AGGRESSIVE VISION TOO EXPENSIVE FOR HOME BUYERS
When the last plane departed from the Edmonton’s city centre airport the plan was to develop the land to an environmentally friendly neighbourhood would grow the to 30,000 residents by 2038. The original goal saw Blatchford having 250 residential units being built by 2015 and adding 500 annually by 2018. Currently, less than 150 building permits have been issued and only 45 houses in Blatchford are occupied.
Developers estimate the price of an average townhome in Blatchford is about $300,000 more than other areas of the city. With such discrepancy in pricing being environmentally friendly is proving to be too costly and it is clear that the vision for Blatchford needs to be adjusted to be affordable and viable for both developers and home buyers.
The City of Edmonton remains the main developer of the project and has spent roughly $200 million in the last nine years on the project. Councillors ordered a study Wednesday of Blatchford's business case including "social sustainability goals" and "market demand."