This property has been privately shopped on the market by the seller for some time and has not sold. It is definitely for sale and not a test the market listing. The seller is looking for liquidity."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.
Informationally, a few of the detriments to being privately shopped have been:
1. Recently, institutional capital from outside Edmonton has not had a positive view on downtown for obvious reasons. Institutions are preferring to invest elsewhere with less risk and better returns
2. Downtown office vacancy, commercial and retail vacancy, and general vagrancy
3. The big players in Edmonton that could take on this land/project are tied up (Maclab has a lot of capital tied up in Garneau and the Parks; Pangman is tied up on a couple of large projects like Edmonton Motors not moving forward; AIMCo has refocused their real estate portfolio with less concentration in AB and already owns across the street) and one of the big players, Regency, is selling the property.
So I wouldn't go as far as saying this will go quickly. You may be surprised how slow it goes, especially given it has been privately for sale for some time.
Edit: What this site needs is a buyer from out of town who doesnt know the Edmonton market, doesnt know that CC is vacant and downtown is struggling and looks at this site as "wow a vacant site in the central business district of a major Canadian city!", or, a company not from Edmonton looking to expand into Alberta and build an owner/user office tower.