Stalled Edmonton Tower Site Hits Market For $4M After Five Years
An Edmonton apartment tower that never rose above an excavated hole in the ground is back on the market, with JLL seeking $4M for the stalled development site five years after construction began.
The 18K-SF property at 10211 121 St. NW, across from Paul Kane Park and the Oliver Exchange buildings, was supposed to become The Jameson, a 22-storey mixed-use tower with 185 apartments and ground-floor retail.
Construction began in 2021 but stalled after excavation, leaving a massive hole that became a local curiosity known as the “Jameson Pit.” Alberta’s Major Projects database lists the $34M development by Open Sky Developments as cancelled in 2025.
JLL is now marketing the site with existing approvals for a 150K-SF development. The brokerage says excavation and shoring are substantially complete, potentially allowing a buyer to accelerate construction.
Edmonton’s rental market is cooling as a wave of new apartments enters the market. CMHC says rising vacancies and slower leasing are making developers more selective about starting new projects.
The property is being offered freehold with site-specific zoning and building permits ready to be issued, according to JLL. The $4M asking price translates to approximately $27 per SF of proposed development area.
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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Jared Ennis
Central CA Commercial | California
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Rick Recckio
Recckio Real Estate & Development
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Greg Corbin
Northgate Real Estate Group
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Essex Property Trust, Inc.
California
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Josh A
California
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Bob Tuteur
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Andrew Schildcrout