Owners anxious over delayed $6.2M sale of condemned Edmonton condo building
CBC
Owners of a north Edmonton condo building evacuated in 2023 due to the risk of collapse are hopeful the troubled property will soon be sold, following months of delays in getting the deal done.
Cormode and Dickson Construction Ltd., an Edmonton-based commercial construction company, has made an offer to purchase Castledowns Pointe, as is, for $6.25 million.
The building at 12618 152nd Ave. has sat vacant since September 2023 when engineers investigating damage caused by a fire that March uncovered dangerous structural flaws unrelated to the flames.
Owners decided in January 2024 to sell the building and the land it sits on, rather than rebuild.
The court-sanctioned sale was originally expected to close in November but remains pending.
Officials with Cormode have denied that the deal is at risk but the condo board's legal team is making backup plans in case the sale falls through.
Lisa Brown, who owned a unit on the first floor where cracks had formed along the entry hallways, hopes the property can be sold quickly.
She and other owners have been left in limbo and their debts are mounting, she said.
"We were told that it was going to be over and done with and we could stop the bleeding," Brown said. "And really, the bleeding will continue until we get a final answer as to whether this is closing or not.
"It really just puts us on edge. And we've been on edge for coming up two years now."
Cormode's unconditional offer was formally accepted in the Court of King's Bench during a hearing in early October but the company has since asked for repeated extensions, the first of which pushed the closing date to the end of December.
The company later requested an additional extension to Jan. 31, which was accepted by the board following an emergency meeting with owners.
As part of the agreement, Cormode paid $31,000 to help the board cover the ongoing costs of maintaining the vacant building.
The sale will return to court for review on Jan. 17.
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