Coalition says $427M wish list should serve as 'blueprint' for downtown Edmonton investment

Stakeholders announced a $427 million long-term vision for Edmonton's downtown on Tuesday.

They say the 10-year downtown investment plan represents a critical solution to Edmonton's financial challenges and lays out a roadmap for economic growth.

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"While downtown used to contribute a substantial 10 per cent to the municipal tax base, this number now sits at an alarming 6.4 per cent as of 2024," Jason Syvixay of Bild Edmonton Metro told reporters on Tuesday.

"The total tax revenue in 2024 was approximately $155 million and at its peak in 2018 just before the pandemic it was $191 million."

Syvixay says Edmonton's 24 per cent office vacancy rate, which he says is amongst the highest in Canada, is driving the decrease.

He argues the drop in tax revenue has a ripple effect across the entire city because it contributes to the city's growing financial pressures.

Safety and infrastructure issues are also a factor, he says.

"We also know that our civic infrastructure and our assets have also begun to degrade in quality. We just need to walk around right downtown, and we can actually see that up close,"

"Also, our perceptions of safety and optimism are at its lowest than it's ever been before."

Syvixay and his coalition, which includes the Edmonton Chamber of Commerce, Edmonton Downtown Business Association, Bild Edmonton Metro and NAIOP Edmonton are calling for the following key investments:

• $3 million to secure Edmonton’s downtown cleanliness initiatives;
• $30 million to establish a downtown neighbourhood renewal program;
• $100 million to create a downtown attainable housing fund to drive residential attraction;
• $25 million to revitalize LRT entrances, making transit more accessible and inviting;
• $25 million to explore a direct rail connection between the Edmonton International Airport (YEG) and downtown; and
• $10 million for infrastructure development in the education district, supporting growth near NorQuest College and MacEwan University.

Heather Thompson of the Edmonton Chamber of Commerce says the plan calls for funding from all levels of government.

"We understand the city's financial constraints, which is why this plan is phased out over 10 years and includes asks of all three orders of government," she said in a news release. "However, it should serve as the guiding blueprint for future investments from every level of government. We should also aggressively pursue available grants to help bring this vision to life."

Anand Pye of NAIOP Edmonton says bringing more people back to the core is key to downtown's success.

"Getting more people downtown, and making sure they have a great experience, is key. Investments in education, arts and entertainment, retail attraction, and especially housing – will have an outsized impact on the number of people living, working and visiting downtown," he said.

CTV News Edmonton has reached out to the City of Edmonton for comment.