A gaping hole in the ground at the corner of 95th Street and Jasper Avenue in downtown Edmonton has been sold.
Calgary-based Cidex Group has purchased the property, Bartosz Jarocki, supervisor of property sales with the City of Edmonton, said Tuesday.
Two marquee residential towers had been planned for the site but the developer pulled out after failing to meet conditions before a deadline in 2015.
In early 2016, the city put two side-by-side properties on that corner on the market at a combined price tag of $4.4 million.
The properties were a 27,000-square-foot lot excavated to a depth of 12 metres, and a 13,000-square-foot lot occupied by a dry-cleaning business.
The buyer had the option of purchasing only one of the two properties, Jarocki said.
Only the fenced property with the hole in the ground has been sold, he said. Soil remediation has been completed to remove hydrocarbons and other volatile compounds.
The sale price isn't being disclosed because the land title transfer has not taken place, he said.
"We're excited about the project," said Sarah Itani, business development manager with Cidex. "It's a great area."
Cidex isn't ready to share what it has planned for the site, as it is still finalizing building permits, Itani said.
The company develops residential and mixed-use buildings, including highrise apartment buildings.
Ward 6 Coun. Scott McKeen, who represents the area, said the property sale is good news.
"I want to see this fabulous, vibrant, downtown and The Quarters and Chinatown all built before I have to get pushed through it in a wheelchair," McKeen said.
"The point is, it will take some time to transform this part of the downtown."
The property is part of the city's plans for The Quarters, the long-neglected neighbourhood in east downtown dotted with abandoned buildings and gravel parking lots.
Two marquee residential towers were planned, but the developer, Edmonton-based BCM Homes, pulled out after failing to meet conditions before a deadline in 2015.
The site was being prepared for the first of The Corners Towers, a 28-storey glass highrise, when work stopped.
Jarocki said the city can make further attempts to sell the second lot. The dry-cleaning company's lease expires at the end of 2017.