For the past three years the future of the Charlottetown Area Development Corporation has been uncertain to say the least.
Since 2016, the development corporation, commonly referred to as CADC, existed with an interim board while the former Liberal administration tried to plot a new strategy for development in the capital area.
That all changed earlier this month when Premier Dennis King reversed former premier Wade MacLauchlan’s decision and reinstated CADC.
King should be commended for the decision.
CADC has played a critical role in the development of not only the city, but the province as a whole. We need to look no further than Confederation Landing Park, P.E.I. Bio Commons Business Centre, and the P.E.I. Convention Centre.
But CADC needs a new focus. It needs a fresh start.
CADC can no longer afford to be a property manager. The new 10-person board, made up of representatives of the province, the city of Charlottetown, and the towns of Stratford and Cornwall, need to be razor focused on, as Charlottetown Mayor Philip Brown describes it, taking “advantage of the strong economic position we are in right now.”
We agree.
CADC currently manages seven parking facilities, including Pownal, Fitzroy and Queen, along with parking facilities at Harbourside, Peakes Wharf, and Queens Wharf. This is a distraction the new board does not need. The city needs to take over management of these parking facilities.
The same is true with its property management.
CADC manages a number of residential and commercial properties, including Harbourside Apartments. It is also a key player in a number of commercial buildings, including the Invesco building in downtown Charlottetown, and the CGI building in Stratford.
The private sector is much better positioned, and much more efficient, in operating buildings.
CADC needs to sell these buildings to the private sector. It can then use the proceeds from those sales to be self-sufficient and provide an equity base for future developments.
Other properties still under development, such as Founders’ Hall, Bio Commons Business Park and the new infamous Charlottetown Events Grounds, should still stay with CADC.
CADC needs to play a vital role in ensuring Charlottetown gets its new arena built.
Charlottetown’s mayor said immediate priorities, in his opinion, should be affordable housing, and lobbying the federal government to return P.E.I. to one EI zone.
No. No. No.
Affordable housing is critically important. But it should not be the mandate of the development corporation. The city can take the lead.
We have enough politicians in this province, municipal, provincial and federal to lobby Ottawa for changes to the EI zone.
CADC can no longer be a dumping ground for every project that the city or the province doesn’t want to handle. It needs to be single-mindedly focused on exploring new opportunities for innovation, investment and economic growth.
