2023 Project Predictions

[dunno]

Development definitely feels sluggish compared to 5 years ago. I know there's a strong sentiment of dissatisfaction over the various prominent sites that were poised for development in the 2010s that are now sitting empty (Edmonton Motors, Tower 101, Emerald, Southpark, J123, Artisan, etc). What projects do you think are most likely to go ahead in the next 12 months? MacEwan Business School? The new Central Warehouse Park? What about some towers? Maybe the Shift or Grandin Tower II?

 

[archited]

It's really quite difficult to say... it is still very difficult to obtain financing for projects in any North American City and some types of building are harder than other types. The need is definitely there, especially for fast growing Cities like Edmonton. As industry gathers steam, financing for projects will begin to loosen up -- probably by summer this year. But once financing has been attained there is still the contract documents needing to be completed and permits obtained. I expect the real boom will be in 2024.

 

[dunno]

I'm guessing based on the lack of responses that most share your sentiments that there won't be much.

 

[occidentalcapital]

The site subscribes users to existing topics so it's not always easy for a new thread to get momentum. To answer your question I would predict more momentum is second half of the year as developers take notice of rising rents which makes projects more viable in a high interest rate environment. We don't yet know what projects are in the works, there are bound to be others. Personally I am expecting at least one major downtown office/retail revitalization project to get started, another 4-6 mid rise, a handful new residential towers would break ground in 2023.

 

[TAS]

Regarding the park, the city

Development definitely feels sluggish compared to 5 years ago. I know there's a strong sentiment of dissatisfaction over the various prominent sites that were poised for development in the 2010s that are now sitting empty (Edmonton Motors, Tower 101, Emerald, Southpark, J123, Artisan, etc). What projects do you think are most likely to go ahead in the next 12 months? MacEwan Business School? The new Central Warehouse Park? What about some towers? Maybe the Shift or Grandin Tower II?

Regarding the downtown park, the city has announced it anticipates construction starting in spring 2024 and opening in 2025.

Warehouse Park | City of Edmonton

Warehouse Park is a new park with multi-use green space coming to Downtown Edmonton in 2025.

www.edmonton.ca

 

[Munanyo]

I agree with @archited that I expect things to pick up steam in 2024. I'm sure developers want to capitalize on the current market (and its potential) and are in the planning stages of projects and focusing on design, product, proposals, costs etc.

Wouldn't surprise me to see a couple big proposals be announced in the second half of the year. Time will tell.

For me personally, I'd love to see Edmonton Motors get started as well as concrete plans for the Ice District Village in regards to downtown. I hope to see Cidex's project start construction soon in Old Strathcona and I expect to see some infills/midrise developments be announced for the area given its strong market and generally trendiness.

 

[Edmcowboy11]

Some sort of new residential in the Quarters closer to 97st would be really nice and another tower on the northeast corner of the downtown park could really help encouraging people to view downtown in a better light.