They started planning for this well before the grant program. I imagine they weren't hedging bets on the program at the time. Hopefully that isn't the case now either.It'll be interesting to see if they are awarded funding in The Economic Recovery Construction Grant Program. I know from someone with the city that they did submit an application, but it's dicey on whether they'll be able to start soon enough to become eligible (construction needs to start by December 31, at 1159PM). I suspect that the City is skeptical, considering that the buildings on the site are still standing. And if this grant isn't awarded, I don't know if the building will be economical.
Development is complicated elsewhere too.Its the patented Edmonton development timeline that no other city can compete with: fence it and do nothing for a TBD amount of time, then demo (that'll only take a couple months maybe because we cant let our older buildings stand, no way), next after you hurried up to wait you sit on an empty weed filled decrepit lot (this can range in timing depending on the developer i.e. see Regency sites or our newly vacant site on Jasper 123), then a couple years later news comes out that the design has been VE'd or funding has been lost or there was an economic downturn