Weeks After Acquisition, Westrich Floats Two 50-Storey Edmonton Towers
Westrich Pacific is putting more shape around its redevelopment of Edmonton City Centre, floating two 50-storey residential towers as part of a broader plan to turn the struggling downtown mall into a mixed-use district.
Co-CEO Richie Lam said this week the developer is considering affordable housing, an indoor patio, a grocery store or food hall and a mini-Chinatown at the 10025 102 Ave. NW property. The residential program remains targeted at about 1,500 units, including 240 homes that could be built above the former Hudson’s Bay space.
The details sharpen a redevelopment vision Westrich first disclosed after receiving court approval in August to acquire Edmonton City Centre out of receivership.
The 10-acre complex spans two downtown blocks and contains 1.4M SF of retail and office space, three office towers and parkades. Retail occupancy was just above 41% when the property was marketed for sale.
Westrich expects to take possession in November and is targeting December to unveil more finalized plans. Construction could begin in early 2027.
The tower concepts and other proposed uses remain under consideration and would require municipal approvals.
Other News
Walker & Dunlop Closes $631M Portfolio Refi for IMT Capital
Walker & Dunlop, Inc. said Monday it arranged $630,618,000 in fixed-rate loans from Fannie Mae to refinance nine multifamily properties across six states on behalf of IMT Capital. The portfolio totals 3,528 units in Florida, Arizona, Texas, Colorado, California and Tennessee. A Walker & Dunlop Capital Markets Real Estate Finance team led by Cory Wizenberg,...
Learn more
Development Group Scores Financing for 502-Unit Fort Lauderdale Apartment Complex
The Fuse Group and KREA Developments landed a $127 million construction take-out loan for The Arcadian, a recently delivered 502-unit Fort Lauderdale multifamily community. Berkadia’s Scott Wadler, Brad Williamson, Bobby Dockerty, and Nicholas Horowitz of Berkadia Miami arranged the financing on behalf of the joint venture. Madison Realty Capital provided the loan. Located at 640...
Learn more
April Housing Obtains $366.1M Refi for 13-Property Florida Portfolio
April Housing, a preserver of affordable housing, inked a $366.1 million refinancing on 13 Florida apartment communities. Berkadia’s Tim Leonhard secured financing through Fannie Mae on behalf of April Housing, a Blackstone portfolio company. The portfolio includes garden-style multifamily housing assets in Miami, Jacksonville, and Tampa. The transaction advances the continued preservation and operation of...
Learn more
Brokers
View All-
Remax Professionals
Re/Max Real Estate Professionals | New York
-
Jared Ennis
Central CA Commercial | California
-
Rick Recckio
Recckio Real Estate & Development
-
Eamonn McConnell
Avison Young - CA - ON - Greater Toronto
Lenders
View AllManagement
View All-
Essex Property Trust, Inc.
California
-
Josh A
California
-
Bob Tuteur
-
Andrew Schildcrout