THE DOWNTOWN MOMENTUM

BY JOHN HARDY

Downtown Edmonton, in commercial real estate terms, is a focused, re-imagined and an encouragingly rebounding work-in-progress. There are positives and, yes, there are lingering challenges.

Some of the positives include The Parks, the massive and stunning mixed-use residential and commercial complex in the warehouse district; the dazzling, new 16-storey CWB Financial Group in ICE District and significant investments of major office building renovations.

They almost mask the facts-of-downtown-life challenges and realities, such as competing with the retail exodus to West Edmonton Mall, redefining what people prefer in the downtown core, the shrinking need for office space triggered by work-from-home trends and safety concerns.

A vibrant downtown is critical for Edmonton’s present and future. Not only for traditional and essential downtown factors like attractions, retail and places to work but also as a major source of City revenues. According to the Downtown Business Association (EDBA), Edmonton’s downtown represents almost 10 per cent of the city’s tax base.