That's not a apples to apples comparison. For $3000 a month you are also getting an actual downtown lifestyle, unfortunately Edmonton can't really provide a similar experience, we can't even provide a similar experience to Calgary now.
While I agree with developing downtown, what we are doing now isn't working as well as we had all hoped it would. Perhaps we need to do something like New York did in the 1970s and offer significant tax breaks to outside developers and REITs. While also mandating street level commerical in all new buildings.
We also need to realize that we are winter city, people don't want to walk outside in -30. Another mandate should be the expansion of our pedway system to all new builds, similar to the system in Calgary.
I find the single biggest problem Edmonton has, is that we don't seem to take lessons learned from other cities and apply them here.