Downtown Edmonton’s historic Union Bank building’s redevelopment is almost complete, Postmedia reported.

The project will include new office space serving as the corporate headquarters for Union Finanjcial and and a high-end restaurant known as Roca by Sabor, according to Postmedia.

David Hawreluk, a local lawyer and entrepreneur, purchased the three-storey building at 10053 Jasper Avenue in 2023. The building, constructed in 1910, is being restored to attract more businesses, visitors, and economic activity to Alberta capital’s downtown core.

The upper floors will become the new Union Financial headquarters, while the main floor and lower floors will house Roca by Sabor.

“This project is about more than preserving and restoring a historic gem in Edmonton,” Hawreluk said in a news release, according to Postmedia. “It’s about contributing to revitalizing downtown Edmonton by bringing new life to the building and new energy to the area.”

Connect CRE Canada has not obtained a copy of the news release, which has not been widely circulated.

The Union Bank building, which features a brick and limestone facade, is the last remaining pre-First World War bank building in Edmonton. Built during the city’s economic boom, it played a key role in the banking and investment sector for nearly 70 years.

Union Financial, which includes Union Lending , Union Wealth Management, and Union Insurance Brokerage, is set to move into the two upper floors in early 2026, according to Postmedia. The move will restore the building’s legacy as a financial institution.

Roca by Sabor is an extension of the well-known Sabor Group.

“Bringing Roca by Sabor to the Union Bank building is an incredible opportunity to create something truly one-of-a-kind, showcasing the brand of hospitality we’ve become known for,” said Christian Mena, owner of Edmonton-based Sabor Group. “The combination of a stunning historic space and a fresh new dining experience is something we know Edmontonians — and visitors — will love.”

The redevelopment has been met with enthusiasm, with Puneeta McBryan, CEO of the Edmonton Downtown Business Association, praising the project’s potential impact.

“Restoring historic spaces while introducing new economic activity strengthens the core and makes it a more vibrant and dynamic place to work, dine, and visit,” she said in the release cited by Postmedia.

Kim Petrin, deputy city manager of urban planning and economy with the City of Edmonton, called the project “a perfect blend of our rich history and the dynamic future of our downtown community.”

Pictured: Union Bank building in downtown Edmonton.

Photo: Union Bank Inn