Monday, December 11, 2017

Developer scraps plans for downtown Edmonton’s Jasper House condo tower

Plans to build a large condo tower on 106 Street north of Jasper Avenue will not come to fruition because of poor sales, according to Lamb Development Corp., the developer behind the Jasper House Condominiums On The Park project.

“The unfortunate economic circumstances that unfolded in Alberta over the last three years negatively affected our sales projections,” Lamb Development said in an email to Global News on Thursday. “We were unable to meet the critical dates contained within the purchase and sale agreements, and felt that holding buyers to contracts signed in excess of three years ago was an act of poor faith.

“We are working diligently to process the refunds to all purchasers of Jasper House Condominiums On The Park as quickly as possible.”

The company said all buyers can expect a full refund of their deposits. However, the developer said it still plans to do something with the property, it just won’t be the same project.