It is unfortunate but as you know, proposed projects go stale or get cancelled quite frequently. There are so many positive changes that has happened and will happen to our downtown in the coming years that this proposed project will just be an insignificant faded memory.
Toronto developer Brad Lamb cancels long-planned Edmonton condo project
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.
Luxury condo project Jasper House planned for downtown has been cancelled
METRO WEB UPLOAD
An artist's rendering of the planned luxury condo development Jasper House in downtown Edmonton.
Jasper House, a luxury condo tower planned for downtown, has been cancelled, with the developer citing low pre-sales caused by a slumping economy.
Jessie Meredith, marketing coordinator for Lamb Development Corporation, confirmed the news to Metro in an email Thursday.
“We are disappointed to announce that we will be cancelling the project,” she wrote.
“The unfortunate economic circumstances that unfolded in Alberta over the last three years negatively affected our sales projections. We were unable to meet the critical dates contained within the purchase and sale agreements.”
She wrote that holding buyers to signed contracts was “an act of poor faith” so they will be cancelling all condo pre-purchases, and returning the deposits.
“We are working diligently to process the refunds to all purchasers of Jasper House Condominiums On The Park as quickly as possible,” the email said.
Lamb Development planned to build the 36-storey project on 106 Street, north of Jasper. The company first proposed the project back in 2014, and it got rezoning approval a year later.
But construction was delayed and Brad Lamb told Metro back in early 2016 that he was waiting on approval from the City of Edmonton for the project's development plan.
Lamb Development Corp. was successful in getting the lot at 10160 106th Street rezoned for a 37-storey Jasper House Condos 2015, only to put the project on hold two years later.
Brad Lamb, CEO of Lamb Development Corp. said they sold about one hundred one-bedroom units but the more expensive condos weren't moving.
When oil prices plunged in late 2014, early 2015, people were reluctant to invest, forcing the company to give people back their down payments, he said.
"We haven't cancelled Jasper House the building, we just gave people their money back," he said. "The project is still there."
"Edmonton is still not a Canadian city that high-rise condos are easily achievable," he said.
Lamb isn't giving up hope the condo market will recover in Edmonton but figures it may take a few years and a rebound of oil prices and consumer confidence.