CWB Financial Group will move its national headquarters to Manulife Place in downtown Edmonton.

The decision comes comes after Ice District Properties decided not to proceed, at least for now, on a new 16-storey commercial building adjacent to Ice District Plaza. CWB would have occupied 12 floors in the postponed development.

Manulife Place will be renovated and CWB will receive naming rights and crown signage, the financial company said in a news release.

“Moving to Manulife Place maintains Edmonton as our home and the prominent role that CWB has within the city’s downtown business community,” said Chris Fowler, CWB’s president and CEO in the release.

Tim Shipton, executive vice-president for Ice District, said in the same release that Ice District and CWB remain strong financial partners. The Ice District project’s hiatus was attributed to the challenging macroeconomic landscape, including higher vacancy rates in downtown locations, rising interest rates and construction cost inflation.

“We remain committed to building upon the foundation that Ice District has created in our downtown,” said Shipton.

Avison Young reported recently that Edmonton’s downtown office market is experiencing a resurgence. But about 33% of downtown retail space sits vacant, according to a University of Alberta study.