The City of Edmonton has currently identified seven areas in need of redevelopment, and provides financial incentive for building owners and real estate developers to do so.
Due to the number of building owners and developers that seem to be unaware of these programs, or confused about them, here’s a quick run-down (run down – get it?), and reminder to check it out further.
If your project is located in one of the seven BRZ’s (Business Revitalization Zones), the City will give you cash to:
- Improve the storefront/facade – up to 50% of the cost, up to $60,000 for a corner building, $30,000 for otherwise.
- Develop a mixed-use market housing project (dwellings located above retail/commercial use) – reimbursement of up to $12,000 per new dwelling.
- Develop a multi-unit market housing project – reimbursement of up to $7,000 per new dwelling
- Improve the interior of your retail/commercial building – reimbursement of up to 50% of construction costs, to a maximum of $15,000 per building.
- Develop a new retail or commercial building – reimbursement of 5% of total construction costs, to a maximum of $40,000.
Obviously, there are restrictions, and a firm procedure that needs to be followed before eligibility can be ensured, so read the fine print.
The program is in effect for these Edmonton neighborhoods (maps of the exact areas can be downloaded here):
- Alberta Avenue
- Chinatown / Little Italy
- North Edge
- Old Strathcona
- Stony Plain Road & Area
Get the full info straight from the horses mouth:
Is the program enough? The financial incentive is probably not substantial enough to actually spur new development, and going through the eligibility processes can be time consuming (time being money in the world of the developer). For those who were already considering a project like this in one of these areas, it may provide a helpful nudge to move forward.
There are telling before and after pictures of past participants in the facade improvement program here. I think you’ll agree that whatever the cause was, these improvements make our city a more enjoyable place to live and work.
Photo credit to Cliph.