A busy construction year in Banff last year is continuing into this year.
Close to 90 development permits and 80 building permits were issued in 2016 in what was a five-year-high in development activity, with an estimated construction value of $38.6 million.
Town of Banff officials say 2017 is looking even stronger so far, with development permits currently up 14 per cent more compared to the same period last year.
Randall McKay, Banff’s planning and development manager, said his department continues to experience a considerable amount of development permit activity leading into the second quarter of 2017, noting it’s all managed within legislated growth limits.
He said the jump in commercial development appears to be driven by visitation, leading businesses to look at new business ventures and redevelopment opportunities given there’s a commercial cap in place.
“I think there’s renewed prosperity and I think people are trying to take advantage of this and improve the offering and increase their return on investments,” said McKay.
“It’s bucking the trend that we’re seeing elsewhere in the province. We’re not in a stagnant economy.”
Last year, development permit numbers hit 89, 30 per cent of which were commercial, and the rest residential. That compared to 79 development permits in 2015, 55 in 2014, 48 in 2013 and 64 in 2012.
The busy year also led to significantly more revenue than anticipated for town coffers. Building permit revenue was up from an expected $150,000 to $432,000, while development permits generated $25,000 more than expected at $77,000.
Several projects are under construction, including redevelopment of Lloyd Hall at the Banff Centre, and construction of Banff’s new elementary school.
Other projects include a 38-unit apartment building in the 400 block of Beaver Street, the Town’s affordable housing on Deer Lane, a skateboard park at the rec grounds and smaller residential developments and changes of use.
McKay said other commercial and residential projects are currently under preliminary plan review and anticipated to begin construction by the end of the year.
He said all this activity has or will occur under the legislated growth cap and existing limits on development put in place in 1998 by the federal government.
