Toronto Developer Delays Alberta Condos Amid Oil Crunch
Lamb Development Corp. is delaying construction of two condominium projects in Alberta as the slump in the price of oil guts jobs and housing demand. The 36-story Jasper House and 45-story North will be delayed at least a year.
Developer says luxury condos delayed by Edmonton approval
A luxury condo project in Edmonton has been delayed almost a year-and-a-half — but it’s not because of economic woes, says the developer behind it.
“We did not choose to delay it, but it’s been delayed … the reason is, we underestimated the amount of time it would take to get development plan approval for the City of Edmonton,” said Brad Lamb, dubbed Toronto’s 'condo king.'
“It has nothing to do with Alberta’s economic circumstances. We are not unhappy or dissatisfied with any element of being in Edmonton,” he said.
Lamb’s comments come after recent reports that Lamb Development Corp. had intentionally delayed construction of Jasper House and another Edmonton condo project, North, because of declining condo sales in the troubled province.
So got a hold of a sales rep. He said construction should start Jan or Feb 2017. He says they're waiting on dev permit and final engineering drawings and this date is not dependent on sales. So that seems encouraging!
Brad Lamb, the founder of Lamb Development, said the city's slowing economy has been one factor in the delay.
But a larger issue has been the need for the land to be rezoned by the city. The rezoning permitting a highrise development has recently been approved, he said.
"Admittedly the pace of getting the building approved was slower, and I don't believe it any fault of ours," Lamb said. "The city might say it's our fault, but nonetheless it's completed."
Lamb now expects to break ground in the summer of 2017, and for construction to take 30 months, meaning the building would be complete by 2020.
Toronto developer moving ahead with downtown Edmonton luxury high rise
Toronto developer Brad Lamb says Alberta’s economy is on the mend and he’s moving ahead this year with two downtown Edmonton residential towers.
Construction will start this summer or fall on Jasper House, a 37-storey luxury building slated for what has been parking lots along 106 Street north of Jasper Avenue, the president and owner of Lamb Development Corp. says.
“The environment in Alberta has not been kind to real estate developers of any kind in the last two years, but it’s changing,” he says.
“It’s not clear sailing in Alberta, but it’s way better than it was.”
It was originally hoped that construction of Jasper House, which is located at 106 Street Northwest and Jasper Avenue, would start in late 2015. Mr. Lamb says the development is currently 50-per-cent sold.
“Jasper House was the canary in the coal mine. It was the first project in the Warehouse District that was moving for that kind of height. The site was zoned for eight storeys and I want 40. That means the city’s plan has to be re-evaluated and that can take years,” Mr. Lamb says.
“The reality is that the rezoning and development-plan process still isn’t complete, so even if the economy in Alberta didn’t have a hiccup we still wouldn’t be building Jasper House today,” he adds.
Jasper House, Lamb Development Corp.'s planned 38-storey luxury condo development in downtown Edmonton.LAMB DEVELOPMENT CORP.
Mr. Lamb hopes the approval of Jasper House will be “imminent,” which would mean the build could commence this year.
“It’s next in line to break ground but eight months from now is the earliest that will happen. Which means we’d be looking at completion in 2020,” he says.
Edmonton's Jasper House permit approval contingent on public art
The final roadblock for a luxury downtown condominium's development permit is public art.
The Jasper House condo project has the potential to revitalize the city’s warehouse district, according to its Toronto developer, Brad Lamb, but the 36-storey project has been stuck in the city’s rezoning and permitting process since 2014.
City planner Andrew McLellan said Tuesday the finish line is in sight.
“I don’t think it’s useful to get into a debate about whose fault it is, or anything. But there have been some hurdles that have had to been overcome along the way and we are getting into the final stages of that process,” McLellan said.
Before the city will grant Lamb Development Corp. that long-awaited permit, it wants more information on the required public art contribution, of up to $150,000, at Jasper House.