Jasper House | 121.91m | 36s | Lamb Dev Corp | a—A

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westcoastjos

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Ironic that Westrich now has that site on 106 Street and may be the one to kick start that street after all the hoopla and marketing with Lamb coming in. I still remember the launch party/gala he had at the Art Gallery. I imagine Westrich will just get better as they go along. Hopefully Westrich is applying learnings from each completed project to new projects. We've been here before with outside developers and I'm sure we will be here again one day.
 
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Daveography

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DavidEwasukCTV @DavidEwasukCTV
According to offices of Toronto developer Brad Lamb they will be cancelling Jasper House Project in Edmonton. #Yeg

DP5qFUFVoAAqeh4.jpg

11:34 AM - 30 Nov 2017
 

cpnfantstk

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@cpnfantstk Feelings about Lamb's hubris aside, this is very unfortunate.
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.
 

Daveography

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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.

http://edmontonjournal.com/business...b-cancels-long-planned-edmonton-condo-project

Luxury condo project Jasper House planned for downtown has been cancelled

story-317709-403646-image-rendered.jpg.size.xxlarge.letterbox.jpg

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.

http://www.metronews.ca/news/edmont...-planned-for-downtown-has-been-cancelled.html

Developer scraps plans for downtown Edmonton’s Jasper House condo tower
 

OverheardatYEG

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Well it's interesting that he will propose something new in the coming year? I wonder which direction he will take... Smaller for a quick sell or bigger to capture the attention of the city and to make a presence? Location seems good for either, having the new downtown park on the doorstep of this lot is really just a bonus for Brad Lamb.
 

OverheardatYEG

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Also question for anyone:
"While Coun. Scott McKeen, who represents the area, is disappointed the condos aren’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."

Do we know who this developper is? Is it on 106th (??) or further south of Jasper on 104th (Langham Dev.) or is it possibly on 108th street and Jasper (Some of John Day's Assets)? Do we know if there is another project on 106th?
 

archited

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Well one is the Westrich Pacific site mid block between Jasper and 102nd Ave. on the east side of 106th street
 

archited

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Back to you@OverheardatYEG -- I don't know of any others than those that you have mentioned.
 

Daveography

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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.

http://www.cbc.ca/news/canada/edmonton/edmonton-condos-1.4769268
 

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