, the current unit breakdown allows for over 50% of larger, family-sized units.

RioCan sold Frontier, Latitude, and Luma in Ottawa to Killam Apartment REIT and Brio in Calgary to Boardwalk REIT.

According to the sales-to-new-listings ratio, the national housing market is heading towards buyers’ territory — but many local markets continue to favour sellers.

The lion’s share of development applications before Council this month got the green light, which is perhaps a testament to the intensified emphasis on homebuilding in Toronto.