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Building off their success in East Village, the Calgary Municipal Land Corporation (CMLC) has announced that the development of a cohesive master plan vision for Victoria Park has begun. With the goal of creating a high-density, mixed-use, and walkable inner-city destination, CMLC has committed $150 million towards infrastructure investment and placemaking initiatives.
"With the new East Village rising rapidly skyward, we're now turning our attention to the rest of the Rivers District — specifically Victoria Park," said Michael Brown, CMLC's president and CEO. "Much like the East Village of ten years ago, Victoria Park is an inner-city neighbourhood at a turning point in its history. While sporadic development here and there has helped the community to some degree, it's not enough. To truly transform Victoria Park and steer the Rivers District toward its full potential, bold moves are needed."
And it's bold moves that CMLC has in store, with the downtown east neighbourhood set to become a major cultural and entertainment district. "It's an area with entertainment in its DNA," said Susan Veres, Senior VP Strategy & Business Development at CMLC. "It's been home to The Greatest Outdoor Show on Earth for more than a century and Calgary’s beloved Calgary Flames for over 30 years. And it's surrounded by powerful players in arts, culture, and entertainment: Glenbow Museum, Arts Commons, Studio Bell, New Central Library, TELUS Spark, Calgary Zoo, Fort Calgary, and more."
CMLC has already outlined some of their intentions for the valuable property, including an extension of 17th Avenue SE through Stampede Park to create a vibrant new right of way for commercial and retail development. CMLC also plans to complete another stage of RiverWalk, extend the Cycle Tracks program, and develop an environment conducive to healthy streetscapes and future development around the Green Line LRT. All of this will be undertaken by a Design Collaborative and Master Planning Team, with Mark Johnson of Denver-based Civitas and Stephen Mahler of Gibbs Gage Architects leading the charge. The selection process began after a request for proposals was issued in October 2016. No stranger to large-scale regeneration projects, Civitas was involved in the development of St. Patrick's Island before it was unveiled in 2015.
The announcement aligns with the City's planning policies and objectives, particularly around the creation of a 24/7 cultural and entertainment hub. The dialogue around the City's $3 billion capital plan during the recent budget process highlighted the acute need for the creation of such a district, with the inherent capability of attracting and hosting high-profile events. Calgary Sports and Entertainment Corp. has contemplated building a new arena in this area, at the possible expense of the CalgaryNEXT plans.
The Rivers District — which encompasses East Village, the Stampede grounds, and some of Victoria Park — was established a decade ago as a tax jurisdiction in order to implement the Community Revitalization Levy (CRL). The funding system, similar in its mechanics to Tax Increment Financing, allows the increased tax revenues that result from redevelopment to be put into a dedicated fund for ongoing and future infrastructure improvements. After reaching the midway point of the 20-year timeframe, CMLC research projects another $150 million in CRL revenues if full development potential is realized. When the CRL ends in 2027, the City can expect to reap $50 million every year in property taxes.
Interested Calgarians can have their say on the future of Victoria Park and the Rivers District by visiting this link. You can also get involved in the discussion by checking out our Forum thread. After stakeholder and public consultation, a draft master plan is expected to be produced in May 2017, with the final vision presented in June.
