In a transformative development for downtown Edmonton, the City Centre shopping complex has secured a new owner and is set to undergo significant renovations. Edmonton-based developer Westrich Pacific has received approval from the Alberta Court of King’s Bench for the acquisition of the property from Otera Capital Inc. The deal, finalised on August 7, marks a pivotal moment for this prominent site, which spans approximately 10 acres between 100 Street and 103 Street.
A Fresh Start for a Struggling Property
The Edmonton City Centre is a vast expanse, encompassing nearly 1.4 million square feet of space, which includes the TD Tower, Oxford Tower, and Centre Point Place, along with both the west and east sides of the mall. The site also houses four parking facilities, providing a total of 2,500 stalls to accommodate visitors. Westrich Pacific heralded the acquisition as a “significant milestone” in their efforts to rejuvenate one of downtown Edmonton’s key properties.
“This is the most exciting project of our careers,” remarked David Sanche, co-CEO of Westrich Pacific. He emphasised the immense potential of Edmonton City Centre, asserting that its redevelopment could play a crucial role in the ongoing revitalisation of the downtown area.
Planned Redevelopment and New Amenities
Westrich Pacific aims to embark on a comprehensive, multi-phase redevelopment of City Centre, planning to introduce a diverse mix of residential, retail, entertainment, and wellness facilities. The initial phase is projected to feature approximately 1,500 residential units, which will occupy the space previously held by the now-closed Hudson’s Bay department store.
Additionally, the new owner intends to refresh the exterior of the mall entirely, incorporating new street-level retail spaces and even a rooftop Nordic spa to enhance the visitor experience.
Richie Lam, co-CEO alongside Sanche, expressed his enthusiasm for the project, stating, “It’s the first thing I think about when I wake up and the last before bed; we are thrilled to be bringing this asset back to life.”
Vision for the Future
The ambitions for Edmonton City Centre extend beyond mere restoration. Westrich Pacific envisions a future filled with vibrant enhancements, including an updated façade, dynamic LED displays, and an emphasis on entertainment, wellness, and experiential venues. Currently, the mall houses a Landmark Cinemas theatre, a Delta hotel, a food court, and offices for CBC Edmonton, among other retail and professional spaces.
With legal approval now secured for the sale, Westrich Pacific plans to progress with development permit drawings and detailed planning for the redevelopment. Major construction for the initial phase is slated to commence in early 2027, contingent on receiving the necessary approvals, with subsequent phases to follow as market conditions allow.
The Journey to Recovery
The history of Edmonton City Centre has been tumultuous. In 2019, Oxford Properties sold the mixed-use buildings, including City Centre, to an investment group called LaSalle Canada Property Fund. However, the onset of the COVID-19 pandemic led to a significant decline in foot traffic, as many workers transitioned to remote setups, exacerbating existing challenges in the city’s core. The situation worsened, and the mall entered receivership in July 2025, with its creditor, Otéra Capital Inc., owed a staggering $140 million.
Despite these setbacks, Westrich Pacific is optimistic about the future. The transaction is projected to close by the end of 2026, although the purchase price has not been disclosed.
Why it Matters
The redevelopment of Edmonton City Centre is not just a real estate transaction; it represents a beacon of hope for the revitalisation of downtown Edmonton. As the city grapples with the lingering effects of the pandemic and seeks to breathe new life into its core, this ambitious project could serve as a catalyst for economic growth, job creation, and community engagement. With the promise of new residential options and enhanced amenities, the transformation of this historic site could redefine the urban landscape, making it a vibrant hub for residents and visitors alike.
