A dead zone in Edmonton’s downtown could soon see some action after Westrich Pacific acquired City Centre Mall in a court-approved receivership sale.
The Edmonton-based developer plans to turn the 1.4-million square-foot area that covers two full city blocks into a mixed-use redevelopment that will feature residential units, retail opportunities, and even a rooftop Nordic spa.
The first phase of the redevelopment is expected to include about 1,500 new residential units on the property that formerly housed the Hudson’s Bay Company.
Early plans also include a completely redesigned exterior, new street-fronting retail spaces, and the aforementioned Nordic spa.
Edmonton City Centre Inc. went into receivership last summer with PricewaterhouseCoopers Inc. taking over its assets as businesses struggled to recover from the COVID-19 pandemic.
Westrich Pacific said the Alberta Court of King’s Bench approved the sale on Aug. 7 with the transaction expected to close before the end of the year.
“Westrich has a proven track record of getting projects built and bringing more people into the heart of the city,” said Mayor Andrew Knack in a statement.
“This investment is a strong signal that the transformation underway in downtown Edmonton is real.”
Construction is expected to begin early next year, subject to required approvals.
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