The prominent Downtown Edmonton property that once housed the Bank of Montreal has been officially listed for sale, with an asking price of $6 million. The listing, handled by Omada Commercial, represents a significant development for the long-vacant corner lot that has been a focal point of downtown revitalization discussions.
A Rare Development Opportunity
Omada Commercial's marketing materials describe the 30,928 square foot property at 10199 101 Street NW as an "extremely rare opportunity for a developer in the heart of Edmonton's financial core." The lot is strategically positioned with access to both LRT lines and sits within one of the city's most densely populated downtown neighborhoods, offering significant potential for future development.
The site is currently owned by Regency Developments, whose CEO, Raj Dhunna, declined to comment on the ongoing sale process. The property has been a subject of contention, featuring a fenced-off area filled with concrete rubble that has drawn criticism from local officials and business groups.
Contentious History and City Pressure
The property's recent history has been marked by controversy and changing circumstances. Before the COVID-19 pandemic, Regency had received city approval to construct a 50-storey mixed-use tower featuring residential and hotel components. However, Dhunna cited inflation, global supply chain pressures, and the pandemic as creating an "economic perfect storm" that rendered the ambitious project unfeasible.
Dhunna previously stated that he had not intended to demolish the BMO building until the tower project was ready to proceed. However, he claimed the city pressured him to accelerate demolition in 2018 to avoid interference with construction of the now-completed LRT line on 102 Avenue. The demolition left behind challenging site conditions, including a tricky basement location of the old bank vault that Dhunna described as making completion work complex and expensive.
Optimism for Downtown Transformation
Ward O-Day'min Councillor Anne Stevenson, who had been critical of the property's condition, expressed optimism about the sale announcement. "It's encouraging news and a great first step in transforming this corner into a positive piece for our downtown," Stevenson stated.
Cheryll Watson, Chair of the Downtown Revitalization Coalition, echoed this positive outlook. "We're encouraged that the Regency-owned former BMO site is now on the market, an important opportunity for our downtown, and one that gives us real optimism about what comes next," Watson said.
Watson emphasized the coalition's hope that "a new owner will recognize the site's potential and bring forward a vision that supports economic growth, enhances our downtown and reflects community needs. Our priority is to see the property revitalized in a way that strengthens the neighbourhood and contributes to the long-term vibrancy of the area."
The sale listing comes shortly after the city's Problem Property Initiative released a survey seeking public feedback about the site in early November 2025. Dhunna had responded to that initiative by suggesting Regency was being unfairly targeted, noting that the city's own Blatchford development site has faced similar challenges with meeting housing goals and containing rubble piles.
