The city has agreed to enter talks with developers Rockwell Group and Nearctic Property Group on the Strathearn Heights redevelopment that was first zoned in 2008, and has sat dormant ever since.
It has been proven too expensive for the developers so they’ve asked the city for some help to make the road that’s to be the centre of the development, 88 street, the main pedestrian area for the towers and town homes that are proposed to be built there.
“There is some urgency to this, because the idea was to get a lot of this timed to go with LRT construction and the neighborhood reconstruction that’s happening there,” Coun. Ben Henderson told the Urban Planning Committee before they voted to approve the negotiation.
Henderson said the idea behind the project is to have it be a transit oriented development, and eventually recover the money the city is putting towards the development.
“That solution included something that would look somewhat similar to what we might have done with brownfield grants where we could put the money forward and take it back out of new taxes as it went forward.”
The Valley Line is to run “on 95 Avenue through Strathearn. Since 2008, economic conditions and high infrastructure costs associated with the project have prevented the development from proceeding,” the report said.