Six prime riverfront properties in southwest Calgary's Roxboro neighbourhood are hitting the market more than a decade after the Alberta government purchased them following the devastating June 2013 floods.
The lots, some carrying price tags of $3 million, have sat vacant since the province acquired them through a flood buyout program designed to relocate homeowners from high-risk areas. The original homes were demolished in 2015.
According to Dennis Plintz, an associate broker with Plintz Real Estate who is listing the properties, recent upstream flood mitigation efforts have significantly improved the risk profile for communities along the Elbow River.
"With the Springbank Off-Stream Reservoir in place, confidence has been restored," Plintz said. "And for residents of the community, it's been a long anticipated and exciting journey, with a lot of nervousness around it."
The properties are no longer considered part of the floodway and are ready for development, marking a significant shift from their post-flood status.
The 2013 floods devastated southern Alberta, causing billions in damage and forcing thousands of residents from their homes. In Calgary alone, more than 100,000 people were evacuated as the Bow and Elbow rivers overflowed their banks.
The provincial buyout program was established to help homeowners in flood-prone areas relocate while allowing the government to convert high-risk residential land for other purposes, including flood management infrastructure.
For Roxboro residents, the return of these lots to the market represents a milestone in the community's recovery from one of Alberta's most costly natural disasters.
This article is based on reporting by Chad Twair from the Calgary Herald.
