The Value of Investing in Canadian Downtowns - International ...

Educational & Institutional Development
Three large post-secondary institutions have a significant presence
downtown. The largest, MacEwan University, is currently in the process of
centralizing its city-wide operations at its downtown campus. To make the
most of its limited campus space, the university is growing in a compact
fashion; its most recent addition was built on top of an existing parking
structure. In two to three decades, it is expected that the campus could
bring a total of 40,000-60,000 students downtown each year.
The University of Alberta recently opened a downtown campus in the former
Hudson’s Bay department store. It houses the business incubator TEC
Edmonton, a partnership between the University and the City which
provides space for young innovators and entrepreneurs, helping to make
connections among ventures and with investors.
Downtown has
63,232
jobs
228%
growth in downtown
assessment value
(142% growth citywide)
Municipal Tax Base
Following a reported collapse of property values in the downtown, the proportion of municipal taxes paid by
downtown property owners stabilized at about 5% between 1998 and 2005. This was reportedly a shock to suburban
property owners who had to shoulder a greater property tax burden to maintain city services. The City learned a
harsh lesson in the value of a prosperous downtown as a generator of wealth. Thanks to years of reinvestment and a
booming economy, the proportion of downtown’s assessment base nearly doubled between 2005 and 2010, reaching
7% of the City’s total assessment base and contributing 10% of the City’s property tax revenue.
Jobs
Edmonton is a provincial capital and one third of downtown office space accommodates public sector functions. The
downtown therefore benefits from a large number of government jobs. Downtown Edmonton also offers a wide range
of opportunities to work in the educational, natural resource, health, professional and service sectors.
Left: Grant MacEwan University’s City Centre Campus is the largest educational destination downtown and a significant presence along
104 Avenue. It has long-term plans to consolidate all operations, currently spread across the city, at the City Centre Campus.
Right: The EPCOR Building was the first major office building, built in the downtown in almost 20 years
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