Alberta's capital city will spend $56 million to revitalize part of its downtown known as the Quarters.
The cash will come from a community revitalization levy on new assessment that results from the 20-year project. The province will also need to sign on to the deal.
The city is showing strong leadership by investing in its future," said Gary Klassen, general manager of the city's sustainable development department. "The key factors for a vibrant downtown are coming together: significant mixed-use development, expanded LRT, wide-ranging professional and retail services and incredible cultural facilities."
Others in Edmonton's administraion echoed his comments.
"We are transforming our downtown to be home to great economic growth and we invite investors to join us," says Walter Trocenko, manager of housing and economic sustainability with the city. The city has also embarked on the redevelopment of the former City Centre airport lands, just north of the downtown.
from Western Investor August 2011