There is a revival going on in downtown Edmonton and the ICE district is in the middle of it all. The two office tower being built (Stantec Tower & JW Marriott) as part of the project has seen 90% occupancy. The towers are a mixed-use development which is hoped to breathe fresh life into downtown Edmonton. This is a massive development will be on 25 acres. The development is being undertaken by Katz Group Real Estate.
This is the largest mix-use development in Canada and perhaps the whole of North America. The development kicked off with the building of the two office towers. The interesting thing is that they have seen 90% occupancy in an area where the office vacancy rate rose from 13.1% to 17.2% in 2016.
The complete Edmonton office tower has 610,000 square feet of office space. The biggest tenant at the moment is the City of Edmonton. The other tower is the Stantec Tower which has 622,596 square feet of office. It is set for completion this year.
Stantec Tower
The Stantec Tower will have 37 stories of residential use. There will be residential 483 units of a different number of rooms. A 1-bedroom unit is expected to go for $315,000 while a 2-bedroom penthouse will go for $1.2 million. These residences will be ready for occupation in 2019.
Standing at 66 stories at a height of 251 meters, the Scantec Tower will be the tallest building west of Toronto. Among the expected tenants are Stantec employees, PwC, DLA Piper, and Dentons.
JW Marriott Hotel
The project also includes a proposed JW Marriott hotel which is expected to open in early 2019. This will be a 25,000 square feet facility. It will have 356 rooms and suites. There will be a 10,000 square feet ballroom overlooking the ICE District.
The hotel tower is expected to go over 50 stores in height with the hotel taking the first 22 stories and rest being residential space for Legends Private Residences.
Katz Group
The Katz Group has been active in real estate developments in Canada and USA for over 15 years. In Canada, the group has developed over one million square feet of retail shopping space. The idea for ICE district was triggered by the development of Rogers Place in Edmonton.
Other de developments included in ICE District are restaurants and nightclubs, boutique shops, grocery and drug stores. There will be the Grand Villa Edmonton casino, and Kids & Company childcare centre.
Phase 1 of this project will avail 1.3 square feet of office space, 300,000 square feet of retail space, 1,300 residential units, and 4,000 underground parking stalls.
Mainstreet Equity Corp has a variety of apartment buildings situated in the Edmonton ICE District including the Oliver Square area and Brewery District. If you are looking to rent an apartment in Edmonton ICE District contact Mainstreet Equity to check apartment availability.