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Originally Posted by topfiverecords
It's absolutely astonishing how arrogantly CSEC assumes the City's new arena would be so amazing that other private development would almost immediately build out the district and fund this CRL. Just like the how the Saddledome hasn't ever done anything for Victoria Park or the east end of 17th avenue in the last 35 years.
Sorry boys (CSEC), a new arena wouldn't induce a single shovel turning on any of the surrounding land.
Once the green line station is open, Beltline and East Village land becomes scarce, and the economy recovers the neighbourhood will fill in over time with condo development, arena or no arena.
In fact an arena has a chance to be a huge impediment to condo sales. Using the land for an arena reduces the number of residents living in the neighbourhood by the thousands, which limits local service businesses ability to be profitable and remain open. Commercial development will focus on servicing game and concert crowds and not the day to day needs of residents. I'd guess a majority of condo purchasers/ renters that have choice don't want to live in an area where there are crowds and traffic jams on the streets twice an evening multiple times a year. Some that are season ticket holders will like the proximity, but that's a small percentage.
Even if it magically did spur development that wouldn't have EVER occurred, there isn't enough remaining property in that area that isn't Stampede land to recoup 225M from a CRL.
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Even if it does spur development around the arena, the vast majority of that development will simply have been cannibalized from the East Village, Beltline, and other urban neighbourhoods. Yes, if a new arena cannibalizes greenfield development from the suburbs, that has tangible and intangible value to the City. But I haven't seen anything to suggest that value is remotely close to the $600 million the Flames are asking the City to contribute.