Towering decision: Next phase of downtown residential project could rise to 37 storeys

November 3, 2024 Canuck

Qualico Properties says its next downtown Edmonton tower proposal could rise much higher than originally planned.

The builder says the new height is in response to changing market conditions and the early success of the company’s latest residential project.

Qualico has given the Epcor Tower on 101 Street a real next-door neighbour on their Stationlands site.

The residential building is called Shift and features small units with perks.

“You rent a small unit, but you have 10,000 square feet of amenity space,” Mike Saunders, a senior vice-president with Qualico, told CTV News Edmonton last week.

Qualico has already rented 90 out of 285 units, the speed at which Shift is leasing – especially with students – a welcome surprise to Qualico.

It’s having a dramatic effect on plans for the 9.1-acre Stationlands parcel, which stretches from 101 Street to 97 Street, that Qualico has owned since 1998. Originally, the master plan for the land called for five office towers, but with the development of the nearby Ice District, it changed and now calls for seven residential buildings to be constructed.

“We’re probably a lot more bullish than we were 12 months ago,” Saunders said.

“Population trends, immigration to Alberta, and especially to Edmonton, has really helped inform those decisions.

As a result, Qualico has more confidence in the potential of its space on the north edge of downtown.

What was originally planned as a 25-storey building on the fortified podium for the second phase of the project.is now being drawn up as something much bigger.

A rendering of Qualico Properties’ Shift residential project on 101 Street in downtown Edmonton that includes a 37-storey tower, left. (Credit: Qualico Properties)“On top of (the podium), it would be 37 storeys with just under 400 units,” Saunders said.

Those units are key for Edmonton, which is still struggling after the COVID-19 pandemic to revive the momentum of the downtown core.

“What we’re proud of (is) we’re part of the solution for downtown. We’re not seeing a lot of investment right now. There’s a lot of great projects – the warehouse district park is a great example of what’s being done in our revitalization efforts.

“We also see that Stationlands presents a great opportunity for investment and attraction for people to come downtown, because prior to COVID, we were seeing a strong trajectory with downtown and its vibrancy. We just need to get back there. It takes a coordinated effort between private industry, post-secondary institutions, all levels of government, to work in a cohesive manner that will allow us to recover in the way that we should.”

Consultants who toured the city’s core told the Edmonton Downtown Business Association and stakeholders exactly that, said Puneeta McBryan, the association’s director.

“The most constructive and most direct feedback they gave us was simply, ‘You need more people here. You need more residents downtown,” McBryan told CTV News Edmonton.

“That will support everything else you’re trying to do.”

Drawings of Qualico Properties’ Shift residential project on 101 Street in downtown Edmonton that includes a 37-storey tower, right. (Credit: Qualico Properties)It’s something Saunders agrees with, but as for how soon Qualico might be willing to give the go-ahead on the next 37 storeys toward that goal, stay tuned.

“We’re going to be working through our design drawings and a lot of further due diligence looking at market conditions,” Saunders said. ” A lot of it is what (do) the economic conditions look like in 2028 or 2029.”

View original article here Source