A new Edmonton Oilers arena is generating some C$2.5 billion in new development, according to Edmonton officials in a report to the city council.
That’s good news from city officials who approved a downtown levy to help pay for the new NHL arena. And there still was a little caution when the numbers were released: the province and city still relies on good prices for oil, and as long as Canadian oil prices are good, the good times in downtown Edmonton should continue. From The Star:
Councillors got the update on the downtown revitalization levy, as part of budget discussions Monday. Several residential and office towers have been announced for the area and Walter Trocenko, the manager of economic sustainability, said it looks like the CRL will be able to deliver what the city hoped.
“We’re pleased with the announcements made to date. It’s absolutely what we hoped would happen, but you can only be so sure,” he said.