Chiniki First Nation invests in redevelopment of Symons Valley Ranch

A recent $10 million investment in Symons Valley Ranch gives the Chiniki First Nation majority ownership of the 12.4-hectare historic site northwest of Calgary.

Chiniki First Nation said in a press release that it currently owns a 51 per cent interest in the historic site, which has been approved by the City of Calgary for high-density mixed-use development, including the development of more than 1,500 residential, retail and commercial properties. .

“Chiniki is very interested in pursuing economic development opportunities for the betterment of its nation members,” said Chiniki First Nation CEO Ryan Robb, who recently took over the role from retired CEO Brian Evans.

“When you have more economic development opportunities and you're making money through business prospects, it helps you put the revenue back into addressing social needs or determinants in the community.”

By investing in business ventures and leveraging economic opportunities, such as the recent partnership agreement with Goodstony First Nation and ATCO for the Deerfoot and Barlow solar projects announced in September 2023, the Nation aims to build a sustainable foundation to support a variety of social initiatives. and improving the quality of life of its members.

The $10 million investment came from the capital trust account of Chiniki First Nation under the Ottawa Trust.

The 2023 financial statements had $39.21 million in accounts as of March 31, 2023, $12.8 million in receipts for 2022-23, and $3.71 million in revenue. The financial statements for 2024 are not publicly available.

The redevelopment of the site, which has no public timeline at this stage, is expected to add housing to help address Calgary's housing shortage.

It is expected to benefit the Chiniki First Nation by “creating sustainable revenue streams” and creating jobs during construction and long-term operation after construction, according to a press release.

“It is also an opportunity to demonstrate the potential of successful partnerships between local groups and municipal bodies to achieve mutually beneficial results,” the press release said.

However, some community members expressed concern about the investment and said Chiniki First Nation leadership would need to be consulted in order to receive funds from the National Capital Trust Account.

“Members of any Nation – Chiniki, Goodstoni or Birspaw – seem to be informed only after the events through the news release,” said Kenny Hunter of the Goodstoni First Nation – one of the three nations that make up Iarche. (Stone) Nakoda First Nation.

“We need to start holding community meetings to ask affected nation members about ideas like this project.”

The Symons Valley Ranch site is located in the City of Calgary's Glacier Ridge Spatial Framework Plan adopted in 2015. The redevelopment of the site is for 840 residential units, with potential for a further 680 units in mixed-use buildings.

Proposed land uses also include a new farmers market building for the permanently closed Symons Valley Market, a mixed-use street corridor, commercial district and scenic public spaces and trails.

JLL Capital Markets has been retained by order of the Alberta Crown Court as the listing agent for the property, which has been reduced to $30 million from an original asking price of $33.5 million, according to the listing brochure.

Outlook has reached out to JLL for more information on other entities that have bought a stake in the property but have yet to hear back.

The history of Symons Valley Ranch dates back to 1968 as a hospitality facility hosting parties and corporate events.

In 1989, a fire destroyed three banquet buildings, but the property was repaired.

In 2017, another fire destroyed the farmer's market. The previous, most recent landowner was Capexco, a Calgary real estate developer who bought the site from Durum Properties.

“This investment and development project can serve as a model for similar collaborations across Canada, demonstrating the potential for local communities to play an important role in urban development projects,” Chiniki First Nation said in a press release.

“This reflects a growing recognition of the value of inclusive approaches to development that respect Indigenous peoples' rights and contributions to Canada's economic landscape.”