Symon’s Valley project moves step closer
By Lisa Dempster
Business Edge
New retail centres could be opening their doors within the year in Calgary’s booming Symon’s Valley as part of a massive residential-commercial project under way.
“There’s been such a pent-up demand, we will (begin) the next day after the land use (approval) is given,” says Paul Taylor, vice-president of Hopewell Residential Communities.
City council recently helped pave the way for two of the developers – Hopewell and Toronto-based Trinity Properties – by passing the first reading of a special borrowing bylaw that will see the companies shoulder up to $9 million in transportation infrastructure related to the project.
The city won’t have to pay back the money until at least 2011.
Council had initially balked at a proposal to rezone land in Symon’s Valley, fearing it wouldn’t have enough money to repay developers for “front-ending” the cost of roads in the new community.
With a target of 55,000 eventual residents and two million square feet of commercial and retail space over three major commercial sites, it is the largest community development approved by the city.
Such “front-ending” agreements have been reached in the past between developers and the city, but this is the first time such a bylaw has been used, says Taylor.
“Under the fiscal responsibility umbrella, the city has chosen to change the way it does
business, so now when there’s a front-ending, they want there to be a borrowing bylaw to be put into place so the next
council coming in has full understanding of what’s out there and what they owe in terms of costs,” he says.
From a developer’s point of view, however, it’s all passed along to the buyer. “From ours or any developer’s perspective, our costs continue to go up,” notes Taylor.
“The interest-carry is not included in the payback, so whatever we end up front-ending, we have to carry those costs for a substantial period of time . . . and the next business or homeowner coming in has to shoulder these costs.”
Taylor said he expects second and final reading of the land-use bylaw will proceed quickly, and work will begin shortly afterward. Some of the road improvements in the area will include widening Beddington Trail and Country Hills Boulevard.
“From Hopewell’s perspective, it’s taken us two years longer than we anticipated,” adds Taylor. “We really believed we’d be two years into this commercial venture by now.”
About 100 homes are already sprouting in Hopewell’s Creekside community in the Symon’s Valley area. The company’s
residential footprint will total about 170 acres out of the 3,500 acres proposed for
development.
Other developments underway include Evanston (Qualico) and Kincora (Apex Corporation). Genesis Land Developments holds the largest stake in the project, with a
residential area with more than 4,200 sites as well as a major commercial centre.
“There’s probably 400 to 500 homes that are already in some state of construction over the last year,” says Taylor. “It shows you the demand that exists.”
Retrieved September 18, 2004 from
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