Edmonton kickstarts downtown redevelopment with $56 million

Edmontondedicated $56 million to improving infrastructure on thedowntown eastside Wednesdaykickstarting a program to redevelop the largely vacant lands.

"The key factors for a vibrant downtown are coming together," said Gary Klassen, with the citys sustainable development department."Significant mixed use development, expanded LRT, wide-ranging professional and retail services and incredible cultural facilities."

Council approved a planto raise millions of dollarsto pay for the revitalization and dedicated $56 million to begin work.

The plan,called the Quarters Downtown Community Revitalization Levy,willpay off the investment with property taxes from new development in thearea over the next 20 years. The city anticipates further investments of up to $110 million.

The city hopes the investment will entice developers to begin building in the area.

Thearea encompasses the entire Boyle Street neighbourhood, the Quarters Downtown and Boyle Renaissance.

"We are transforming our downtown to be home to great economic growth and we invite investors to join us," said Walter Trocenko,with the housing and economic sustainability department.

The city is now waiting for the provinceto approve the plan.