After months of planning, servicing work, and preparation, the ground was finally broken at the site of St. Albert's Lakeview Business District, the 600-acre soon to be industrial hub that the Mayor has said would bring in an estimated 5000 jobs.
"A bold vision for economic growth, local employment and innovation which began more than a decade ago is now becoming a reality," the director of St. Albert's Economic Development Michael Erickson said.
City council has made getting development started in this business district a top priority for the city. In January, council unanimously approved a borrowing bylaw to borrow as much as $78.4 million to fund the servicing of Lakeview Business District. The infrastructure project cost was estimated at $62.7 million. It was reported in January that 76 per cent of the debt repayment would come from off-site levies as land is purchased and developed, and 24 per cent would come from municipal taxes.
St. Albert Mayor Cathy Heron called the industrial hub a "game changer."
"This moment has been a long time coming. It represents years — and as far back as I can remember — at least a decade of dreaming, planning, collaboration and bold decision making," Heron said.
In April, council approved the Lakeview Development Accelerator Program. Funded with $1.6 million from the stabilization reserve in 2025, then $800,000 a year from new assessment growth until a balance of $8 million is reached, the program is meant to incentivize developers to build on Lakeview Business District with up to $110,000 per acre of incentives.
The city said that at full build out, the district will attract up to $1.5 billion of private-sector investment and be a home to various industries like advanced manufacturing, clean tech, logistics, transportation and life science.
When asked if they had received word that developers had agreed to take part in the Accelerator Program, Heron said she couldn't share anything publicly, but that there was a lot of interest, leading to her and council's high level of confidence. She added the Development Accelerator Program is good for not only businesses, but also residents.
"As soon as we get business in here they're going to be paying taxes.... and it'll take it off the residential side," she said.
The city has also partnered with the Government of Alberta to twin Ray Gibbon Drive, and the next phase along Lakeview Business District is set to begin this year, with completion anticipated in 2027.
"We're starting a new chapter for St. Albert. One rooted in jobs, investment, and long-term prosperity," Service Alberta and Red Tape Reduction Minister Dale Nally said. With Lakeview's positioning close to the Anthony Henday and other major corridors like Yellowhead Trail, Nally said that Lakeview is "poised to become a hub of economic activity, not just for St. Albert, but for the entire Edmonton Metropolitan region."
Heron said that the groundbreaking "signifies our commitment to accelerate the development of this major employment district which will significantly bolster our city's economic landscape."
