Nearly century

Nearly century-old CIBC heritage building on Jasper Avenue up for sale

The building was constructed in 1929 and owned for decades by CIBC

One of downtown Edmonton's most recognizable historic landmarks has hit the market: the nearly century-old CIBC building is up for sale.

In the online listing by Colliers, the five-storey masonry office is described as a nearly 60,000-square-foot property “with exposure on the city’s most recognizable commercial corridor.”

Constructed in 1929, the building is situated prominently on the corner of Jasper Avenue and 101st Street.

“[The building] represents a compelling opportunity to acquire a generational asset in the heart of downtown Edmonton,” the listing said.

“The property has been institutionally owned and occupied by CIBC for decades, a testament to its quality, durability and enduring appeal.”

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James L. Robinson, executive director of the Edmonton Downtown Business Association, told CBC News the sale presents a significant opportunity to revitalize the street.

“The property has been part of the fabric of downtown Edmonton for almost a century. As CIBC has relocated within downtown Edmonton, this vacancy provides an opportunity to bring new life to the core of Jasper Avenue,” Robinson said.

He added that "tremendous investments” have been made in surrounding properties, and the building is well situated and close to the Alberta Machine Intelligence Institute (Amii), Edmonton Unlimited, Applied Pharmaceutical Innovation (API), and others in Edmonton’s tech and startup ecosystem.

The for-sale building is currently sitting fully vacant, according to the listing, as CIBC has since joined many other financial institutions in opening a branch in the Ice District near Rogers Place.

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However, Downtown Revitalization Coalition chair Cheryll Watson said it is concerning to have such an iconic building empty on a main street like Jasper Avenue.

“CIBC, I'm pleased to note, is still making downtown their home, and so we're happy to see that, but what we're now seeing is just an expansion of the shuttered and closed down businesses that we see on our downtown main street,” Watson told CBC News.

She said the CIBC building has good potential for a revamp.

“We know that historical buildings come with challenges. I think that a great example of a historical building that's been turned around is the [Canada Permanent Building] that Lauren Kyle recently renovated and has as [Bar Trove] and [Kyle & Co. Design Studio].

But, like I say, probably more important is just that we need vibrant and open businesses on our main street of Jasper.”