The Town of Cochrane will not proceed with a Town-led purchase of 359 First Street East following a comprehensive legal and financial review of the proposed transaction.
Following Administration’s recommendation, Council directed that the Town will not proceed with a Town-led purchase of 359 First Street East and discontinue further work under the current model.
The review found that the proposed transaction structure would require the Town to carry the full value of the land as a long-term financial liability, creating substantial financial risk and potential impacts to municipal borrowing capacity. This decision reflects a commitment to responsible financial stewardship while maintaining a focus on advancing housing solutions for the community.
“This is a responsible decision that protects the Town’s long-term financial position while keeping the door open to affordable housing on this site,” said Mayor Morgan Nagel. “Affordable housing remains a priority for Council, and we will continue to support solutions that are sustainable and responsive to community needs.”
While the Town will not move forward as the purchaser, the opportunity for an affordable housing development on the site remains. The landowner has indicated interest in pursuing a third-party development approach, which could provide a path forward without requiring the Town to assume significant long-term financial risk.
“This process has provided valuable insight into the potential of this site and the housing needs in our community,” said Matt Knox, Director of Social Development, Community Services. “Thank you to the residents and stakeholders who shared their feedback and helped inform this work. While the Town is not proceeding with a Town-led purchase, we remain hopeful that an affordable housing project could still move forward on this site through a third-party approach, and we will continue to support sustainable housing opportunities in Cochrane.”
Administration will present the “What We Heard” report from the recent Community Housing Needs Assessment to Council in May, followed by a full report in June that includes recommendations and next steps for Council’s consideration
The Town of Cochrane remains committed to supporting a range of housing options and working with partners on projects that are practical, sustainable, and responsive to community need
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