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Originally Posted by Coach
to be honest I live like right beside this proposal and am concerned about such a big building towering over my house. I don't know if such a development will decrease my property value, I guess time will tell. I don't think I'm completely irrational for having such concerns. Maybe it is my fault for buying in the area, but I'm sure most people would have trouble with the idea of such a large building by their house. Just some thoughts, and if anyone can chime in on property values being affected I would appreciate it, being this is our first major investment.
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In the long run it's going to increase your property value. The new building with a improved commercial component is going to spur development along 13th Avenue. In fact, all of 13th should probably be variations of 4-5 story mixed use buildings.
Take a look at places in Canada which have seen older neighborhoods increase density and development. In Calgary you have Kensington and Bridgeland, etc. The Glebe in Ottawa, or any of Toronto's older neighbourhoods. The major routes are redeveloped with mixed use, more walkable neighbourhoods. This makes the areas more desirable and more valuable.
If you were concerned about redevelopment you should never buy near higher traffic corridors. If you're worried about development never buy near an open field or an unused park: they might just be developed.
I live quite close to this development as well and I'm 100% in favor of it. It perfect? Of course not. Is it a giant move in the right direct? You bet it is.