Edmonton’s $61.5M Library Facelift
According to the Edmonton Journal, the conversion of the Stanley Milner Library is going to be monumental. But not everyone seems to be happy about the $61.5 million revitalizing renovation, even if it will set the building apart from everything else in the city.
Some locals have used social media to point out complaints, including the expense and darker side of the library, which has spurred volunteers to donate close to $10 million to help fund the project.
A stunning new library, being both functional and architecturally appealing can say a lot about the city. Investing in infrastructure, committing to lasting upgrades and balancing aesthetics with needed services, can serve multiple generations.
For private real estate investors, this project supports Edmonton becoming a favourite for global investors, designers and businesses. It also demonstrates that not only are there current growth opportunities for commercial real estate investors, but the city should maintain its star status over the long run.
While local shopping plazas in the province are already performing well for commercial property investors, this suggests current yields will only be complimented by increased income yields and blossoming equity. This is even truer for those using leverage, diversifying into multiple projects and locking in low long-term rates.