[itom987]

I mentioned this on August 5, 2025:

I am not surprised at all, the building itself looks to be complete, by itself. I'm not sure how serious the developer is in building the second phase but it does look like they set it up to walk away if necessary.
From my experience, this is never a good sign in the Edmonton market.

 

[MacLac]

I heard it may not be until 2029, and a few of the initial investors have pulled out.

Hmmmmmm…..how confident are you with that statement? Initial investors would “pull out” even with HAF bucks secured?

 

[Edmcowboy11]

Well I hope that something does happen sooner than later. Perhaps with lotus and lilac both being under construction right now and if the construction moves forward on the old Funeral Home area and additionally the next big NorQuest expansion that might help with the movements on this development.

 

[Avenuer]

It's definitely still on the agenda. The Infill Infrastructure Fund has an unspecified project (Project 05) that has over 450 units. The only thing even close to that sort of project in the area shown is the Parks Phase II.

https://www.edmonton.ca/sites/default/files/public-files/October-2025-Infill-Infrastructure-Fund-Status.pdf?cb=1768233284

They also got the 2021 Construction Grant for this site and they risk an agreement breach if they don't finish the second tower, just unsure of how long they have to get that done though.

 

[TAS]

They also got the 2021 Construction Grant for this site and they risk an agreement breach if they don't finish the second tower, just unsure of how long they have to get that done though.

Oh? That's good to know. I thought the grant would have just been for the one building.

 

[ForestedImagination]

Well I hope that something does happen sooner than later. Perhaps with lotus and lilac both being under construction right now and if the construction moves forward on the old Funeral Home area and additionally the next big NorQuest expansion that might help with the movements on this development.

The site just by Westrich's G4 and the proposed Grandin 2 tower? Is that actually moving forward still?

 

[JNO1]

A very unscientific bit of evidence in terms of the if/when phase 2 will start - I downloaded a list of all the available suites from the Parks website into Excel. Current availability is as follows: 2 bachelor suites, 48 one bedroom suites, 80 two bedroom suites and 9 three bedroom suites for a total of 139 available suites. I can't remember how many suites are in phase 1 - 350 or so? That would put it at about 40% vacant. Not great news in terms a sooner rather than later start for phase 2.
Again just the results of my unscientific investigation here, so take with a grain of salt.

 

[MacLac]

I look at it as how much is “occupied” rather than what is “vacant.” 60% occupancy after less than 1 year? Sounds pretty good to me! 211/350 occupied suites….sounds right

 

[Barnaby]

Weird location for a tower at the moment. Once the area is built up by Westrich & Autograph that won't be the case. The park sure helps alot.

I do think this build would have done much better in the short term on 104th St by the Arena.

 

[archited]

There should be an impetus for Phase II based on Concept Completeness.

 

[thommyjo]

Hopefully Parks 1 catches a big uptick this summer/fall.

It caught the end of a lot of projects coming online (Falcon 1, switch, enbridge tower conversion, then everything west of 109st too like mercury, hat122, abbey lane, Edward). So I’m not surprised it has been slower.

But with the park done this summer as a huge benefit and no new projects finished by fall (unless lotus is done?), there should be a lot less new inventory to absorb.

 

[Kosy123]

Hopefully Parks 1 catches a big uptick this summer/fall.

It caught the end of a lot of projects coming online (Falcon 1, switch, enbridge tower conversion, then everything west of 109st too like mercury, hat122, abbey lane, Edward). So I’m not surprised it has been slower.

But with the park done this summer as a huge benefit and no new projects finished by fall (unless lilac is done?), there should be a lot less new inventory to absorb.

We don't have a lot finishing this year, we've only got these:

Connect Tower - 100 units

Financial Building Conversion - 33 units

Lotus Park - 152 units

Williams Hall - 90 units

It's 2027-2030 that we're going to probably have a lot of units come in every year.

 

[David A]

We don't have a lot finishing this year, we've only got these:

Connect Tower - 100 units

Financial Building Conversion - 33 units

Lotus Park - 152 units

Williams Hall - 90 units

It's 2027-2030 that we're going to probably have a lot of units come in every year.

Yes, that is well under 500 units, so a lot of what has been already built but not occupied should be absorbed this year, which could then be when new construction happens either later this year or shortly after.

 

[IanO]

Sounds like there is some positive impact from GOA return to work.

 

[MacLac]

What are we thinking here? I see Parks phase 2 here…….60% occupied after 1 year? The Switch took 2 years to reach 88% occupied.

Notice more refinement in the lower rise portion....