Another landmark for 104th
New project will add stores, restaurants and condos to city's growing warehouse district
Scott McKeen, The Edmonton Journal
Published: 2:00 am
The construction crane, once extinct in Edmonton's downtown habitat, is making a serious return.
Break out your binoculars, crane watchers.
I bring word today of a project so fresh off the drafting table that neither City Hall nor the Downtown Business Association knew of it.
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Developer Sundeep Cheema
Bruce Edwards, the Journal
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Font:****Two young, ambitious developers are poised to announce plans for an office and condo tower on downtown's soon-to-be signature street.
If all goes according to plan, the shops, lofts and eateries on trendy 104th Street will lose a surface parking lot at 102nd Avenue, but gain a 28-storey building, full of potential shoppers, diners and home buyers.
The moribund northwest corner of the intersection -- across 104th from The Boardwalk -- was recently sold by Greyhound in a closed-bid process to Urbia Developments, a partnership of two Edmonton men, Sundeep Cheema and Dean Parmar.
What the partners propose is a $250-million alliance of highrise office space and luxury condominiums. The condos are in the tower's four-storey brick pedestal, designed to meet the architectural guidelines for the historic, warehouse-style street.
Jim Taylor of the Downtown Business Association conceded Thursday that he hadn't heard of the proposal yet.
Taylor gave it a cautious thumbs-up. His skepticism? The site is considered contaminated because of its former use, by Greyhound.
Urbia's partners, however, aren't concerned. Their plans are to remove the contaminated soil during excavation and construction of at least three levels of underground parking.
So how can two relative unknowns hope to pull off a $250-million tower? First, they got the land at a good price, according to Cheema. Second, they say they're close to landing an anchor commercial tenant.
But the two also run Urbia Venture Capital. It raises pools of money for their developments, while offering high rates of return to investors.
The pair already have two projects on the go.
One is a $35-million, 120-unit condominium complex in Leduc, and a $120-million residential tower called SilkWind, in Victoria.
The proposed 104th St. project -- at the moment, known as Urbia Tower -- was designed by Edmonton's GMH Architects. The tower is a stepped-back vertical design clad in gold glass.
The warehouse-style pedestal will contain six executive condos on the fourth floor and 18 two-storey "townhouses" on the second and third floors.
Each residential unit will have two balconies -- one facing the street or alley, the second overlooking an inner garden courtyard of trees and grass. The courtyard will be enclosed, giving residents a green vista year round.
Below the residential units, at street level, will be space for sidewalk stores or restaurants, to add to 104th Street's growing mix of places to shop, browse, tipple or dine.
Mayor Mandel has talked about shutting off traffic on 104th, to make it the downtown strolling street. Traffic is already limited on the stretch, what with all the construction in the area.
A Sobeys store is being built at 104th St. and Jasper Avenue. Just north on 104th Street are the twin Icon condominium towers, the first of which is also under construction.
As well, two full blocks of 104th Street are closed to traffic every Saturday in spring, summer and fall for the downtown farmer's market.
Taylor says office space is becoming tight in the hot economy, even with Epcor's recently announced plans for a tower on the Station Lands.
On the residential side, there are a number of highrise condo buildings either under construction or in the works downtown. But with the population boom -- and with boomers retiring -- developers remain confident of a continuing wave of new downtown residents.
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Font:****At 27, Cheema seems a bit young to be involved with $250-million projects. But he says he learned at the knee of his father, a financial planner.
Cheema says if everything goes as planned, construction could begin within the next 12 months. The biggest hurdle is getting work done within the constraints of a boom-time labour shortage.
But both Cheema and Parmar say the conditions are right for a new office tower in downtown Edmonton, especially on 104th Street.
"We still see Edmonton's downtown as an untapped market," Cheema said. "There's still room for considerable growth here and it's very affordable, compared to Calgary, Vancouver or Toronto."
In other words, keep watching for more cranes. A flock would be nice.
smckeen@thejournal.canwest.com
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