An Edmonton-based real estate developer has acquired City Centre Mall in a court-approved receivership sale, with the transaction expected to close before the end of the year.
Westrich Pacific says it’s the next big step in the redevelopment of the downtown Edmonton property.
The downtown mall has faced challenges since the pandemic, with multiple stores leaving.
“This investment is a strong signal that the transformation underway in downtown Edmonton is real,” Mayor Andrew Knack said. “When investors see momentum, they follow.”
The plan is to turn the 1.4-million-square-foot area into a “mixed-use redevelopment” featuring residential, retail, entertainment and wellness uses – such as a rooftop spa.
The first phase would see Westrich build about 1,500 new residential units in a tower on the west side of the building — on the former Hudson’s Bay portion of the property. Major construction is slated to begin early next year.