The 26-story Pinnacle Tower, located just west of Downtown, has a new owner.
Leston Holdings announced Thursday that it had acquired the building, which houses 249 residential suites and has ground-level commercial space, for $61 million.
David Mitton, Leston’s owner and CEO, said that as part of the deal, 200 of the units will be designated as afforable units, and can only have rent increases that are indexed by inflation.
“We’d like to reassure the residents at Pinnacle that we’re only there to make improvements. They don’t have to be worried about rental increases. We’d like to improve the property, add some more amenities, make the commercial space nicer.”
One of Leston’s goals is to improve the street-level retail bays. Work has just been completed on the widening of sidewalks on Jasper Avenue and 121 Street, and Mitton said there’s opportunities to take advantage of that. He wants to protect the businesses that already have leases there, including a convenience store and a liquor outlet.
“To the east, we’ve got Citizen Tower, and they did a very good job down on the main floor with their restaurants that are there,” said Mitton. “It’s a beautiful streetscape. Now that they finished the sidewalk widening on Jasper Avenue, it would be nice to carry that look down towards Pinnacle Tower at the corner of 121 Street. So we would like to definitely do a refresh, maybe open it up a little bit, add some nice new glass, modernize it, make it more welcoming, and add whatever businesses that the residents would like to see there.”
Last year, the Pinnacle made headlines when five-year-old Keyeron Nure fell to his death from one of the units. The then-owner, Hazelview Properties, stated that staff were “heartbroken” by the tragedy.
Leston recently acquired an undeveloped parcel near the corner of 124 Street and Jasper Avenue and a city block framed by 112 Street and 113 Street and 105 Avenue and 106 Avenues.
Leston Holdings, an Edmonton-based real estate investment and development company, announced the acquisition of Pinnacle, a 26-storey residential tower in central Edmonton.
Mitton said work on the 124 Street site is in the “preliminary design” stage. The plan is to erect an 18-storey building on the site, with space for 130 residential units.
The block between 112 Street and 113 Street is planned for three phases, a total of about 600 units. The first phase will have 209 suites. A park will also be placed in that block.
“We are showing that we believe in Edmonton’s Downtown and want to bring back nice places to live and create community,” said Mitton.
The company purchased Edmonton House in 2024 for $51 million, and followed that up with the purchase of the David Thompson and Axis Tower for $60 million.
“My family’s born and raised in Edmonton,” said Mitton. “I’ve been in the business for 25 years and, for the most part, our priority has been the Wîhkwêntôwin neighbourhood. So we continue to invest there. We believe in the Downtown core. We love what we see with the Jasper Avenue revitalization. It’s nice that it’s wrapping up outside the front doors of Pinnacle. I think we’re just optimistic, being positive. I think we want to make a difference. We want people to love the neighbourhood, and we want people to come back Downtown.”
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