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.
“The site is currently rezoned and will have its development plan in place shortly,” Lamb Development said. “We will be announcing new plans for this building in the new year.
“We fully intend to complete a hi-rise residential property at this location and look forward to being a part of the Edmonton community.”
In January, Lamb Development’s president, Brad Lamb, told Global News the project was at least a year behind schedule and that a development permit had not yet been finalized. Construction on the project was originally slated to begin in 2015.
Founded in 2001 by Toronto condo broker Brad Lamb, Lamb Development is known for working on condo projects in Toronto, Ottawa and Calgary.