The CEO of Regency Developments is pushing back against what he calls an "irresponsible" decision by the City of Edmonton to single out his company's vacant downtown property in a public survey about problem properties.
Historic Building Demolished for Tower That Never Came
Raj Dhunna, CEO of Regency Developments, finds himself at odds with city officials after the site of the old Bank of Montreal building at 101 Street and 102 Avenue became the subject of a "Problem Property Initiative" survey. The survey asks residents whether they believe the empty lot is "detrimental to the surrounding area."
The controversy stems from a development project that was fully approved five years ago. Regency had secured building permits for a 50-storey mixed-use tower featuring commercial space, a hotel, and residential condominiums. The historic bank building was largely demolished in 2018 to make way for the ambitious project.
COVID Economy Halts Downtown Development Plans
According to Dhunna, the project became economically unfeasible following the COVID-19 pandemic, which brought massive inflation spikes and global supply-chain crises. He explained that scaling down the project wouldn't recoup the cost of the land, leaving the property vacant.
"The former BMO building includes a structural vault in the basement, and any further demolition now requires significant investment to ensure stability and safety," Dhunna stated. He emphasized that Regency has maintained regular communication with the city and complied with all directives throughout the process.
Developer Questions City's Priorities
Dhunna expressed frustration that the city would target his property while dealing with its own longstanding eyesores, specifically mentioning the Blatchford and Exhibition Lands developments. He called it "interesting" that the city would label his property problematic when it faces similar challenges with its properties.
The Regency CEO pointed to his company's track record of completed downtown projects, including The Pearl and the recently finished 25-storey Holyrood Gardens transit-oriented development, as evidence of their commitment to Edmonton's urban core.
"Given this, we are concerned that the city chose to issue a single-site survey without recognizing the broader context or the substantial challenges facing Downtown," Dhunna said. "This is particularly troubling in light of unresolved issues within the city's own portfolio and citywide safety and security concerns that continue to impact residents and businesses alike."
Dhunna concluded that Regency remains committed to working collaboratively with the city toward solutions that support downtown Edmonton's long-term success, but believes the survey approach unfairly targets a developer with proven commitment to the area.
