archited
Senior Member
A couple of Snapz for context. I like the energy that Henok Kassaye is bringing to these building and land purchases in the mold of Beljan Developments.
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Union Bank Hotel
- Thread starter archited
- Start date
TAS
Senior Member
For sure! And I love reading comments like this:
“I’m obsessed with Edmonton and I think our historic inventory or our old buildings are something that should be kept, redone, and revitalized, but also there’s this new energy that Edmontonians have, that I want to be a part of,” said Kassaye, who attended MacEwan University and is the founder of Turnip Smart Home Security.
Gronk!
Senior Member
Home-security entrepreneur buys Union Bank Inn and three other notable buildings
The Union Bank Inn has been sold to a local entrepreneur who is hoping to revitalize and bring new energy to the historic building, which has been a fixture on Jasper Avenue since 1911.
edmonton.taproot.news
davcocom
New Member
It's for sale now
dailyhive.com
This ritzy downtown Edmonton hotel could be yours for $5M (PHOTOS) | Urbanized
The Union Bank Inn, one of downtown Edmonton's most iconic buildings, has been listed for sale for $5 million.
dailyhive.com
IanO
Senior Member
MNP Ltd., in its capacity as court appointed Receiver of 2399430 Alberta Ltd. and 2399449 Alberta Ltd., has engaged NAI Commercial Real Estate Inc. (“NAI”) to list and market four prominent properties in Edmonton, Alberta; The Union Bank Inn Property – 10053 Jasper Avenue NW; The Scona Garage – 8020 – 105 Street NW; The Harvest Building – 10315 – 109 Street NW; and, 10507 Saskatchewan Drive NW. Additional details can also be found at our website link below.
mnpdebt.ca
2399430 AB Ltd and 2399449 AB Ltd
MacLac
Senior Member
So what have we learned here? Never trust a "security entrepreneur" with re-envisioning" derelict properties ever again?
northlands
Senior Member
Home-security entrepreneur buys Union Bank Inn and three other notable buildings
The Union Bank Inn has been sold to a local entrepreneur who is hoping to revitalize and bring new energy to the historic building, which has been a fixture on Jasper Avenue since 1911.
It's for sale now
This ritzy downtown Edmonton hotel could be yours for $5M (PHOTOS) | Urbanized
The Union Bank Inn, one of downtown Edmonton's most iconic buildings, has been listed for sale for $5 million.
Hilarious that these articles are almost exactly one year apart
Guy 1
Active Member
Talk is cheap.
Revitalizing a heritage building with limited experience and unfavourable financing is not.
Revitalizing a heritage building with limited experience and unfavourable financing is not.
David A
Senior Member
Revitalizing may be a good idea, but going in with limited experience, big ideas and shaky money behind it is not.
On a more positive note, perhaps it provides an opportunity for someone in a more solid position to pick up some beautiful and unique properties.
On a more positive note, perhaps it provides an opportunity for someone in a more solid position to pick up some beautiful and unique properties.
Avenuer
Senior Member
Purchase timing was bad, right at the beginning of the interest rate hikes...
cmd uw
Active Member
Truth is that it wasn't this building that took him out...it was that he also took on purchasing 3 other buildings. Acquiring roughly $18M in real estate at the same time is a tall task. And if you don't have equity partners behind it, well, things can get ugly real quick. It'll be interesting to see who picks up these buildings though.
Greenspace
Senior Member
MEDIA RELEASE
Union Bank Holdings Ltd. successfully closes on a transaction to acquire the Union Bank Building
Plans for the building are to secure a main floor restaurant tenant; re-open the Union Bank Inn boutique hotel; and establish the corporate headquarters for Grow Lending Group Inc. and Union Financial Corporation
May 31, 2023 (Edmonton, Alberta) - On May 31, Union Bank Holdings Ltd. completed its purchase of the Union Bank Building, the iconic pre-World War One building located at 10053 Jasper Avenue. Plans for the building include renovating the top two floors in the historic north half of the structure to accommodate 6,500 square feet of office space. The office portion will become corporate headquarters for Grow Lending Group Inc., a lender brokerage business, and the soon-to-be-launched Union Financial Corporation, which will be an Exempt Market Dealer, portfolio manager, and asset fund manager that will complement the work being done by Grow Lending Group and for other investors. Union Bank Holdings, Grow Lending Group and Union Financial Corp. are all led by David Hawreluk, an Edmonton-based businessman and partner with DLA Piper.
Hawreluk’s group will also secure a restaurant tenant to operate in the main floor retail space where Madison’s Grill was previously, and fully renovate and update the 26 remaining boutique hotel rooms in the south portion of the building to be once again operated as the Union Bank Inn.
“We are turning the historic Union Bank Building back into a financial institution, and the finishings in the new space will be consistent with that. To ensure we respect and preserve the charm and memories of the only boutique hotel in downtown Edmonton, we are going to embark on a substantial upgrade of the remaining 26 hotel rooms under the guidance of Frank Architecture,” said David Hawreluk.
“This building is such an important piece of Edmonton’s history and in particular the history of our financial sector,” he said. “It was built in 1911 and occupied by the Union Bank until 1927. In 1928, it was purchased by James Richardson and Company for their grain trading and stock brokering business. From 1970 to 1982, the building was the headquarters of the North West Trust Company, and now will begin its next chapter as the corporate headquarters for our financial businesses. We are honoured and excited for the opportunity to be stewards of this incredible space for its next chapter, and look forward to welcoming clients from Edmonton and around the world once we complete renovations.”
Necessary work to build out the office space, reimagine the hotel space, and prepare the restaurant space for leasing will begin as soon as possible, and is expected to take about one year. Hawreluk’s group of companies will maintain ownership of the operations of the Union Bank Inn boutique hotel business, an interesting tie-in to its core business of financial services. “Not only will we be welcoming guests to the hotel locally and globally, but we are equally excited to provide our investment clients with hotel accommodations right in our building to ensure a fantastic business and hospitality experience. The hotel is one of the reasons that we think the establishment of our headquarters here works so well. It just lines up perfectly,” he said.
Quotes from other stakeholders:
“The revitalization of Edmonton's downtown has been a top priority for City Council, and we've made significant investments in safety, cleanliness, and place-making. But we can't do this work alone - it truly takes the whole community. This is why I am so delighted to hear about this latest investment in the heart of our city. On behalf of Edmonton City Council, I warmly welcome Grow Lending and Union Financial Corp. to their new headquarters in the Union Bank Building and can’t wait to see the finished space.”
-Anne Stevenson, Edmonton City Councillor, Ward O-day’min (downtown)
“The Union Bank Building is a crucial piece of our downtown landscape due to its location, history and beautiful design. Many Edmontonians fondly remember meals at Madison’s Grill, and visitors from Prince Harry and Kevin Costner to regular business travelers have stayed at the gorgeous boutique Union Bank Inn over the years. The downtown community is thrilled to welcome Grow Lending and Union Financial Corp., and we look forward to seeing the next chapter of this stunning building unfold.”
-Puneeta McBryan, Executive Director, Edmonton Downtown Business Association
“Efforts to revitalize our downtown can only be a success if government and the private sector both make investments. David Hawreluk’s move to step up and buy the Union Bank Building with plans to reintroduce a restaurant, refresh and reopen the hotel and bring needed activity and vitality to that beautiful historic building are precisely the sort of thing that we need in order to see downtown recovery. We are extremely excited to welcome the Grow Lending and Union Financial teams downtown, and as always hope to see more investment, more people and more businesses in downtown Edmonton.”
-Alex Hryciw, Chair, Downtown Recovery Coalition
For more information or to arrange an interview with David Hawreluk, please contact:
Evhan Hinz, Berlin Communications
ehinz@BRLN.ca
780-935-4022
Union Bank Holdings Ltd. successfully closes on a transaction to acquire the Union Bank Building
Plans for the building are to secure a main floor restaurant tenant; re-open the Union Bank Inn boutique hotel; and establish the corporate headquarters for Grow Lending Group Inc. and Union Financial Corporation
May 31, 2023 (Edmonton, Alberta) - On May 31, Union Bank Holdings Ltd. completed its purchase of the Union Bank Building, the iconic pre-World War One building located at 10053 Jasper Avenue. Plans for the building include renovating the top two floors in the historic north half of the structure to accommodate 6,500 square feet of office space. The office portion will become corporate headquarters for Grow Lending Group Inc., a lender brokerage business, and the soon-to-be-launched Union Financial Corporation, which will be an Exempt Market Dealer, portfolio manager, and asset fund manager that will complement the work being done by Grow Lending Group and for other investors. Union Bank Holdings, Grow Lending Group and Union Financial Corp. are all led by David Hawreluk, an Edmonton-based businessman and partner with DLA Piper.
Hawreluk’s group will also secure a restaurant tenant to operate in the main floor retail space where Madison’s Grill was previously, and fully renovate and update the 26 remaining boutique hotel rooms in the south portion of the building to be once again operated as the Union Bank Inn.
“We are turning the historic Union Bank Building back into a financial institution, and the finishings in the new space will be consistent with that. To ensure we respect and preserve the charm and memories of the only boutique hotel in downtown Edmonton, we are going to embark on a substantial upgrade of the remaining 26 hotel rooms under the guidance of Frank Architecture,” said David Hawreluk.
“This building is such an important piece of Edmonton’s history and in particular the history of our financial sector,” he said. “It was built in 1911 and occupied by the Union Bank until 1927. In 1928, it was purchased by James Richardson and Company for their grain trading and stock brokering business. From 1970 to 1982, the building was the headquarters of the North West Trust Company, and now will begin its next chapter as the corporate headquarters for our financial businesses. We are honoured and excited for the opportunity to be stewards of this incredible space for its next chapter, and look forward to welcoming clients from Edmonton and around the world once we complete renovations.”
Necessary work to build out the office space, reimagine the hotel space, and prepare the restaurant space for leasing will begin as soon as possible, and is expected to take about one year. Hawreluk’s group of companies will maintain ownership of the operations of the Union Bank Inn boutique hotel business, an interesting tie-in to its core business of financial services. “Not only will we be welcoming guests to the hotel locally and globally, but we are equally excited to provide our investment clients with hotel accommodations right in our building to ensure a fantastic business and hospitality experience. The hotel is one of the reasons that we think the establishment of our headquarters here works so well. It just lines up perfectly,” he said.
Quotes from other stakeholders:
“The revitalization of Edmonton's downtown has been a top priority for City Council, and we've made significant investments in safety, cleanliness, and place-making. But we can't do this work alone - it truly takes the whole community. This is why I am so delighted to hear about this latest investment in the heart of our city. On behalf of Edmonton City Council, I warmly welcome Grow Lending and Union Financial Corp. to their new headquarters in the Union Bank Building and can’t wait to see the finished space.”
-Anne Stevenson, Edmonton City Councillor, Ward O-day’min (downtown)
“The Union Bank Building is a crucial piece of our downtown landscape due to its location, history and beautiful design. Many Edmontonians fondly remember meals at Madison’s Grill, and visitors from Prince Harry and Kevin Costner to regular business travelers have stayed at the gorgeous boutique Union Bank Inn over the years. The downtown community is thrilled to welcome Grow Lending and Union Financial Corp., and we look forward to seeing the next chapter of this stunning building unfold.”
-Puneeta McBryan, Executive Director, Edmonton Downtown Business Association
“Efforts to revitalize our downtown can only be a success if government and the private sector both make investments. David Hawreluk’s move to step up and buy the Union Bank Building with plans to reintroduce a restaurant, refresh and reopen the hotel and bring needed activity and vitality to that beautiful historic building are precisely the sort of thing that we need in order to see downtown recovery. We are extremely excited to welcome the Grow Lending and Union Financial teams downtown, and as always hope to see more investment, more people and more businesses in downtown Edmonton.”
-Alex Hryciw, Chair, Downtown Recovery Coalition
For more information or to arrange an interview with David Hawreluk, please contact:
Evhan Hinz, Berlin Communications
ehinz@BRLN.ca
780-935-4022
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David A
Senior Member
Great to see another business moving downtown. The last few years were not kind to hotels, but I still think there is need for something more and unique downtown.
There are some older office buildings nearby that may be repurposed in the next few years, so perhaps one of these will become a boutique hotel.
There are some older office buildings nearby that may be repurposed in the next few years, so perhaps one of these will become a boutique hotel.
_urbanite
Senior Member
^^ fantastic news. This is probably the best outcome aside from the entire building staying a hotel
IanO
Senior Member
| Reference ID: | Job No 478401714-002 |
| Description: | To Change the Use of a portion of a Hotel to Professional, Financial and Office Support Services (2nd and 3rd Floor of Historic portion of the Building) |
| Location: | 10053 - JASPER AVENUE NW Plan F Lot 6 |
| Applicant: | UNION BANK HOLDINGS LTD. |
| Status: | Intake - Payment Required |
| Create Date: | 2023-07-17T08:17:53Z |
| Neighbourhood: | DOWNTOWN |