Western Canada’s tallest tower is pivoting again. In response to the real estate market, 12 floors of the new Stantec Tower in downtown Edmonton have been converted to rental units.
In November 2019, Ice District Joint Venture announced it would convert the lower 12 floors of the tower into hotel suites. They were originally planned to be 130 SKY Residences condo units.
Tim Shipton, spokesperson for ICE District, said on Tuesday the SKY Signature Suites will be about 168 luxury rental units. They will be on floors 31 to 42 of the building.
“We’re responding to shifting demands in the real estate market in Edmonton.
“There’s no surprise that navigating COVID is not for the faint of heart but we believe there’s an exciting market for rentals in Edmonton.
“This gives Edmontonians — and particularly those who want to live in downtown Edmonton — an opportunity to be in the premier address in the city.”
There are eight different configurations for the rental options, ranging from one bedroom to two bedroom, two bathrooms plus den layouts.
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Monthly rent ranges from $1,585 for a one-bedroom, one-bathroom, 490-square-foot suite to $2,660 per month for a two-bedroom plus den, two-bathroom, 1,221-square-foot suite.
Owners and renters in Stantec Tower have access to amenities in the JW Marriott, including room service options from its restaurants.
Other amenities include concierge service, a yoga/pilates studio, outdoor lounge space, sauna, outdoor hot tub, fitness centre, billiard room, demonstration kitchen, media room and golf simulator.
“We believe the amenities we have to offer in Sky Residences and Sky Suites is unparalleled,” Shipton said.
“There is no rival as it relates to amenities in the city.”
He described it as “the premium live, work, play opportunity in downtown Edmonton.”
READ MORE: Downtown Edmonton developers would rather switch to rentals than fight with housing market
Shipton said the real estate climate combined with the pandemic pushed all developers to be creative.
“We’ve definitely seen some pressure in the real estate market as of late.
“Lots of uncertainty exists and so certainly demand has increased on the rental front and we’ve responded to that.”
The Downtown Business Association agrees developers are having to consider different approaches in this climate.
“Similarly, any businesses within that industry are being equally creative and having to assess the market in different terms,” interim executive director Nick Lilley said.
“Certainly with a short-term outlook I think people are open to different types of offerings and so whether it’s rentals or a combination of rental and condo developments, I think we’re going to continue to see a diversity of options.”
Shipton said sales of the condo floors in SKY Residences have continued and the group has already rented out a few SKY Signature Suite units.
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