Developer bullish on urban core
ProCura of Calgary sees bright future for downtown Edmonton
Scott McKeen
The Edmonton Journal
Friday, May 22, 2009
Coming Monday: Part 2 of Scott McKeen's look at downtown revitialization
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When a Calgary developer is more optimistic about Edmonton's downtown than local loyalists, I'm all ears.
ProCura is the company. Randy Ferguson is its man on the ground in Edmonton. And, oh, what ground ProCura has given Ferguson to work with.
The developer bought so much real estate in and around moribund Jasper Avenue you almost wonder if it was on happy pills that day. Not so, says Ferguson. ProCura is bullish on Edmonton, especially its urban core.
Ferguson, as nice a guy as you'll meet, has worked in commercial real estate and development in 14 Canadian municipalities. None, says Ferguson, hold a candle to contemporary Edmonton.
He said this, I should mention, after I beseeched him to not over-hype Edmonton's potential. He's a rah-rah guy, but I hate it when people get our hopes too high.
As we all know -- and are constantly reminded -- Calgary has boomed in the recent past. Edmonton, despite recent years of rapid population growth, much of it suburban, still hasn't seen its boom yet, says Ferguson.
Given the world's energy needs -- given that Edmonton is the closest major city to the oilsands -- the boom is coming, says Ferguson. And given that the emerging generation is eco-conscious and urban-centric, much of that boom will hit transit-friendly downtown.
It doesn't hurt that borrowing is cheap and construction costs are down in the recession. Thus, ProCura isn't waiting for the boom, but preparing for it.
Here are some of its current projects and future plans:
The old Professional Building on Jasper Avenue, between 108th and 109th Street, will soon be known as the Intact Building, named for its major tenant, Intact Insurance Company, formerly ING Insurance.
Procura stripped the building down to its concrete-and-steel shell, then rebuilt it to LEED environmental standards. It also expanded the building to the east and brought the footprint to the front sidewalk, essentially doubling the floor space. The $75-million project, which will include ground-floor retail, is 70-per-cent leased. It will open in the late fall.
Across Jasper Avenue from the Intact Building is the Mayfair Hotel. It will be demolished to make way for Mayfair Village, a $185-million, 15-storey, 708-unit apartment complex in two buildings. Mayfair Village will also occupy the dead parking lot to the west of the hotel.
The complex's second building will sit on the adjoining land on 109th Street, to the south, meaning the former funeral parlour, now home to Globe nightclub, will come down.
ProCura is completing geo-technical studies to get the city's final approval. If all goes well, ground will be broken in early November.
ProCura is also hoping for some buy-in from the three levels of government to defray costs and make Mayfair Village rents truly affordable for students, seniors and downtown workers.
There is a grassy knoll on Jasper Avenue, just to the east of 110th Street and west of the ProCura-owned Associated Engineering Building. The knoll is the future home of Azure, a 15-storey, 84-unit condo complex. Given the saturated condo market, ProCura has Azure on hold. But only partly. It will soon begin work on the first phase, a $6.5-million, three-storey parkade with retail fronting onto Jasper Avenue. When the condo market returns, the tower will begin construction.
On the west side of 109th Street, just south of Jasper Avenue, ProCura plans Cascadia, a striking, step-down building of brick, glass and green roofs. Cascadia reaches 14 storeys at its north end and then, well, cascades down to three storeys at its southern border, 100th Avenue. Current plans are for Cascadia to host 265 condo units -- Ferguson already has his picked out -- and 30,000 feet of ground-level retail. No dates or price tag on Cascadia yet.
ProCura owns a chunk of land on the south side of Jasper, midway between 107th and 108th Streets. Ferguson's ambitions for the parcel envision a day when parking is at a premium in Edmonton's downtown. He sees a 10-storey parking garage. Yuck, right? Except Ferguson says it won't look a parking garage from the street. It will look like an office building with stores on the sidewalk level.
The need for district parking garages will come, says Ferguson. New apartment and condo buildings won't include much parking. For example, ProCura's Mayfair Village only includes a spot for one in three units.
Yes, the times are changing.
Much has already been written about ProCura's plans for a 40-storey office tower on the south side of Jasper, between 102nd and 103rd Street.
No dates for this one either. Current tenants, like The Hat Restaurant and the Paramount Theatre, signed leases with demolition clauses. If a major tenant is found, demolition will come sooner rather than later.
So that's part of the ProCura story in downtown Edmonton. There's more to come in my Monday column.
A couple of weeks ago I wrote a scathing review of Jasper Avenue. I said it was likely the ugliest downtown in any Canadian city.
I stand by that column. City Hall has to do its share, by improving the street, sidewalks and lighting.
But the private sector must step up with creative ideas, inspiring architecture and affordable lease rates to entice interesting boutiques, shops, cafes and such downtown.
ProCura is doing more than its share already. On Monday, I'll delve further into the company's mindset, as well as introduce you to more of its plans for downtown.
When I saw them all strung together, I admit I was overcome by a strange feeling. I think it might be hope.
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© The Edmonton Journal 2009
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