City Acquires Arena and Community Rink Land for $25 Million
October 31, 2011
As per Council’s direction, the City of Edmonton has acquired land for a proposed downtown arena and community rink.
The total cost of the land on which the arena and community rink will likely sit is $24.6 million plus $1.3 million in land purchase costs (e.g. interest, fees, zoning and legal costs, etc.). The final cost will depend on the actual arena footprint, which will depend on the final design.
In addition to buying the land for an arena, the City has acquired surrounding land valued at $15.4 million to provide greater control over development. Any land not used for the arena or other infrastructure (e.g. LRT connection, pedway bridge) will be resold or developed.
“Owning the land around the arena allows the City to have greater control over the type and pace of development,” said City Manager Simon Farbrother. “In the end, the City will only own the land needed for the arena and associated infrastructure. Buying the rest now is strategically important for development in the area, and the City will sell it at the appropriate time.”
In total, the City will own 12.06 acres of land between 104 Ave. and 105 Ave. and 101 St. and 104 St. (known as the North Parcel), as well as 3.7 acres of land between 104 Ave. and 103 Ave. and 102 St. and 103 St. (known as the Bridge Lands). The Katz Group has confirmed to the City Manager its commitments to purchase the Bridge Lands parcel from the City at a cost of $33.6 million, and has already paid the City $16.8 million towards the land costs.
The community rink would only be built if the federal and provincial governments each provide a third of the needed funding (about $21 million in total).
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