#GrowSJ Update: Positive News to Share!
The Growth Committee’s first 2017 meeting started with good news results from Jacqueline Hamilton, the City’s Commissioner of Growth and Community Development Services.
I am sharing her report with you on the good news in residential and commercial growth investment. We are committed to a solid plan and we are starting to see results thanks in large part to our One Stop Development Shop, incentives, now in their second year for the central peninsula, and a positive approach to making things happen in our city.
Growth Committee January 10, 2017 Update: 2016 Building Construction Activity
70% increase in building activity
The City is pleased to report that year-to-date building permits reflect that the City’s One Stop Development Shop has approved more than 80 million dollars of construction projects in 2016. This is up significantly over 2015 results and represents a more than 70% increase in building activity.
Major project construction accounts for more than half of this increased building activity. 2016 saw the following projects approved through the City’s One Stop Development Shop:
- Commercial construction, notably phases one and two of the IOL home office project located in the heart of Uptown, a new Uptown Liquor store and retail expansion in East Point, McAllister Mall and in Millidgeville;
- New community Infrastructure including a new west side school and construction of the City’s Safe Clean Drinking water project;
- New residential projects (about 80 units in total) which represent single and multiple residential projects throughout the City. This includes five new residential projects on the central peninsula which represent 17 new dwelling units and 3 million dollars in construction value, spurred by the City’s urban development incentives program; and
- Re-Investment in the City’s Heritage districts including major renovations to the Imperial Theatre and 20 other smaller heritage renovation projects. The City’s heritage districts were funded by the city’s heritage incentive program.
Canada’s Great Urban Development Goldrush!
Notably, in addition to these major projects, a significant share of the building activity is related to small scale renovations, infill and reinvestments to established homes and businesses, mostly in the City’s primary development areas. Much of this activity is centered in the Uptown and surrounding urban neighbourhoods.
This is significant because we are refreshing old housing stock and improving the image of the city. It celebrates our heritage and helps blend our wonderful history with a bright future. Building pride and confidence is absolutely essential if we’re going to achieve anything together.
If this continues, we will drive density in an area with compound advantages and return to the City an excellent ROI that will drive our growth and future investments. Currently, the tax base in the central peninsula is $849,446,300 — and growing!
Today there is 137,493 square meters of vacant land in this prime central neighbourhood on the Bay, at rates a fraction of the cost of Canada’s major cities, and ready to be developed. Canada’s great urban development goldrush!
Reason To Be Positive
These positive results signal higher levels of market confidence for 2016. Based on engagement with the development sector, the City is looking forward to a greater level of investment on the horizon for 2017, continuing this positive momentum of growth.
Many exciting initiatives including the anticipated spring release of the City’s Growth Plan and the launch of a new neighbourhood plan for the central peninsula will capitalize on this momentum and optimize growth opportunities for the City in the future.
Success breeds success. So let’s talk about this and make sure everyone knows.
We should be proud but not satisfied — we’re just getting started!