Conceptual art for Civic Square. (Supplied by Town of Coaldale)

By David Opinko

Coaldale signs developer for Civic Square, lots of project details released

Nov 17, 2020 | 12:05 PM

LETHBRIDGE, AB – The Town of Coaldale is one step closer to making its integrated town office and business space a reality.

Shift Real Estate Investments LP has signed on to become the developer of Civic Square.

“When considering different locations for potential investment opportunities, we look for communities that have a strong track record of growth, low commercial mill rates, and a commitment to future growth and innovation,” said Chet Oberkirsch, Managing Director of Shift Real Estate Investments LP. “Coaldale exceeds our expectations in all these categories and we are thrilled to be moving forward with this innovative project within their downtown core.”

Mayor Kim Craig told LNN that it’s “tremendous” to finally be at this point in the project and he is excited to see how it looks once it is finished.

Along with the announcement of Shift’s involvement with Civic Square, the town has released a video and a FAQ page, which goes over the initiative in great detail.

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Craig said he knows there have been concerns from residents in the past where few details on this project have been made publicly accessible.

“I certainly have listened to the people of Coaldale and the understanding of their legitimate concerns that more information is good to have out there, so I hope this will fill some of that need.”

Phase 1 will see the development of a new municipal office on the first and second floor. With construction set to commence in the spring of 2021, the mayor anticipates this will take about a year to complete.

The second phase will include four spaces for commercial businesses with “high profile frontage.”

A major aspect of Civic Square is that these businesses will generate new commercial tax revenue, which will offset the cost of the project to the point where it “will not require tax increases to support it.”

These companies are estimated to bring in $40,000-$50,000 per year in non-residential municipal taxes.

The third and final phase will see a new outdoor space that will serve as “a hub for festivals, markets, and other community events while also providing parking for Coaldale’s expanding downtown.”

Currently, there are no estimated completion times for Phases 2 and 3.

“I think that is going to be largely driven by what the economy dictates,” says Craig. “Obviously, the COVID environment has really put a lot of pause into peoples’ ideas of what the future holds for just about everything.”

By utilizing a public-private partnership model, the town was able to get the projected cost for Civic Square down by about $2.8-million to $5,830,000.