BMO -
The projects listed in the Colliers report as under construction come onstream this year and next. Regency Developments’ proposed tower smack in the heart of the city’s financial district is targeted for 2022.
Raj Dhunna, Regency’s chief operating officer, seems unperturbed by the number of competing properties.
The company has two other projects also underway close to the downtown, one near the Brewery District and the other in the Oliver neighbourhood adjacent to the core. He says those experiences will help Regency stay flexible and learn what works and doesn’t work before finalizing the details on the 101 St. tower.
The as-yet-unnamed tower was expecting development permit approval as early as this month, Dhunna says.
The plan is to spend 18 months building an underground parkade on the former site of a BMO bank, and then start working on the above-ground portion which could include a 12-floor hotel and a 50-storey residential tower.
Differing views on downtown Edmonton
Dhunna is considering the possibility of that tower being purpose-built for the rental market.
“The millennials seem to not want to commit to the white picket fence or housing situation,” says Dhunna. “There’s a lot of potential for growth. We have 20,000 people working in our core every day but only a couple of thousand people living there.”
https://renx.ca/apartments-condos-downtown-edmonton-development-boom/
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