Achi news desk-
The lot where Calgary’s original Ernest Manning High School was built in 1963 has been bought back by the city.
City officials revealed that the land that has been vacant along 17th Avenue Southwest since 2011 was bought back earlier this year.
The City of Calgary’s real estate and development team said in a statement that the deal closed at the end of January because the construction commitment was not delivered within the expected timeframe.
Matco Development Corp bought the land from the city in 2016 with the intention of building a mixed use development which included offices, retail and residential.
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“It’s just time. I think when you look at the landscape that we’ve seen locally and internationally, building a site that big especially during COVID means there are significant delays, cost inflation, so the capacity for the design was delayed deliberate,” Ward 8 Cllr. said Courtney Walcott.
The lot is located minutes from downtown along the West LRT line.
“Calgary’s current market conditions suggest that future development of the lands will most likely become primarily residential, with a small percentage of complementary retail and restaurant space,” said Eileen Stan, vice president of development with Matco Development.
Walcott echoes that housing will be front and center when it comes to the development of the site in the future.
“The vision for the site hasn’t changed, it’s more so the players,” said Walcott. “Now that we are moving to the housing strategy and that we are looking very differently at how we use public spaces around transport, all of a sudden getting that land back is in our fold is one of the best opportunities.”
Matco added that the land was sold to the city for less than what the development company paid for it.
“Matco intends to invest the proceeds of this transaction in its other extensive investments and business interests,” Stan said.
There is no mention of when the lot will be developed, but officials say that the work to strategize a path forward will take place this year.
& copy 2024 Global News, a division of Corus Entertainment Inc.
