will open up investment opportunities in the area, say experts.
“The development will be beneficial for even the smaller commercial investors as long the as the City is able to redevelop the Bow Trail and Crowchild intersection,” said Tim Mangat, an investor and agent at CIR Realtor.
“Sunalta, the neighborhood directly south of the GSL land, will be a good place to develop commercial and/or multi-family projects.”
The City of Calgary
now officially owns the GSL land, which has led to speculation on what it plans to do with its real estate holdings of more than 12 hectares in the area along Bow Trail.
“The City's purchase of land in the west side of the downtown is good news given the ever-growing city centre,” said Jason N. Bagorio, owner of Bagorio Corporation. “The downtown needs more room to grow, in a sense.”
Some of the rumours for what the City will do with the land include a new condo development, or potentially a new home for the Calgary Flames or even the Calgary Stampeders.
“The purchase of GLS land is long overdue,” added Mangat. “Now the west side of the downtown core can be developed into a major multi-purpose sports/convention area.”
Bagorio added: “The land will provide a space for many mixed-use properties, much like what was done in the East Village project, or the possibility to house the future state-of-the-art arena for the Calgary Flames and possibly the Calgary Stampeders.
“With the new LRT expansion in the area, and the possible improvement of the Crowchild Trail, it is in a perfect location with great investment potential indeed.”
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A land purchase on the western outskirts of