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HERE IS THE ARTICLE FOR THE 10 BILLION CANAL PROJECT IN EAST VILLAGE! East Village home to $10 billion revival plan Marty Hope, Calgary Herald A $10-billion revitalization of the downtown's east end is scheduled to start next year and could become the continent's biggest urban renewal project over a 10-year period, say project developers. After 15 years of discussions about how to improve the area -- known as the East Village -- the proposal includes residential, commercial and retail components, situated along a scenic canal. "This will be the largest urban renewal project under way in North America," said Randy Klapstein, president of Pointe of View. Pointe of View is one of four partners in the East Village project. The cost of the redevelopment of 50 acres of land -- bound by Macleod Trail on the west, Fort Calgary on the east, 9th Avenue S.E. on the south and the Bow River on the north -- could reach $10 billion. "It's an ambitious project that will be built in phases in response to demand, but hopefully by this time next year we should see something happening," said Ald. Bev Longstaff. Developers are hoping to take the proposal, flushed into a comprehensive urban plan, to city council in May. Because the city has large land holdings in the area, it's a member of a joint-venture partnership with Pointe of View, RoyOp Corp. and UBG Builders Group. "The city is contributing land, but in fact all the partners are acting as developers in the project," Longstaff said. She also said it's likely additional infrastructure requirements will be necessary as the project's planning process evolves. Estimates from the partnership put the initial cost for underground services, roadways, sidewalks, bridges and other above-ground requirements at $17 million. Larry Kelly, vice-president and CEO of Pointe of View, said plans call for the construction of at least 4,500 condominium units and possibly as much as one million square feet of office, retail and commercial space -- and a $5-million canal that will stretch three blocks. "When all is said and done, there will probably be between 7,000 and 8,000 people living in the village, compared with the 1,500 there now," said Kelly. Richard White, executive director of the Calgary Downtown Association, was pleased with plans for the urban village because they will make it a "destination location" for residents and tourists. "Development of East Village was the top priority of a workshop our organization held in 1999, so it's exciting to see that things have moved along so quickly in that short a period," he said. With redevelopment still months away, the partnership continues to review the project with residents, property owners and the business community as well as make refinements to the conceptual drawings.
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