[Avenuer]

Sounds like there will be some significant news about this property coming forward ASAP.

Westrich involved?

 

[MacLac]

Doesn’t matter who buys and sells the property. What do you think? Retailers will magically appear? Let’s hope they have plans to demolish and build apartments.

 

[bodsbods9090]

Westrich involved?

That would be a MASSIVE undertaking for Westrich

 

[Offworld]

I hope so. Overall, LaSalle has been incompetent when it comes to managing a downtown mall in a major Canadian city.

It's likely a combination of manager, owner's financial resources and one of the least stable downtown office, hotel, retail and multi-res markets in Canada.

 

[David A]

Look around at all the vacant store fronts downtown. So no, it is not the mall owner. It is us as a city who do not value our downtown or make enough effort to improve it.

We should be embarrassed, because it is embarrassing.

 

[Greenspace]

Edmonton City Centre is in receivership:

https://www.pwc.com/ca/en/car/ecc/assets/ecc-001_080725.pdf

 

[Gus Haynes]

That would certainly qualify as "significant news", although perhaps not the development we hoped to hear...

 

[Toddbrummet]

That would certainly qualify as "significant news", although perhaps not the development we hoped to hear...

Another sad day for #dtyeg

 

[itom987]

This might be a good opportunity for a developer to purchase the building and renovate to fit in better with the area. It would be nice to see some mall to residential conversions take place.

 

[The_Cat]

It’s sad to see 50 years of history end like this.

 

[Greenspace]

Receivership does not mean anything's going to change. It just means change of ownership at this point. Could be split up or they could refinance, remains to be seen.

 

[Offworld]

Somebody's in default, and the lender has had enough, hence the receivership appointment. And when something's in receivership, zero dollars get spent on the complex and unpaid vendors are screwed.

This one's going to be a bloodbath. I'm assuming equity < 0, and the lender is going to come out of this quite bruised. Get the popcorn out.

 

[IanO]

Onwards and upwards.

 

[The_Cat]

It's sad to see all of the commercial developments struggle downtown, save for the Ice District. ATB Place has less than half of the original retail outlets. Rice Howard Place is almost finished, and getting retailers may be difficult. Commerce Place is busy, but there are still some vacant spaces. Manulife/National Bank has pedestrian traffic, but sparse tenants.

 

[Barnaby]

Downtown retail will be mostly driven by residential demand and hotel goers going forward.

The number one goal of downtown businesses shouldn't be "bringing people downtown" or making it a "destination", it needs to be housing starts in the CBD, especially near the offices which are currently a massive drag on vibrancy.