A new owner will be taking over the historic Army and Navy site on Edmonton’s Whyte Avenue.
Leder Investments Ltd. has purchased the building for a little more than $2 million, according to Kevin Petterson, the company’s vice president of real estate.
The location closed its doors in March 2020 due to the pandemic. Then, in May of that year, the company CEO announced none of the stores would reopen.
The site has been vacant for years and was listed for sale. On Friday, a large “sold” sign was visible in the window.
Commercial real estate brokerage Marcus & Millichap first confirmed the sale Friday, saying the “historic Army & Navy building on Whyte Avenue” was originally opened in 1928.
Agent Casey McClelland said the building has been a “cornerstone of Edmonton’s retail landscape” and the team is “excited to see how this iconic site will be revitalized under its new ownership.”
Army and Navy has been a long-time staple along Whyte Avenue — an area popular for pedestrians, shoppers and diners.
“We were getting really sentimental about it,” said Raisa Hoq, who works in the area. “It’s been a part of Whyte Ave for a long time.”
Petterson said the company is still trying to figure out the property’s potential.
But Hoq hopes that whatever ends up filling the space brings something a little different to the neighbourhood.
“Hopefully nothing that’s already here like more coffee shops more food places … We’re hoping it’s a roller rink or something like that,” she said. “Something activity related.”
But, after it sitting empty for years, she’s happy to see the sale.
“I feel like it’s better that something new happens rather than it just sits there… and something bigger and better because it’s very near and dear to a lot of people on Whyte Ave.”
Eszter Rosta was also a bit sentimental.
“Kind of sad,” she said. “However, it’s a new chapter, it’s a new era.
“I think it would be great to have it as an arts hub or arts community space because I also think it’s something lacking right now on Whyte Ave anyways.”
Area councillor Michael Janz is not surprised the building was sold.
“This is a prime chunk of real estate in one of the most desirable locations in Edmonton. I could see huge opportunities here for commercial, for residential, for you know a rock music venue. Who knows?”
Leder Investments hopes the new space will be open by next summer.