More than a new, $450 million arena complex could be headed for Edmonton's downtown.
That's a key message in a research report prepared for the Downtown Business Association of Edmonton.
The report, completed in late summer, chronicles roughly $4.8 billion in developments that are on the way, funded, proposed or rumoured for the Alberta capital's core in the next five years.
While a new arena for the NHL's Edmonton Oilers is a key piece to the puzzle, the report notes other significant potential developments, from the new $340 million provincial museum to $766 million in probable, proposed or rumoured residential projects.
The probable category for developments discussed in the report includes those already under construction, are expected to be proceeding soon or exhibit evidence of a high degree of probability of commencing within the next five years. This category includes just over $2 billion in projects, and includes $270 million to be spent on education campuses in the city's core.
The report's executive summary certainly has an element of boosterism to it, even with the healthy numbers: "The results are impressive. Downtown is poised to experience up to nearly $5 billion worth of real estate development and capital investment between now and the end of 2017. There is indeed something incredible taking place in the heart of Edmonton."
from Western Investor October 2012
