Edmonton City Centre mall sold to developer with plans for 1,500 new homes

Edmonton City Centre, the downtown mall ordered into receivership last year, has been acquired by Edmonton-based developer Westridge Pacific Corp. after approval by the Alberta Court of King's Bench. The sale is expected to close before year's end.

The redevelopment plan calls for about 1,500 new residential units on the site of the former Hudson's Bay store, plus street-fronted retail, a rooftop Nordic spa, and other entertainment and wellness experiences. Future phases will likely include a new mall exterior and additional entertainment options. Once the project receives approvals, construction could start early next year.

The 1.4 million square-foot site includes the east and west halves of the mall, Centre Point Place, TD Tower, 102A Tower, and parking. The property was ordered into receivership last year for failing to repay loans exceeding $139 million.

Mayor Andrew Knack called the acquisition a positive step in downtown revitalization. "When investors see momentum, they follow," he said, noting that Westridge has a proven track record of getting projects built. Co-CEOs David Sanche and Richie Lam described the project as transformational, with Sanche calling it "the most exciting project of our careers." This follows council's approval in July of a separate Pacific Mall rezoning for mixed-use tower development, as downtown Edmonton continues attracting investment.