Historic Indigenous Investment Adds Momentum to Edmonton Downtown Development

(ANNews) – Northern Ontario’s Wiikwemkong First Nation has made a landmark investment in Edmonton’s Ice District, purchasing the site of the cancelled Canadian Western Bank tower for $65.25 million. Located at 10308 103 St NW, the site is currently home to Connect Centre, a two-storey commercial complex completed in 2022 and anchored by Loblaws CityMarket, with tenants including CIBC, National Bank, and the Edmonton Oilers Official Team Store.

A 16-storey office tower, originally planned for the site, was cancelled after Canadian Western Bank opted to relocate to Manulife Place. The Nation’s purchase marks the first time Wiikwemkong First Nation has invested outside its traditional territory in Ontario.

Edmonton’s downtown has faced challenges in recent years, including higher office vacancy rates, slower retail activity, and a need for more residential density to sustain economic vibrancy. According to Economic Development Edmonton, downtown office vacancy climbed to around 17% in 2025, while residential growth has not kept pace with other major Canadian cities. Local business owners and city officials have long emphasized the need for strategic investment to revitalize the core.

Speaking with Edmonton City Councillor Anne Stevenson, representing Ward O‑day’min, it became clear why this deal is significant. “What makes this investment so compelling is that the Nation comes from an unceded territory in the north, yet chose to invest in Edmonton rather than within its own traditional lands. That decision is really at the heart of the story,” Stevenson said.

She added that this type of investment is unprecedented:

“This was the first time the Nation had ever invested outside of Ontario. From what I understand, it’s a first-of-its-kind deal, and it really signals confidence in Edmonton’s downtown market.”

On the broader economic impact, Stevenson noted: “Real estate transactions happen all the time, whether through institutional money or private investors. What’s really exciting is seeing the economy diversify and create opportunities for investors who may not have been involved before. This kind of economic reconciliation is important — it helps build broader, shared prosperity.”

Stevenson also highlighted the practical aspects of the development: “One of the exciting things about this site is how it’s already anchored by a grocery store, which makes it an asset for residential development downtown. And the building is designed to allow for a tower on top — the Nation is keen to start building a residential tower, which could add hundreds of new units.”

“That’s the kind of vitality we’re seeing in downtown Edmonton right now. More residents mean more customers for local businesses, more activity on the streets, and a stronger community overall,” she added.

On the city’s role in supporting the project, Stevenson explained: “From the city’s perspective, we’re focused on supporting this momentum — exploring residential incentives, staying in close contact with the Nation, and helping their vision come to life. It’s all about collaboration. Everyone benefits when downtown grows in a smart, inclusive way.”

Stevenson also reflected on the symbolic nature of the investment: “Every investment like this demonstrates confidence, not just economically, but socially. It’s about showing that Indigenous communities are key players in urban development, and that collaboration creates opportunities for everyone — the city, the investors, and the community at large.”

Edmonton’s Ice District, completed in phases since 2012, is Canada’s largest mixed-use sports and entertainment district, spanning 11 acres and including the Rogers Place arena, JW Marriott Edmonton Ice District & Residences, office towers, and retail spaces. Downtown residential density has increased by nearly 40% over the last decade, driven by condos, office-to-residential conversions, and mixed-use projects — but growth has lagged compared to other major Canadian urban cores, highlighting the importance of strategic investments like this one.

“We love to see this kind of development downtown at a stable, consistent level,” Stevenson said. “It demonstrates the value of commercial real estate, which in turn helps fund the many public services we provide. More housing downtown will only increase vitality, support local businesses, and keep our downtown lively and festive.”

For Wiikwemkong First Nation, the purchase is not just a real estate investment — it’s a strategic move that signals confidence in Edmonton’s downtown economy and lays the groundwork for future collaboration between Indigenous communities and the city.