Liricon Capital’s Railway Lands plan has one of the longer approval histories in Bow Valley real estate. Engagement began back in 2019. A draft plan followed in 2023. Council passed the Area Redevelopment Plan in 2024. On paper, that reads like a green light for a transit hub, retail plaza, restaurants, housing, and a proposed gondola to Mount Norquay on 17.5 hectares at Banff’s west entrance.

Approved Doesn’t Mean Built

An Area Redevelopment Plan is a planning document, not a construction permit. Every major piece still needs its own separate approval. Several of the highest-profile components face obstacles well beyond Banff Town Council’s authority. The proposed gondola to Mount Norquay is the best proxy for how fast the rest of the project moves. Parks Canada has pushed back on the concept repeatedly, and that piece sits outside municipal control entirely. As long as the gondola stays contested, expect the retail and housing components to advance slowly and in pieces.

A Second Project Tied to the Same Fate

A parallel storyline runs alongside this one. The Calgary Airport–Banff Rail proposal depends on Alberta’s long-delayed Passenger Rail Master Plan. Two major pieces of the same vision, the gondola and the rail link, both depend on approvals outside Liricon’s control. That’s a strong sign this is a decade-scale project, not a multi-year one.

Track Milestones, Not Headlines

If you hope to lease space at the redeveloped Railway Lands someday, track individual permitting milestones instead of waiting for a grand opening. The transit hub and intercept parking pieces will likely move first, since they don’t need federal park policy changes to proceed. For investors, the better near-term opportunity may sit adjacent to the Railway Lands rather than inside them. Properties nearby stand to benefit from increased foot traffic once even partial phases complete, without carrying the flagship site’s decade-long uncertainty.