Prominent downtown property, once site of BMO and Tegler buildings, for sale

The site of the former Bank of Montreal building on 101 Street is up for sale. CTV News Edmonton's Jeremy Thompson reports.

A prominent piece of downtown Edmonton real estate is for sale: the site of the former Bank of Montreal (BMO) building on the corner of 102 Avenue and 101 Street.

It’s been an eyesore for years: a pile of marble, rebar and rubble in the middle of the site surrounded by skyscrapers next to the city’s new LRT line. The bank had moved to the location in 1984 from its former downtown digs a block south.

The property, which was also once the site of the Tegler building, is owned by Regency Developments and is listed for sale at $6 million.

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Regency, which is responsible for building the Pearl Tower on Jasper Avenue in the Wîhkwêntôwin neighbourhood and also owns land further east on the city’s main thoroughfare at 114 Street – where the developer had planned another condo project, the Emerald Tower – did not return calls by CTV News Edmonton on Wednesday asking for comment.

Regency tore down the BMO building in 2018, ostensibly for a 50-storey tower project.

The pandemic interrupted its redevelopment plans, and market conditions for tower projects remain risky.

Still, city councillor Anne Stevenson says that’s no excuse for the lot to remain fenced off with debris piled in the middle of it.

“I certainly don’t feel that every effort was made to make that site as tidy and attractive as possible,” Stevenson, who represents Ward O-day’min, told CTV News Edmonton on Wednesday.

Stevenson is happy to see the ‘for sale’ signs. She said she’s in touch with the realtor, hoping the city can work with any new owner to make better use of the property while it waits for redevelopment.

“Recognizing that any sort of tower project would be years in the making, even in the best of conditions, it does just take time to line all those pieces up,” Stevenson said.

The Downtown Revitalization Coalition, a group of non-profit and for-profit businesses and community leaders, is also eager to connect with the next owner.

Cheryll Watson, a member of its executive committee, calls the location “a demonstration of the economic vitality and community of our downtown.”

“We’re just so excited and would love to work together with the future owner to daydream together,” Watson told CTV News Edmonton.