News Reporter
Dirt is finally being dug up around the downtown area coined the East Village. Chris Ollenberger of the Calgary Municipal Land Corporation is overseeing the re-development. In 2020, the urban villages estimated completion date, it will accommodate 10,000 peoples' homes. The area will have six character areas which will be neighbourhoods which will have heritage buildings. It will extend to the Bow River, Third Street S.E., Elbow River, and 9th Avenue S.E. Architects are being hired for the construction of the new buildings and the new foot bridge that will connect the East Village and St. Patrick's Island. They will focus more on mid-rise apartments instead of high-rises. Land is even being raised 2.5 meters above the flood level. In total, infrastructure should cost upwards of $200 million. This money will be funded by tax-increment financing in which the city pays right away. After, the city will gain back the investment from the profits made by increased property taxes and new developments.
http://proquest.umi.com/pqdweb?did=1886944941&:Fmt=3&:clientId=1751&:RQT=309&:VName=PQD&cfc=1
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