T.O. developer sets sights on downtown
Toronto-based developer Lamb sets sights on Edmonton’s downtown with condo development
Toronto-based developer Brad Lamb, known as The Big Smoke’s “condo king,” doesn’t mince words when discussing the evolution of Edmonton’s downtown core.
“The (Rogers Place) arena district is the single best thing that’s happened to Edmonton’s downtown in the last 30 years and the fact the Oilers are a kick-ass team and have the best player in the world is great news for us and for Edmonton,” said Lamb, the president and CEO of Lamb Development Corp. “After a long wait, people can feel really great about their city. Those 20,000 people who pour out of the arena after a game fill the bars and restaurants and really inject life into the downtown area.”
Lamb plans to inject some luxury into downtown Edmonton with a new 37-storey, 240-unit development called Jasper House Condominiums On The Park. Located just north of Jasper Avenue on 106 Street, Jasper House will offer condo suites ranging from modern 520-square-foot one-bedroom units starting under $290,000 to expansive three-bedroom penthouses that approach 2,500 square feet.
Jasper House will feature loftstyle exposed ceilings and spaquality bathroom furnishings, packaged in a modern architectural building. People can learn more about the development and score some big savings at a one-day sales event Saturday from noon to 5 p.m. at the sales pavilion on 106 Street.
“Visitors can expect to see a substantial price bonus on Saturday — anywhere from $20,000 to $80,000 depending on the size of the unit,” said Lamb, who noted Jasper House has benefited from recent approval of a new city park that will replace open-surface parking lots on 106 Street and surround the development on two sides. “I think the park surrounding Jasper House is going to make it a really beautiful space for people to enjoy and it’s going to revitalize the whole area.”
Construction on Jasper House — currently more than 50 per cent sold — was originally scheduled to begin in late 2015, but delays caused by Alberta’s sluggish economy and municipal rezoning have frustrated both suite owners and the developer alike.
“Every day that we’re not in the ground costs us money,” said Lamb, who anticipates Jasper House will have shovels in the ground by end of the year with completion estimated for 2020. “It’s a very, very risky, complex, frustrating process for a developer and it doesn’t matter what market we’re in, projects always get delayed. We tell consumers what we think we can do, but every developer faces delays,”
Aside from construction delays, economic uncertainty has also made things difficult for Alberta condo developers in recent years. However, positive market indicators and an uptick in oil prices have fuelled optimism for 2017 and beyond.
“I think everybody has taken it on the chin in Alberta. The good news is that we’re still standing, the Boston Pizza on the corner is still standing and the sun is coming out right now. The worst times are behind us and I think everyone can feel good about the future,” said Lamb.