Edmonton eyes bonus for bigger condos
February 7, 2018
In a bid to lure more families downtown, the city of Edmonton is considering a density bonus—two extra floors on condo projects—if the new units are three-bedroom suites.
The rules would apply to new multi-family construction for condo towers zoned for up to 18 storeys. The bonus space could be profitable, based on current values.
A developer would get city permission for two extra storeys if they commit to building eight three-bedroom units or if these units comprise 7 per cent of the project—whichever is less.
The bonus includes many sites near transit and throughout Oliver, Garneau, and other higher-density neighbourhoods in Alberta’s capital. Building under a standard zone means the developer doesn’t require special approval from council.
Builders would also be allowed to include small shops and offices, live-work units, and row housing without getting special permission from the city.
Edmonton council has called for public input on the proposals, which would be required before any zoning change was made.
The zoning could be attractive to developers. The current sale price for a downtown Edmonton condo is $360 per square foot; and three-bedroom units rent for an average of $1,965 per month, according to a Numbeo January survey.