Luxury condo project Jasper House planned for downtown has been cancelled
Developer says they will be refunding all buyers who made a deposit
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Jasper House, a luxury condo tower planned for downtown, has been cancelled, with the developer citing low pre-sales caused by a slumping economy.
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.”
The email stated 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 corp. said they haven't given up entirely. Now that the site is rezoned and has a development plan in place, they're looking at building a different building sometime in the future.
“We fully intend to complete a hi-rise residential property at this location and look forward to being a part of the Edmonton community.”
Ian O’Donnell, executive director of the Edmonton Downtown Business Association, said it was "unfortunate" that the project had been axed.
“It’s a beautiful looking tower,” he said, “but you know not every project can move forward.”
He said currently Edmonton is in a “challenging market place” due to which some projects could not move forward.
“They came out of the gate very strong but weren’t able to continue the momentum,” he said, although he added that didn’t hold true for the other downtown projects.
“Thankfully, we have a lot of momentum and we are seeing other projects move forward,” he said.