Edmonton’s Downton mall is set to get a massive facelift.<\/p>\n
Edmonton City Centre, which was ordered into receivership last year, has been acquired by Edmonton-based developer Westridge Pacific Corp., after the approval of the purchase by the Alberta Court of King’s Bench.<\/p>\n
Under new ownership \u2014 the sale is expected to close before year’s end \u2014 the mall could see about 1,500 new residential units on the site of the former Hudson’s Bay store, plus street-fronted retail, a rooftop Nordic spa, and other entertainment, Westridge announced Monday evening.<\/p>\n
“This is the most exciting project of our careers. Edmonton City Centre has incredible potential, and we believe its transformation can play a meaningful role in the continued revitalization of Downtown Edmonton,” Co-CEO David Sanche said in a statement.<\/p>\n
“It is humbling to have the opportunity to work on a project of this scale and impact. We look forward to working alongside City Council and other key partners to make this project come to fruition.”<\/p>\n
Sanche’s Co-CEO Richie Lam said he hasn’t “been this excited about a project in a long time.<\/p>\n
“It’s the first thing I think about when I wake up and the last before bed; we are thrilled to be bringing this asset back to life.”<\/p>\n
Future phases of redevelopment, the company said, will likely include a new mall exterior, and other entertainment and wellness experiences.<\/p>\n
Once the project receives approvals, construction could start early next year.<\/p>\n
Edmonton Mayor Andrew Knack said this is a positive step in inner-city development.<\/p>\n
Westrich has a proven track record of getting projects built and bringing more people into the heart of the city,” Knack said, in a statment.<\/p>\n
“This investment is a strong signal that the transformation underway in downtown Edmonton is real. When investors see momentum, they follow.”<\/p>\n
The 1.4 million sq.-ft. site includes the east and west halves of the mall, Centre Point Place, TD Tower, 102A Tower, as well as parking.<\/p>\n
The property was ordered into receivership last year for failing to repay loans in excess of $139 million.<\/p>\n
Related<\/p>\n
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