The sister of Mercury Block, Mercury Block II will bring 166 residential units and $65 million in investment. (Credit: Autograph)
Something exciting is happening in Oliver, one of Edmonton’s oldest and densest neighbourhoods.
At just under 2 square kilometers in size, this community is home to about 20,000 residents and integrates a wide range of living, working and amenity spaces. Originally known as “the West End,” and formerly a streetcar suburb, today it features four major corridors (109 Street, Jasper Ave, 124 Street, and 104 Street), over 16,000 housing units, a variety of small urban parks, and multiple connections to the future West Light Rapid Transit (LRT) network. The community has been developing and redeveloping, in waves, for over a hundred years.
Neighborhood development began, in earnest, in the late 1800s. Prior to World War I, community build-out featured the construction of modest single-detached homes, small apartments, and commercial/industrial spaces located along main thoroughfares and connected to the rail line. By the 1950s to 1970s, when Edmonton was experiencing considerable growth, there was a demand for different types of dwelling units – which led to many of those single-detached home sites being consolidated and redeveloped into walk-up apartments. Today, in its third generation, redevelopment in Oliver includes many new mid and high-rise towers and a mix of both residential and commercial developments of all scales and sizes, coupled with meaningful public amenities and streetscaping that give the neighbourhood a convivial, active, and pedestrian-friendly charm. The rail yard that used to divide the community from downtown is long gone and older warehouses are being converted for modern uses.
The Mercury Block boasts 163 residential units, 106,471 sq. ft. of total gross building area, and $60 million in investment. (Credit: Autograph)
In October, UDI – Edmonton Metro led a walking tour of one of Edmonton’s modest but locally impactful public infrastructure investments – the 102 Avenue bicycle lane. Affectionately known by many regular users as the “Oliverbahn,” this two-kilometer protected, tree-lined lane has helped to make the community more accessible to those biking and rolling to and through the neighbourhood. From a real estate development perspective, we have also seen this lane bursting with new activity and growing private sector investment interest.
When we think about public sector upgrades to transportation infrastructure, we tend to consider large-scale roadway expansion and the addition of major transit facilities, but smaller gestures can make a big impact too. If done well and integrated in the right place and at the right time, City investment in all types of public realm upgrades – from parks to pathways – can have multiple positive economic spin-offs. The new connectivity provided by 102 Avenue through the heart of the neighbourhood has made this specific sub-sector of Oliver even more lively and interesting from a livability, mobility and development investment perspective.
Glenora Park, a $140 million investment that has brought 290 residential units to the area for people to age-in-place. (Credit: ONE Properties)
On our tour of just 13 blocks of 102 Avenue between Railtown and 124th street, we visited seven active development sites that have either been recently completed or are currently under construction. Collectively, these projects represent a total of $529 million of private investment into this short stretch of roadway including 1,222 new residential units and over a million square feet of commercial, retail and office space.
While these projects add to our economic investment landscape, they also contribute Edmonton’s goal of accommodating the next 500,000 residents in mature neighbourhoods through infill development.
Oliver is already one of the most populated neighbourhoods in this part of western Canada and growth will continue to increase. Building a mix of housing types in Oliver, from medium-density apartments to ground-oriented walk-ups to high-rise towers will support our city’s aspiration for more compact, walkable communities.
Glenora Park rooftop (Credit: ONE Properties)
Several factors have come together to make Oliver an attractive destination for people of all ages and backgrounds, and a neighbourhood where residents and commerce intersect. How we have shaped and continue to build in Oliver, I believe, provides us with important city building lessons for other parts of Edmonton, particularly those where more ambitious infill development is expected and should be explicitly encouraged:
• Create spaces and places for people. Pocket parks like Paul Kane Park and the 102 Avenue bicycle lane prioritize people, encouraging people to move around the neighbourhood on bicycles or on foot, or to linger longer and connect with one another.
• Mix-it-up. Developments on 102 Avenue include a mix of land uses – putting residential and commercial opportunities together – offering residents with all the amenities and services they need within a short distance from where they live.
• Get creative. To attract small businesses with unique and novel concepts, we need to rethink how we lease our commercial spaces. Developments along 102 Avenue provide flexible commercial spaces that can be scaled up or down depending on the business model.
• Contextually speaking. On 102 Avenue, developers are responding to the neighbourhood’s context by fronting their buildings or commercial spaces towards the bicycle lane, providing active transportation amenities, or adding public art and places for people to sit.
• Tie public realm improvements to economic development. 102 Avenue has catalyzed millions of private sector investments and can serve as the seminal case study for how to implement the City’s $100 million Bike Plan – all transportation upgrades and investments should be conceived to provide a clear return on investment.
Sometimes, as city builders, we turn our attention to other cities and communities than our own – for inspiration and best practices. I argue that one of our best examples of urban city building is right here in Edmonton, in the Oliver neighbourhood. It is home to not only residents and businesses, but a mix of public, private, and community sector leaders who are working together to ensure that it remains a place that continues to meet the diverse needs of those who live, move, and play there.
Kalen Anderson is the CEO of the Urban Development Institute – Edmonton Metro.
TORONTO – Canada’s main stock index was down more than 200 points in late-morning trading, weighed down by losses in the technology, base metal and energy sectors, while U.S. stock markets also fell.
The S&P/TSX composite index was down 239.24 points at 22,749.04.
In New York, the Dow Jones industrial average was down 312.36 points at 40,443.39. The S&P 500 index was down 80.94 points at 5,422.47, while the Nasdaq composite was down 380.17 points at 16,747.49.
The Canadian dollar traded for 73.80 cents US compared with 74.00 cents US on Thursday.
The October crude oil contract was down US$1.07 at US$68.08 per barrel and the October natural gas contract was up less than a penny at US$2.26 per mmBTU.
The December gold contract was down US$2.10 at US$2,541.00 an ounce and the December copper contract was down four cents at US$4.10 a pound.
This report by The Canadian Press was first published Sept. 6, 2024.
TORONTO – Canada’s main stock index was up more than 150 points in late-morning trading, helped by strength in technology, financial and energy stocks, while U.S. stock markets also pushed higher.
The S&P/TSX composite index was up 171.41 points at 23,298.39.
In New York, the Dow Jones industrial average was up 278.37 points at 41,369.79. The S&P 500 index was up 38.17 points at 5,630.35, while the Nasdaq composite was up 177.15 points at 17,733.18.
The Canadian dollar traded for 74.19 cents US compared with 74.23 cents US on Wednesday.
The October crude oil contract was up US$1.75 at US$76.27 per barrel and the October natural gas contract was up less than a penny at US$2.10 per mmBTU.
The December gold contract was up US$18.70 at US$2,556.50 an ounce and the December copper contract was down less than a penny at US$4.22 a pound.
This report by The Canadian Press was first published Aug. 29, 2024.
The crypto market has recently experienced a significant downturn, mirroring broader risk asset sell-offs. Over the past week, Bitcoin’s price dropped by 24%, reaching $53,000, while Ethereum plummeted nearly a third to $2,340. Major altcoins also suffered, with Cardano down 27.7%, Solana 36.2%, Dogecoin 34.6%, XRP 23.1%, Shiba Inu 30.1%, and BNB 25.7%.
The severe downturn in the crypto market appears to be part of a broader flight to safety, triggered by disappointing economic data. A worse-than-expected unemployment report on Friday marked the beginning of a technical recession, as defined by the Sahm Rule. This rule identifies a recession when the three-month average unemployment rate rises by at least half a percentage point from its lowest point in the past year.
Friday’s figures met this threshold, signaling an abrupt economic downshift. Consequently, investors sought safer assets, leading to declines in major stock indices: the S&P 500 dropped 2%, the Nasdaq 2.5%, and the Dow 1.5%. This trend continued into Monday with further sell-offs overseas.
The crypto market’s rapid decline raises questions about its role as either a speculative asset or a hedge against inflation and recession. Despite hopes that crypto could act as a risk hedge, the recent crash suggests it remains a speculative investment.
Since the downturn, the crypto market has seen its largest three-day sell-off in nearly a year, losing over $500 billion in market value. According to CoinGlass data, this bloodbath wiped out more than $1 billion in leveraged positions within the last 24 hours, including $365 million in Bitcoin and $348 million in Ether.
Khushboo Khullar of Lightning Ventures, speaking to Bloomberg, argued that the crypto sell-off is part of a broader liquidity panic as traders rush to cover margin calls. Khullar views this as a temporary sell-off, presenting a potential buying opportunity.
Josh Gilbert, an eToro market analyst, supports Khullar’s perspective, suggesting that the expected Federal Reserve rate cuts could benefit crypto assets. “Crypto assets have sold off, but many investors will see an opportunity. We see Federal Reserve rate cuts, which are now likely to come sharper than expected, as hugely positive for crypto assets,” Gilbert told Coindesk.
Despite the recent volatility, crypto continues to make strides toward mainstream acceptance. Notably, Morgan Stanley will allow its advisors to offer Bitcoin ETFs starting Wednesday. This follows more than half a year after the introduction of the first Bitcoin ETF. The investment bank will enable over 15,000 of its financial advisors to sell BlackRock’s IBIT and Fidelity’s FBTC. This move is seen as a significant step toward the “mainstreamization” of crypto, given the lengthy regulatory and company processes in major investment banks.
The recent crypto market downturn highlights its volatility and the broader economic concerns affecting all risk assets. While some analysts see the current situation as a temporary sell-off and a buying opportunity, others caution against the speculative nature of crypto. As the market evolves, its role as a mainstream alternative asset continues to grow, marked by increasing institutional acceptance and new investment opportunities.
