First section of Exhibition Lands goes up on the market this month

Sale marks the beginning of a uniquely giant city improvement that can deliver much-needed, centrally positioned provide to metropolis’s housing market.

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An almost 20-acre (eight-hectare) patch of land going up on the market in Edmonton this month might not look like an enormous deal, nevertheless it marks the start of one of many largest infill developments within the metropolis’s historical past, says the business realty agency managing its sale.

“You simply don’t see a clean canvas like this in an city space,” says Reed Newnham, principal at Avison Younger in Edmonton, which is partnering with the Metropolis of Edmonton to search out purchaser/builders for the 200-acre Exhibition Lands.

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The primary section of the formidable improvement is hitting the market in June, changing the previous Northlands Coliseum and surrounding exhibition grounds with mixed-use, city neighbourhoods that includes a wide range of housing sorts.

“The purpose right here is to reposition these lands, phase-by-phase, into an city village,” Newnham says.

Part 1 entails the sale of 19.8 acres listed at $8.93 million with a request for proposal deadline of June 21.

The Exhibition Lands planning framework has been in improvement for a while, he provides.

Now with an authorized plan, the event will embrace all housing sorts and a few business buildings, Newnham says.

“The primary section, for instance, will embrace single-detached housing all the best way to six-storey condo model.”

The brand new improvement is notable as a result of it’s going to add much-needed new housing inventory in a central space that’s already properly serviced by LRT and near downtown, Newnham says.

With a minimal of 20 dwellings per acre, the primary section might add new 400 houses — multi-family, row and single-family — to the realm northeast of downtown within the subsequent few years.

As extra phases are developed, as many as 2,000 dwellings could also be added over a few decade, he says.

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Native realtor Dave Ozubko, who lives in Highlands simply southeast of the Exhibition Lands, says the event “makes a ton of sense” and is welcome because it provides provide to an older space of the town.

“It seems like it’s going to have a very nice mix of single-family, multi-family and every part else with location near downtown, the LRT and the river valley,” says actual property agent with the Dave Ozubko Actual Property Crew at Re/Max River Metropolis.

Already, houses to the south and east of the Exhibition Lands are in excessive demand on the resale market.

“The standard product arising on the market just lately in Highlands and Virginia Park, for instance, have seen an incredible quantity of curiosity,” Ozubko says, noting houses are receiving a number of gives and promoting over itemizing value.

“So, I might suspect that demand for brand new houses on this space could be robust.”

Total, the Exhibition Lands improvement is notable given its dimension for a centrally positioned patch of land in a metropolis sometimes seen in new developments on the metropolis’s edges, Newnham says.

“We have now had a historical past of what has been coined as city sprawl so it is a actually good infill alternative with nice location and mature facilities.”

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