Due to the multifaceted challenges of neighbourhood development and the significant number of such properties in urban core neighbourhoods, it can take years to turn properties like these into new developments that have a positive impact.
Many of these properties exist in communities with aging infrastructure—therefore, redeveloping those properties into the sort that will contribute to neighbourhood revitalization will require cross-sector partnerships, government funding, private sector investment, and collaboration with developers and builders.
The CDC is actively pursuing such long-term strategies, but right now, we have chosen to address the problem on a one-property-at-a-time basis through our “Project 10” initiative.
Through engaging with residents and business owners in urban core neighbourhoods, and also through engaging in our own research, the CDC has set out over the next 12 to 24 months to identify and purchase 10 properties that can be transformed into neighbourhood assets.
The CDC is maintaining a database, co-created with community stakeholders, that identifies derelict and abandoned properties, current zoning, price, foreclosure status, lot size, proximity to other similar properties, and other factors, which allows us to prioritize candidate properties for purchase and redevelopment.
Because the real estate market can be unpredictable, we’re also listening to our community partners and experts for opportunities we may not have anticipated, such as the innovative community-CDC partnership that supported the McCauley Development Co-Op’s purchase of The Piazza strip mall.
When the CDC makes the decision to purchase a property, we strive to engage with community members to identify development options for that location that will bring about positive change for the community’s economic and social well-being. Any small profits made will be reinvested in purchasing and developing future properties.
For more information about this or other initiatives of the Edmonton CDC, please email us at firstname.lastname@example.org or call us at 780.306.4456. And, for the latest news on this and other initiatives of the CDC, please visit our blog and follow us on Facebook and Twitter!