A ground-breaking ceremony was held in St. Albert on June 22, 2023, to mark the beginning of construction for the East Village, a real estate development project in St. Albert. It is owned 50-50 between Fort McKay First Nation and Landrex, a real estate development company.
East Village is a 13-acre mixed-use lifestyle development located in the growing neighborhood of St. Albert’s Erin Ridge North. It will include 180 residential units as well as 90,000 square feet of built-to-suit commercial space. It will include a one-acre amenity park and is located near restaurants and stores. It is expected to take five years to complete.
FMFN’s investment in the project is in keeping with its policy of economic diversification away from oil and is designed to reduce the potential financial risk to the community in terms of long-term income.
“We are thinking about the financial prosperity of our Nation for generations to come,” said Chief Powder. “One of the sectors we decided to look at was the Alberta real estate sector. Our careful research led us to partner with Landrex. We are proud to be 50-50 owners in this development.”
“Fort McKay First Nation and Landrex are also aware of the housing affordability crisis taking place in cities across Canada,” said Chief Powder. “That is why we have decided to make 10 percent of the 180 units in this building affordable units.”
The sod turning was presented by Fort McKay First Nation Chief Raymond Powder, Councillors Melinda Stewart and Bobby Shott, and Landrex founder Larry Andrews. Among those present was Shelly Biermanski, deputy mayor of St. Albert, who praised the new housing units.
Also participating was Dale Nally, Member of the Legislative Assembly for St. Albert-Morinville and Minister of Service Alberta and Red Tape Reduction. In a brief speech Minister Nally praised the project and congratulated Landrex and Fort McKay First Nation on their collaboration, noting FMFN as a sophisticated investor in real estate.