The project will extend ongoing revitalization north from The Quarters Downtown, offering increased vibrancy and safety within the framework of a new Stadium Station Area Redevelopment Plan (ARP).
One of the major components of the new plan is a ‘main street’ running east-west across the LRT tracks just south of Stadium Station. This 'main street' will create a gateway through to Jasper Avenue, connecting new and existing housing with the LRT, Commonwealth Stadium, Community Recreation Centre, the river valley and Kinnard Ravine.
The City is taking a collaborative approach with the development industry, and has entered into a cost sharing agreement with a private developer in the area for the ‘main street’ and other public infrastructure required to support the vision for TOD adjacent to the station. The cost-sharing agreement represents significant progress in the area’s transformation from an underutilized industrial area into a smart, walkable transit oriented community that will help catalyze development of adjacent properties, and make vital connections for residents and businesses.
The private development will also create economic benefit for the city. Colliers International Consulting estimates it will generate almost $29 million in municipal property taxes during the development period plus residential property taxes of $4.55 million annually after completion.
Careful consideration is being given to ensure both the cost-sharing agreement and private development proposals align with the vision, objectives and policies of the new Stadium Station ARP.
Adopting the new plan will require amendments to the existing ARPs that apply to the Boyle Street, Cromdale, Parkdale and McCauley neighbourhoods.