EDMONTON -- Construction on a 42-storey residential tower in Edmonton's ICE District may be finished sooner than was originally expected, thanks to a city grant.
The commercial podium for the tower on 103 Street and 104 Avenue - known as the Connect Centre - is already under construction.
The developer, ICE District Properties, says construction of the tower section was paused in order to wait for the market to improve.
While the grant would normally only be awarded to projects that started in 2021, on Monday, members of city council’s executive committee voted to exempt the residential section of the downtown building of that requirement and allow the developer to apply.
Tim Shipton, spokesperson for the ICE District, tells CTV News Edmonton that the city grant is just one factor that would be considered when deciding whether to begin construction on the tower this year.
Edmonton Mayor Don Iveson says every tower that goes up in the city's downtown will generate up to $7 million in annual property tax revenue, once residents move in.
"A number of applications are in," said Iveson. "I believe we’re going to get a number of cranes in the air over our downtown as a result of this from what we’ve heard from investors in the city."
The grants are awarded on a first come, first served basis – and will come in the form of tax relief during construction.
City council approved the $22.9-million economic recovery construction grant incentive in January.
Councillors will vote on whether to approve the exception for the Ice District tower next week.
With files from CTV News Edmonton's Jeremy Thompson
