MEDICINE HAT, AB — The city’s land and business support section is taking another look at the lots for sale in the River Flats.
A total of 16 lots were purchased by the city after the flood in 2013.
A few houses were demolished and the lots themselves were put on the market.
Staff were hopeful new development would spur on some rejuvenation in the area, but over the last year, only three properties have sold.
Work has already started on two of the lots along Industrial Avenue.
Jane Zwicker with the land and business support office said they’ve sold a third lot and a fourth offer is pending.
The city packaged a few of the properties so they could be sold together, but 10 lots remain on the market.
In January 2017, staff had put together a proposal for council, suggesting that the price be lowered.
Market value showed the cost should be closer to $14 per square foot and council agreed, which brought the lot price to between $50,000 and $105,000, depending on the size.
There has been some interest, but Zwicker said the department is re-evaluating that price and they’re putting together some new numbers to show council another price adjustment.
Zwicker couldn’t say how low they’ll go, but she is hopeful another adjustment will spur on some new developments.
“Probably in the next month or so you can see different prices on these lots and hopefully that will encourage some more uptake,” she said. “But again, market value dictates the uptake. We believe River Flats is a very desirable area. It’s very amenity rich, it’s mature, it has got lots of birds and trees down there, its got the trail system and beautiful parks along the river valley.”
Zwicker admits the area does pose some challenges compared to other neighbourhoods.
Some of the lots are only 25 feet wide and she said developers will need to think outside the box.
She adds, that’s not the only challenge.
“Because they are kind of in a flood fringe area, you have to meet flood proofing guidelines and then also there’s the River Flats Area Redevelopment Plan that kind of lays out how the house can be developed, from the building materials, where the garages are located. And that’s so that it kind of aligns and looks and feels like the historic nature of the neighbourhood,” Zwicker said.
