Flames owners get options on commercial parcels, bus barn land in arena deal yyc yyccc
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A council report outlining some specifics of the deal says the Calgary Sports and Entertainment Corp. will have options to acquire four potential commercial development parcels in the deal, all of which the city owns.Sign up to receive daily headline news from the Calgary Herald, a division of Postmedia Network Inc.By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc.
As well, CSEC will have the right of first offer on a significant parcel of nearby land on the eastern edge of the Elbow River along 7th Street S.E. where the aging, city-owned Victoria Park Transit Facility is currently located.“The city’s going to get a long-term tax base that supports the investment,” Carra said. “Giving avenues to reinvest that capital back here is absolutely essential to the entire deal.
It’s unclear what CSEC may be interested in developing if it exercises its options to buy the mixed-use land parcels from the city. The group did not immediately respond to request for comment Thursday. But there’s expected to be “huge demand” for developments, including restaurants and shops around the arena, said Greg Kwong, executive vice-president and regional managing director for CBRE.
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