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Wolverine is actually supposed to be short & stocky. This thing would also be 400' wide.

As the article states, this started as a joke mocking the Canadian city's plans to fund a massive new arena. As the article goes on to explain, however, that joke started to gain a lot of traction on the Internet (surprise, surprise) which caused LaBelle, the original joke creator, to think about actually doing it. Apparently, they have given up on the dimensions of the statue, but are still looking at something in the tens of feet range. 

Still, something like that could really draw in nerdy tourists and change how people think of Edmonton and Alberta (Edmonton's province). Currently, when people first arrive in Edmonton, the first thing they usually think is "man was not meant to live this far North." The second thing they usually think is "should I drive west to Vancouver, east to Toronto, or just try to catch a flight anywhere?" Finally, they think "hey, there's like, a whole city here" as they see it in their rear-view window. 

Sources: Redditor TrueNord | Edmonton Journal