By rdnewsNOW Staff

Preparing For Growth

Residential development a focus for Innisfail town council

Apr 14, 2021 | 10:45 AM

A sense of growing momentum in the central Alberta real estate market has led both the Town of Innisfail and its council to try to capitalize on that momentum.

Council recently approved two motions aimed at invigorating residential development in the town.

At a March 8 meeting, council unanimously passed a motion to reduce prices on Town-owned lots in the Hazelwood and Napoleon Meadows subdivisions. The action, based on feedback from the Town’s listing realtor, is expected to see prices reduced by approximately 10 per cent.

A second initiative is intended to encourage redevelopment in some of the town’s mature neighbourhoods.

At a meeting on Mar. 22, administration presented council with a draft of the Residential Infill Incentive Program Policy. The policy, and the accompanying program that administration will now prepare, is intended to promote the redevelopment of existing residential properties, with the aim of increasing the diversity of options available to potential real estate buyers.

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Town officials say developers will be able to apply for reimbursement of up to $15,000 of the costs associated with redeveloping existing lots and structures.

“There are some encouraging signs that the real estate market is gaining momentum throughout central Alberta,” said Mayor Jim Romane, in a press release. “We are taking action now to ensure that Innisfail is prepared to capitalize on any growth opportunities that may arise as a result of increased demand.”

Officials say the Town’s administrative staff will continue to work proactively with council to identify potential opportunities and help ensure the community remains attractive to new residents for years to come.