Well it’s official! The proposal from the University of Alberta to purchase the aging Hudson’s Bay building in downtown Edmonton was unanimously approved by the University’s Board of Governors today. From today’s Edmonton Journal:
Gary Kachanoski, the U of A’s vice-president of research, said the deal would harnesses the intellectual and research power of the university to establish Edmonton and the surrounding area as the next knowledge-based sector in North America. The total cost of buying the building and refurbishing it will be about $62 million.
Of the city’s money, $7.5 million will go towards renovating the former Hudson’s Bay building to house the TEC Centre – which will give affordable space on the building’s third floor, and eventually its second floor, to fledgling technology-based companies. The University of Alberta will match that amount.
Sounds like they want to get things moving quickly too. If the purchase goes through successfully, construction will begin this fall with the first tenants moving in sometime in the next 12 to 18 months.
As I have said before, I think the deal is excellent for the University and for Edmonton’s downtown. I’m really glad the deal is going go through!
Read: Edmonton Journal