Avenue Living has announced that it will add 179 new multi-family rental units to a mixed-use building in downtown Edmonton.

The $28-million project was made possible through the Bank of Montreal’s BMO’s short-term retrofit financing program, the company said in a news release. The project includes energy retrofits and sustainability upgrades that are expected to reduce the building’s greenhouse gas emissions by up to 64%.

Avenue said the revitalization of the building, located 10609 101 Street, will significantly contribute to meeting housing demand in the Alberta capital’s downtown core.

“The renovation of this building is expected to inspire more projects like it in the downtown area, which will bring in more investment and create a fresh, lively atmosphere in the neighbourhood,” said Daniel Veniot, Calgary-based Avenue Living’s associate vice-president of debt capital markets.

“By investing in this asset, we are introducing new units in Edmonton to support a targeted demographic of essential workers, young professionals, and students, while ensuring that we’re doing it in an environmentally friendly way.”

Mike Beg, head of real estate finance for BMO Commercial Bank, said the retrofit sets a new standard for ambitious and forward-thinking development in the property sector.

“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,” he said.

Pictured: Before and after versions of Avenue Living’s multi-family redevelopment project in downtown Edmonton

Images: CNW Group/Avenue Living