Tower 101 | 175m | 50s | Regency Developments | DER + Associates

[David A]

There have been two attempts...

I don't know all the details of them, but I think one involved tearing down an existing building in a historic area. So maybe part of the problem is in the nature of the attempts.

I think there would be less opposition to building on a now empty lot in an area better suited for good size hotel. Just a thought.

 

[IanO]

That one failed due to miscalculation, a pathetic response from the market and misguided-expectations.

 

[Edmonchuk]

Can anyone explain why have they torn down perfectly fine looking BMO building? Obviously they didn’t have intentions to build. It would actually look really good with finished LRT.

It‘s actually ridiculous how we got another empty lot instead of a solid looking building haha like out of nowhere. What can I say, great addition to other dirt parking lots.

 

[David A]

I suppose it was part of the ongoing disinvestment by the major banks in our downtown. Several don't even have office towers downtown anymore. What was sold as being the regional office for BMO in Alberta, when it was built, eventually turned into a shell of branch, which then moved to the newer building next door. The major banks only seem to want to have staff in the bigger cities like Toronto - elsewhere in Canada they are shrinking.

In a normal city with a healthy downtown this prime location could have been repurposed as attractive retail space, but I guess that was too much for anyone to imagine for our downtown even before COVID and the more recent concerns about scary homeless people.

 

[Gronk!]

It was BMO who wanted the historic Tegler building demolished in the first place. Another good reason why I refuse to do any banking at BMO.

 

[Gronk!]

https://twitter.com/x/status/1634996855439507459

 

[IanO]

FOR SALE
---

Samuel DeanSamuel Dean(He/Him) • 1st(He/Him) • 1stSenior Vice President, JLL Capital Markets, AlbertaSenior Vice President, JLL Capital Markets, Alberta
11m • 11 minutes ago

Be a part of defining the Edmonton skyline.

Jones Lang LaSalle Real Estate Services, Inc. (“JLL” and/or the “Advisor”) is pleased to offer a 100% freehold interest in approximately 31,012 square feet (SF) of development land located at the southeast corner of 101 Street and 102 Avenue in downtown Edmonton, Alberta, also known as 101 Street Lands (referred to herein as the “Site”).

101 Street Lands occupies a prominent position in downtown Edmonton's central business district, offering premier access to essential services, retail amenities, public transportation, world-renowned arts and culture institutions, and spectacular nature trails along the Edmonton River Valley.

101 Street Lands is a rare opportunity to acquire a shovel-ready development parcel with previously approved plans for a 50-storey, high rise, mixed-use building. Alternatively, the Site provides an investor with the ability to present a different high-density development in the core of the city.

For more information, please reach out to a member of our team. #multifamily #development #mixeduse

 

[occidentalcapital]

Could be picked up by a developer that wants to act. Not a bad thing.

 

[ChazYEG]

FOR SALE
---

Samuel DeanSamuel Dean(He/Him) • 1st(He/Him) • 1stSenior Vice President, JLL Capital Markets, AlbertaSenior Vice President, JLL Capital Markets, Alberta
11m • 11 minutes ago

Be a part of defining the Edmonton skyline.

Jones Lang LaSalle Real Estate Services, Inc. (“JLL” and/or the “Advisor”) is pleased to offer a 100% freehold interest in approximately 31,012 square feet (SF) of development land located at the southeast corner of 101 Street and 102 Avenue in downtown Edmonton, Alberta, also known as 101 Street Lands (referred to herein as the “Site”).

101 Street Lands occupies a prominent position in downtown Edmonton's central business district, offering premier access to essential services, retail amenities, public transportation, world-renowned arts and culture institutions, and spectacular nature trails along the Edmonton River Valley.

101 Street Lands is a rare opportunity to acquire a shovel-ready development parcel with previously approved plans for a 50-storey, high rise, mixed-use building. Alternatively, the Site provides an investor with the ability to present a different high-density development in the core of the city.

For more information, please reach out to a member of our team. #multifamily #development #mixeduse

At least they're finally selling. Hopefully we'll get something there sooner than with Regency

 

[CaptainBL]

FOR SALE
---

Samuel DeanSamuel Dean(He/Him) • 1st(He/Him) • 1stSenior Vice President, JLL Capital Markets, AlbertaSenior Vice President, JLL Capital Markets, Alberta
11m • 11 minutes ago

Be a part of defining the Edmonton skyline.

Jones Lang LaSalle Real Estate Services, Inc. (“JLL” and/or the “Advisor”) is pleased to offer a 100% freehold interest in approximately 31,012 square feet (SF) of development land located at the southeast corner of 101 Street and 102 Avenue in downtown Edmonton, Alberta, also known as 101 Street Lands (referred to herein as the “Site”).

101 Street Lands occupies a prominent position in downtown Edmonton's central business district, offering premier access to essential services, retail amenities, public transportation, world-renowned arts and culture institutions, and spectacular nature trails along the Edmonton River Valley.

101 Street Lands is a rare opportunity to acquire a shovel-ready development parcel with previously approved plans for a 50-storey, high rise, mixed-use building. Alternatively, the Site provides an investor with the ability to present a different high-density development in the core of the city.

For more information, please reach out to a member of our team. #multifamily #development #mixeduse

I am mixed on this. While I am glad it is out of Regency's grasp and demonstrates that they either were in way over their heads or had no intention of doing anything to begin with, it is disappointing how BMO was torn down only to sit in the poor vacant condition it was for years to be flipped. The big risk here is another speculator picks it up and/or this continues to sit vacant.

Hopefully this means their Emerald site is next to hit the market.

 

[IanO]

Regency had intentions with this site, had a window (was encouraged to do so) for demolition and then faced a subpar market environment to proceed.

A bit of a perfect storm to be honest.

 

[Gronk!]

I'm hoping a reputable developer will buy this lot and build a cool mixed-use high-rise tower.
Keep the other incompetent developers far away from this lot.

 

[The_Cat]

I hope the development will take the Tegler building into account. Perhaps something like a replica of the tower on the west side, with a residential tower on the east side.

 

[archited]

"Listed for Sale" does not mean a transaction is guaranteed. Sometimes a developer lists a site just to be able to prove inherent value in the land. If they are truly interested in divesting the project it should sell very quickly -- cleaning up the books so to speak; conversely, if it drags then something else is going on.

 

[David A]

I hope the development will take the Tegler building into account. Perhaps something like a replica of the tower on the west side, with a residential tower on the east side.

I hope so too. We have to try fix some of the past mistakes if we really want a better downtown.