In some ways, I take a similar view of politics as I do of business. Before investing money and opening a restaurant or store or service, I would challenge the potential business owner: What are you going to provide that nobody else in that industry does currently? Will your business be sufficiently different from others in that field that it is crystal clear to the public? And is there a sufficient quantity of potential consumers to support your business alongside competitors which have the advantage of being already established? If the answer to any of those questions is no, then you're probably wasting your (and others') time and resources. We've seen this process countless times, particularly with American companies entering Canada thinking that there is a groundswell of demand for their particular operation, only to discover that existing businesses do the job perfectly well.
Is there a sufficiently large group of voters who are looking for both fiscal conservatism and social justice in the same package? Certainly, there ARE voters out there who want a one-stop shop, but are there enough of them? And if there aren't enough of them in the same place at the same time in order to actually affect the results in a given constituency, let alone fifty-plus, then trying to cater to such a group is an exercise in futility.
Look at the federal scene. Claiming that the Conservative Party had lost its way, Maxime Bernier started the People's Party of Canada. He insisted that there was a large, untapped vein of right-wing voters who were unrepresented and crying out for a new party. (Those of us following along at home correctly recognize that the PPC is merely a vanity project started as a "screw you" by Bernier when he lost the CPC leadership.) Yet over successive elections, the PPC has elected exactly zero Members of Parliament. There was supposedly this big chunk of unrepresented voters, but even in Alberta there aren't enough of them to move the needle even slightly.
And we have seen the same with the Alberta Party provincially. There was supposedly a big mass of voters who felt alienated by the UCP and yet didn't see themselves in the NDP. But again, in successive elections exactly zero Alberta Party MLAs were elected.
So is there really this need for an "alternative"? Or would a revived PC Party just be a vanity project for somebody? Certainly, a whole lot of people like what the UCP has to offer because they keep, you know, winning elections. And those who absolutely, positively want the UCP out have basically coalesced around the NDP as the best vehicle to do that. (This is one of the reasons why Alberta Liberal support has fallen through the floor.)