The Edmonton Galleria is using a creative, not-for-profit, philanthropic approach to build and operate all facilities. A mortgage, secured by long-term commercial leases, will pay for the majority of construction costs. Once built, rental and parking income will provide the cash flow to service debt, operate and maintain the facilities, and fund the Edmonton Cultural Trust.
An independent financial analysis of the project and funding model indicates that the project is feasible, sustainable, and will generate significant economic impact. To date, the Edmonton Galleria has $50M in commitments from the private sector. The City of Edmonton has committed $58.3M. All developer fees and profit are being waived.
The Edmonton Galleria model is similar to the very successful Pittsburgh Cultural Trust. Find out what Edmonton Galleria staff discovered there.