EDMONTON – The Katz Group has announced it has chosen to work with Edmonton-based WAM Development Group to develop the land around the proposed downtown arena.
According to a news release sent out Friday, WAM will acquire a minority stake in the properties the Katz Group currently owns or has the right to buy at the proposed arena site at 101st Street and 104th Street along 104th Avenue.
The company will play “a significant role” with Katz in finalizing a master plan, hiring architects and construction companies, leasing, financing and other work, the release says. It will not, however, be involved in the development by the Katz Group and the City of Edmonton of the arena itself, nor the operation of the arena once it is completed.
Financial details of the agreement were not disclosed.
The Katz Group selected WAM following a review and evaluation of several different real estate development organizations. The company says it is proud to be involved with the project.
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We see great potential in developing the lands around the arena. We are extremely proud to be involved with this project and look forward to working with the Katz Group, the City and other stakeholders to create a world-class urban community in downtown Edmonton,” Darren Durstling, Partner, WAM Development Group says in the release.
Global News contacted Bob Black, Executive Vice President of the Katz Group, Bob Black, with some more questions about to the partnership announcement with WAM Developments. Here’s what he had to say:
Q: What does this partnership with WAM developments mean?
A: It is a relationship which brings together two very strong organizations to develop a great project for Edmonton. Both organizations will be involved in all aspects of the planning and development of the project.
Q: Why did the Katz Group partner with WAM?
A: WAM is a very strong local developer with a proven track record of delivering great projects. We are delighted to have them on board.
Q: If WAM has the rights to acquire around the arena, will they purchase the pieces at the price the Katz Group paid for?
A: We will work to develop the District together.
Q: What will happen if WAM does not buy the additional surrounding lands?
A: The land agreement with the City is unaffected by this announcement.
Q: Are there timelines as to when you want to start development?
A: We are working together to complete the District Master Plan and to convert the numerous expressions of interest from prospective tenants and partners into commercial relationships. We are confident that there are lots of exciting things on the horizon and expect to make further announcements in the coming months. We do intend to deliver significant private sector development concurrently with the arena.
With files from Vinesh Pratap, Global News
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