20 months after residents forced to evacuate, troubled Edmonton condo sells for $5.1M
CBC
A north Edmonton condo evacuated nearly two years ago over fears the building could collapse has been sold.
The long-awaited sale will offer some financial reprieve to previous residents of Castledowns Pointe, which has sat vacant since September 2023.
Harmani, an Alberta-based developer and rental company, purchased the property for $5.1 million with plans to repair the existing structure and rent its 83 units once reconstruction is complete.
When it was first put on the market in mid-2024, it had been listed for just under $17 million.
The deal, approved in Edmonton's Court of King's Bench, closed on April 21.
Condo board president Susan Strebchuk said the sale is a welcome sign of closure for its former residents but added there's still a long road ahead.
"There is relief that it's going to be done, but it's not," Strebchuk said.
The sale proceeds will take months to be distributed, with owners not likely to see anything until October or November, Strebchuk said.
And their share will be a "drop in the bucket" against the mounting costs they've paid for repairs, condo fees and mortgage payments on homes that were no longer habitable, Strebchuk said.
"The damage that's been done to either your financial standing — or even your ability to move on from this — is not going to be recovered through whatever funds you will get," Strebchuk said.
Debts to the condo board will be settled before any proceeds from the sale are distributed to owners, she said.
"There is still lots of work to do," Strebchuk said. "We will all be very relieved when we're done."
The problems with Castledowns Pointe, constructed in 1999 at 12618 152nd Ave., first surfaced in March 2023 after a fire ripped through the fourth floor.
Investigators assessing the damage discovered dangerous structural flaws unrelated to the fire damage. The building does not match the architectural designs on record and does not comply with the building code.
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