Update on “The Hole”
Sale pending at site on 95 Street and Jasper Avenue.
According to several sources, the gaping hole on 95 Street and Jasper Avenue is in the process of being sold.
Chris Hodgson, Director, Property Sales and Acquisitions with the City of Edmonton, confirmed that as of the paper’s deadline, “an agreement for the sale of the property is pending a prospective purchaser completing due diligence work. Unfortunately, the details of the purchase have not been made public due to FOIP considerations.”
According to an article in the Sun published on June 23, the buyer is Calgary developer Cidex Group. It is believed the site will be developed into a large rental tower with over 200 units, including three-bedroom ones, as well as a day care.
The hole, which measures 0.4 hectares and is 10 metres deep, was listed at around $4.4 million. The final price is not known, as councillors approved the sale in private. It was previously owned by BCM Developments. The company left the site after it was decontaminated, as it was unable to get financing and geotechnical assessments completed before the City’s deadline.
Boyle McCauley News will keep you updated as plans are confirmed for the development on that corner, when the information is available.