EDMONTON – Has Oilers owner Daryl Katz quietly shifted his home base to Vancouver?
That’s the rumour that has circulated in local business circles for months. And while several sources tell The Journal the reclusive drugstore tycoon now spends most of his time on the West Coast, where his children attend school, it’s unclear how much time he still spends in Edmonton.
Asked Monday whether Katz has made Vancouver his new home base, Katz Group spokesman Steve Hogle wouldn’t discuss the matter.
But he subsequently issued a brief written statement, denying related rumours that Katz is considering selling either his palatial Edmonton home or the Oilers.
“Daryl Katz has maintained residences in several cities for many years. Neither his Edmonton house nor the team are for sale,” the statement said.
Several sources told The Journal that Katz purchased the penthouse suite at the Fairmont Pacific Rim Hotel in Vancouver, and has lived there for much of this year.
“What I’ve been able to confirm from several sources is that Katz has moved to Vancouver and he’s been there since the beginning of April,” said one well-connected Edmonton businessman.
“A couple of years ago, he bought the top floor of the Pacific Rim hotel/condo project, on the waterfront right next to the Vancouver Convention Centre. He is going back and forth and his Edmonton house is still fully staffed, including his security.”
The opulent, 48-storey hotel/condo project, developed by Vancouver-based Westbank Corp., opened for the 2010 Winter Olympic Games.
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The 415-room hotel occupies the bottom 22 floors of the tower, with 175 luxury condos located above, boasting spectacular views of Vancouver’s Coal Harbour, Stanley Park and the North Shore.
When the condos hit the market last year, asking prices were reportedly about $2,300 per square foot. An unnamed buyer paid more than $15 million for the 6,000-square-foot penthouse suite, the Vancouver Sun reported at the time.
An individual familiar with the project, who asked to remain anonymous, confirmed that Katz currently owns the penthouse unit.
Since Katz is immersed in protracted negotiations with the City of Edmonton for a proposed new $450-million downtown arena for the Oilers, rumours that he has moved his home base to the West Coast are raising eyebrows.
Coun. Ed Gibbons, who has raised questions about the way the negotiations have been handled and alleged a lack of transparency from Katz, said he’s troubled by the rumours.
“Wasn’t it always Katz’s reasoning that he’s a proud Edmontonian and he’s doing this for Edmontonians and for northern Alberta?” he asked.
“I guess if you say it enough times and loud enough, maybe people believe you’re an Edmontonian. I don’t blame him. With his kind of money you can have houses in Palm Springs or wherever. But it’s pretty clear when you move your kids out of the city to go to school elsewhere, this isn’t your permanent home anymore.”
Coun. Bryan Anderson sees the location of Katz’s primary residence as a non-issue, however.
“It doesn’t concern me. There’s a lot of big players in the world who have homes in several places,” he said.
“The mayor has a home in Phoenix, (Coun. Tony) Caterina has a home in Florida … But I haven’t heard (Katz) is trying to sell (his Edmonton home), and I haven’t heard he’s trying to sell the Oilers.”
In a video presentation released by Katz Group last year, Katz spoke passionately about his home town, and vowed that a new arena project could transform the city’s struggling downtown.
“I was born and raised in Edmonton. I live in Edmonton, and I believe in this city,” he said.
“I see an opportunity to do something great downtown, something transformative … This is about coming together as a community and seizing a once-in-a-generation opportunity to do something extraordinary. This is about realizing Edmonton’s potential of becoming an even greater northern city. That is my vision for this project, and for Edmonton.”
For his part, city manager Simon Farbrother, who is spearheading the arena negotiations with Katz Group, said he is focused on getting a deal done, not on Katz’s primary residence.
“From the city’s point of view, what we’re focusing on is ensuring that we’ve got an NHL hockey team in Edmonton, and … an appropriate arena for that hockey team to be successful. So to some degree, (Katz’s) personal circumstances may certainly be of interest to people, but the bit we focus on is a negotiated deal to build a new arena with the owner of the Oilers.”
Mayor Stephen Mandel, who has been a strong supporter of the downtown arena project, is travelling in Israel and was unavailable for comment Monday.
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