A prominent downtown Edmonton site sits vacant and rubble-filled beside the new LRT line, creating what developers call a "dichotomy" of modern transit infrastructure next to urban decay. The former Bank of Montreal building at 102 Avenue and 101 Street has been empty for over five years, becoming a source of frustration for city officials and neighboring property owners alike.
The Developer's Perspective
According to Raj Dhunna, CEO of Regency Developments, the current state of the property stems from city demands made years earlier. "We were asked to take down the building a lot earlier than we were prepared to," Dhunna revealed in a recent interview. The developer had secured approvals for a ambitious 50-storey mixed-use tower on the prime downtown location adjacent to Rice Howard Way.
Dhunna explained that city officials urged Regency to demolish the Bank of Montreal building quickly to avoid interfering with LRT construction on 102 Avenue. The concern was that demolition vibrations, particularly from the north wall, could disturb the alignment of the new tracks. Regency complied with the request, despite preferring to delay demolition until construction was imminent.
Project Collapse and Current Situation
The planned tower project became a victim of timing and economic circumstances. When the COVID-19 pandemic struck, it triggered skyrocketing inflation and global supply chain disruptions that made the development financially unfeasible. The development permit eventually expired, leaving the land dormant and the demolition site exposed.
Today, the site features chain-link fencing that bends around a loosely defined perimeter, with the foundation of the former bank building still visible from the street. Dhunna noted that the presence of a vault in the basement makes removing the foundation particularly challenging and expensive.
City Response and Ongoing Tensions
The City of Edmonton has identified the property as a "problem property" and recently included it in a survey from its Problem Property Initiative (PPI). The city cited issues with debris and encampments at the location.
However, Dhunna feels his company is being unfairly targeted. "We have complied with every order the city has given when it comes to the maintenance of that plot of land," he stated, suggesting Regency was "cherry-picked" for the survey.
Ward O-Day'min Councillor Anne Stevenson expressed frustration with the prolonged vacancy. "There's a way to make that site look much, much tidier, even if you have to leave some of the structural elements in," Stevenson said. She revealed she's been meeting with the property owner since her election, hearing repeated commitments for improvements that never materialized.
The site has become a talking point among downtown developers and business owners, with the Downtown Revitalization Coalition noting numerous complaints about its impact on neighboring property values. During a recent symposium of infill developers, the vacant lot was cited as a red flag indicating lack of investor confidence in downtown development.
