New project to boost housing supply in the area
Avenue Living Asset Management, Ltd. (Avenue Living) in partnership with BMO has announced a pioneering $28 million retrofit project at 10609 101st Street NW, a mixed-use building in downtown Edmonton. According to a media release, this development, facilitated by BMO’s retrofit financing program, will introduce 179 new rental units to Edmonton’s core, addressing the critical housing shortage in the area.
The project, which will also include significant sustainability upgrades, is set to reduce the building’s greenhouse gas emissions by up to 64%. Such improvements come at a crucial time as the purpose-built rental vacancy rate in Edmonton stands at just 2.4%.
Jeffrey Shell, head of alternatives, commercial ESG and innovation at BMO Global Asset Management, emphasized the bank’s commitment to environmental stewardship. “As part of our Purpose, to Boldly Grow the Good in business and life, BMO is committed to being our clients’ lead partner in the transition to a net-zero world,” he said.
"Greenhouse gas emissions from buildings make up a large proportion of Canada’s total emissions profile, requiring extensive energy retrofits to get to net zero. The BMO Retrofit Program is a testament to the way we collaborate across the bank, and partner with organizations and clients, to create new and effective sustainable solutions.”
Jason Jogia, chief investment officer at Avenue Living, expressed excitement over the project for the Edmonton community. “The BMO retrofit program supports our responsible investment goal to offer workforce housing residents with a high quality, affordable, and comfortable living experience for years to come,” Jogia said.
Daniel Veniot, Avenue Living’s associate vice president of debt capital markets, added that the project is expected to spark further development and investment in downtown Edmonton, revitalizing the area and creating a vibrant community atmosphere.
Mike Beg, head of real estate finance at BMO Commercial Bank, Canada, commented on the significance of collaborative efforts in such projects. “It’s imperative to have collaborative partnerships with key players in the multi-family space so that we can advance sustainable finance initiatives to positively impact the community,” Beg said.
BMO has described itself as carbon neutral in its operations since 2010 and continues to affirm its commitment in sustainable finance. In March 2021, BMO announced its Climate Ambition and has since mobilized $330 billion in sustainable capital, surpassing its 2025 commitment. The bank aims to be a leading partner in the transition to a net-zero world, evidenced by initiatives such as the BMO Climate Institute and its dedicated Energy Transition Group.
Avenue Living, founded in 2006, manages $6 billion in assets across North America. The company focuses on real estate investments that impact the everyday lives of North Americans, including workforce housing, self-storage, and farmland.
