Downtown Edmonton is booming, as the $2.5-billion mega-development dubbed the Edmonton Arena District (EAD) races to complete the project's first phase in time for the 2016 NHL hockey season. Phase 1 of the project, which includes the new (and very much needed) Rogers Place arena, the Winter Garden Community Rink, the project's first office tower, and numerous parking facilities, is expected to be completed by fall 2016.
The EAD, which is a joint venture development between the Katz Group (owner of the Edmonton Oilers) and WAM Development Group, aims to be a world-class, mixed-use urban destination that transforms the city's downtown core. Subsequent phases of the EAD include:
Phase 1: Expansion
(Anticipated completion in 2019)• 60,000 square foot casino
- Retail Podium
- 50,000 square foot Public Plaza
- Delta Hotel
- Second Office Tower (62 storeys)
- Rental Apartments
Phase 2: Development of 8 acres located north of Rogers Place
Mainstreet's Position in ICE District
For years, Edmonton has benefited from a robust resource-based economy, strong population growth, and high levels of household income. Having seen tremendous opportunity in our own backyard, Mainstreet Equity Corp. has worked diligently over the past 17 years to consolidate the supply of mid-market rental apartments in Edmonton. Further, the main geographic focus of our growth strategy has been the neighbourhoods directly north and west of downtown Edmonton.
The below map illustrates our strategic presence.
With 40% of our overall portfolio located in Edmonton (66% of which surrounds the EAD), we are now positioned to reap significant benefits from the revitalization of the city's downtown core.
With the recent downturn in Alberta's economy, Mainstreet sees this an opportunistic time to bolster our position in the Edmonton market. Staying committed to our long-term growth strategy, we will continue to find accretive acquisition opportunities in and around the EAD, will continue to strengthen our presence as one of the largest landlords in Edmonton, and most importantly will continue to create value for our shareholders.
Mainstreet Equity Corp. is a publicly-traded (TSX: MEQ) residential real estate company in Canada. Mainstreet currently owns and operates properties in Surrey, BC; New Westminster, BC; Abbotsford, BC; Calgary, AB; Cochrane, AB; Edmonton, AB; Fort Saskatchewan, AB; and Saskatoon, SK.
Mainstreet provides affordable, renovated apartment suites to Canadians, and is committed to creating real value without diluting shareholder interests.