Multi-million dollar piece of land in Edmonton sold to non-profit for $1k
Posted October 31, 2024 4:38 pm.
Last Updated November 1, 2024 9:52 am.
A piece of land on the downtown’s east side — not far from City Hall — was sold to a non-profit organization for just $1,000. Why would a multi-million dollar parcel go for pennies on the dollar? We asked city leaders.
“I think it’s a great investment and a great way to support our community,” explained Anne Stevenson, councillor for Ward O’day-min.
Supporting inclusive community and affordable housing, this is what Councillor Steveson says regarding the recent approval to sell a section of land for $1,000 to a non-profit organization to develop a mix of social housing and office spaces.
“Providing below-market land sales to support affordable housing is a practice that the city has had for many years … You know ultimately it decreases pressure on our city services,” said Stevenson.
The land is between 103 Avenue and 102A Avenue, just five minutes away from the City Hall. According to the councillor who represents the area, the land was valued at an estimated $3.4 million and includes a historic building right next to the lot.
The proposed site could become the home to:
- 19 transitional housing units;
- 50 short-term accommodation beds for women;
- As well as office and potential commercial spaces.
Is it a good deal for Edmonton taxpayers?
“Well it’s good to make use of the land, it’s currently absolutely being used for nothing … the ability to actually have people here safely home to be much better than what I’ve seen in the past … the amount cost for it, yeah it’s a good cost for sure,” explained Clayton, an Edmontonian.
CityNews reached out to the non-profit who say the $1,000 purchase is the first step. Saying, “We are truly grateful for our neighbour’s support of our proposed building and look forward to continuing our journey as a neighbour in the community.”
The building will also house office spaces, which Anne Stevenson hopes will attract more office workers and development in the Quarters District.