Historic Paramount Theatre on Jasper Avenue Listed for Sale Amid ONE Properties Insolvency

The Paramount Theatre, a cherished landmark on Edmonton's Jasper Avenue, has been officially listed for sale as part of the insolvency proceedings involving ONE Properties.

 

This development presents a substantial opportunity for redevelopment in the heart of downtown Edmonton.

 

Constructed in 1952, the Paramount Theatre quickly became a central fixture in Edmonton's cultural landscape.

 

Its distinctive marquee illuminated Jasper Avenue, drawing moviegoers from across the city.

 

However, the theatre ceased operations in 2003, and the building has since been repurposed for various uses, including serving as a church and hosting seasonal events like the Deadmonton haunted house.

 

In September 2025, the Alberta Court of King's Bench appointed MNP Ltd. as the receiver and manager for ONE Properties Paramount Limited Partnership, the entity owning the Paramount site.

 

This action was initiated following a default on a $9 million loan facility provided by the National Bank of Canada.

 

The receivership order empowers MNP to oversee the property, collect rents, and facilitate a court-supervised sale or refinancing process.

 

The Paramount site encompasses multiple addresses along Jasper Avenue, specifically 10233, 10247, 10275, and 10279 Jasper Avenue NW.

 

Spanning approximately 27,964 square feet (0.64 acres), the property is zoned as Core Commercial Arts (CCA), allowing for a maximum Floor Area Ratio (FAR) of 12.0 and a maximum building height of 150 meters.

 

This zoning permits a potential buildable area of approximately 335,568 square feet, making it an attractive prospect for developers aiming to contribute to Edmonton's evolving skyline.

 

To manage the sale, MNP has engaged Jones Lang LaSalle Real Estate Services, Inc. (JLL).

 

The property is being offered on an "as-is, where-is" basis, free and clear of any financial encumbrances.

 

Prospective buyers are encouraged to contact JLL for detailed information and to explore the potential of this prime downtown location.

 

The sale of the Paramount Theatre site is part of a broader trend of significant real estate transactions and developments in Edmonton's downtown area.

 

For instance, in late 2025, Josan Properties Ltd. acquired the Intact Building at 10830 Jasper Avenue for $24 million, signaling a bullish outlook on the downtown office market.

 

Additionally, the Edmonton City Centre mall and office complex was placed under receivership in mid-2025 due to a $140 million debt, highlighting the dynamic nature of the city's commercial real estate landscape.

 

The Paramount Theatre holds a special place in Edmonton's history.

 

While it is listed on the city's Inventory of Historic Resources, it does not have protected heritage status, leaving its future open to redevelopment.

 

Community members and heritage advocates have previously expressed interest in preserving the building's historical significance.

 

As the sale process unfolds, stakeholders will be keenly watching to see how this iconic site will be transformed and integrated into the fabric of downtown Edmonton.

 

For more insights into the Paramount Theatre's history and its current status, you can watch the following video: