Raymond Block to cover Old Strathcona eyesore
November 13, 2015
Hardly a day goes by when news of a potential development in Edmonton’s trendy Old Strathcona neighbourhood doesn't face scrutiny and resistance from local residents and businesses. However, reaction to a proposed complex on the corner of Whyte Avenue and 105 Street has been relatively more welcoming, especially given the current space is nothing more than a weed-filled eyesore bordered by a chain-link fence.
At the former Esso gas station site, dormant for more than 15 years due to soil contamination, Wexford Developments plans to create a six-storey building to house commercial shops and residential suites. Dubbed the Raymond Block, the 132,000-sq.-ft. complex is slated for construction in the coming months and completion by 2017.
Even though the economy may be sluggish, realtor Karen Stanko believes filling the building shouldn’t be an issue.
“The commercial won’t be a problem, and I don’t feel the residential will be, either,” says Stanko, who sold 41 units in a nearby condo conversion. “There’s a lot of demand for residential in that area.”
Environment remediation courtesy of Imperial Oil, with some bylaw tweaking and rezoning by Edmonton City Council, paved the way for the project to move forward, especially when a previous design didn’t conform to stipulations set by the Strathcona Area Redevelopment Plan.
The developer also reduced the height of the building and ensured the design looked similar to nearby historic building to placate concerns of the community.
The lower half of the block will be made available to bars, restaurants and retail, while the top three floors could accommodate up to 96 residential suites. While Wexford has hinted that they’re looking for high-end clientele, Stanko believes that more suites will definitely help with the price point and condo fees.
“The good thing is about what they’re planning to build on that block is that there’s going to be enough inventory,” she says.
“For instance, a lot of the newer buildings that are being built are infill, in that there’s between 10 to 20 condos being built. The price point has to be high because they’re putting in underground parking. And then that bumps up the price point immediately. Another issue is that if you’re buying into a building that has only 10 to 20 units in it, then your condo fees are a lot higher. If something happens, there’s only up to 20 people splitting the problem, instead of a building with a lot more people.”
Considering what’s currently occupying the lot, redevelopment would likely be a welcomed sight, especially for startup households.
“Sometimes, condos like these are expensive,” says Stanko, “but you have to understand a lot of them will likely be dual income couples who are buying and they really like the lifestyle and like to be near the restaurants and bars.”
Photo: Wexford Developments
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About Gene Kosowan
Gene Kosowan is a freelance journalist based in Edmonton. His work has been featured in such publications as Avenue Edmonton, Alberta Venture and the Edmonton Journal.