Article content material continued
The 30-storey workplace constructing was initially bought in 2010 for $125 million.
“I feel that’s a great indicator of what’s taking place out there proper now,” he stated. “No one buys actual property to promote it 10 years later at a 30 per cent loss. However that is what they needed to do. That was one of many larger gross sales in Edmonton final yr.”
One other notable sale was the CN Tower in October. It offered for $10 in money and an assumption of $64.1 million in debt. The 27-storey constructing was final bought in 2011 for $55 million however was assessed at $48.6 million in 2020.
Ward 6 Coun. Scott McKeen stated in an e mail that he considers the emptiness fee a medium-term downside as he believes most individuals need to return to work. He stated the downtown is struggling however there are a number of developments down the pipeline such because the LRT development and upgrades to Churchill Sq..
“Downtown is symbolic of a metropolis’s values, tradition, creativity and prosperity,” McKeen stated. “A vibrant and important downtown is crucial to Edmonton’s financial future, in addition to its high quality of life. The struggling of our culinary scene is tragic however I’m satisfied the gifted individuals will return to work and return to restart or open new eating places, music venues, galleries and experiential retailers.”
He stated fixing town’s homeless difficulty is one other key element for the downtown’s success, noting town goals to have 900 supportive housing models come on-line inside 5 years.