Quote:
Originally Posted by kermitology
This is pure idiocy from Ric McIver:
http://www.calgarysun.com/news/alber.../15648561.html
CMLC just sold 15% of the available developable land in the East Village for $300M. Someone tell me how this brownfield development isn't a good idea? No developer in Calgary would take on the challenge of the East Village, so the CMLC stepped in to build it. Meanwhile McIver will go ahead and increase the +$300M debt that the city has with Calgary developers like Carma. |
I don't think the land was sold for $300M. $300M is the cost of that development. I've looked around, but I can't find any mention of what the parcel sold for.
"The $300-million project set for a 2012 groundbreaking will deliver about 700,000 square feet of residential and retail space. Developers hope to have some of the nearly 600 new residential units available a year later."
Read more:
http://www.cbc.ca/canada/calgary/story/2010/10/05/calgary-east-village-development-deal.html