Developer cancels long-planned condo project in downtown
Firm says it will unveil news plans for the site in 2018
Toronto developer Brad Lamb has cancelled plans to build a major downtown Edmonton condo project.
The 37-storey Jasper House Condominiums On The Park (on 106 Street north of Jasper Avenue) was supposed to start construction by fall, but a statement from the Lamb Development Corp. said it couldn’t meet critical dates in the purchase and sale agreements.
“The unfortunate economic circumstances that unfolded in Alberta over the last three years negatively affected our sales projections,” the company said in an email.
“(We) felt that holding buyers to contracts signed in excess of three years ago was an act of poor faith.”
It appears some type of development could still occur at the site. The company says it intends to announce new plans for the building in the new year.
“We fully intend to complete a high-rise residential property at this location and look forward to being a part of the Edmonton community.”
Work on the 240-unit tower was originally scheduled to start in 2015, but when the Alberta recession hit, the project was put on hold.
In January, Lamb said the provincial economy was on the mend and he was starting work this year on Jasper House, slated for property beside a future city park, as well as planning a 40-storey North Tower next door he hoped to start marketing in 2018.
The status of the North Tower hasn’t changed. Lamb, who said in April that Jasper House was more than 50 per cent sold, couldn’t be reached for comment.
While Coun. Scott McKeen, who represents the area, is disappointed the condo development isn’t going ahead, he said that’s not an indication something is wrong with Edmonton’s real estate industry.
He said he knows another developer he wouldn’t name who has acquired land for two towers in the area.
“That particular site is choice, because you will be on the beachfront, if you will, for a major district park in our downtown core.”