One Properties Paramount: an empty theatre on Jasper Avenue

A receivership over a shopping centre is about tenants. A receivership over an office tower is about leases. This one is about four addresses on Edmonton's main street where almost nobody is paying anything.

What the estate is

One Properties Paramount GP Inc., general partner of One Properties Paramount Limited Partnership, is the registered owner of five parcels of land known together as the Paramount Lands, at 10233, 10247, 10275 and 10279 Jasper Avenue NW, Edmonton, per Receiver's First Report to Court, June 29, 2026, paras. 6–8.

Three buildings stand on them, and the report's inventory of what is inside them is short:

• a vacant theatre, previously operated as the Paramount Theater On Jasper;
• a one-storey building containing three vacant retail units; and
• premises occupied by a single tenant, Canna Cabana, under an expired lease

per Receiver's First Report to Court, June 29, 2026, paras. 9 and following.

One cannabis store holding over on a lease that has run out, and everything else dark.

The Court of King's Bench of Alberta, judicial centre Edmonton, appointed the Receiver over all of the partnership's property on September 24, 2025, per Receivership Order, September 24, 2025.

The debt, and the security behind it

National Bank of Canada registered a general security agreement at the Personal Property Registry on November 14, 2018, and a first-in-time mortgage against the titles on January 8, 2019. The Receiver obtained an opinion from independent counsel confirming that security to be valid and enforceable, subject to the usual assumptions and qualifications, per Receiver's First Report to Court, June 29, 2026, paras. 45–47.

As at July 31, 2025 — before the appointment — the amount owing to National Bank was $9,086,012, with interest and costs continuing to accrue, per Receiver's First Report to Court, June 29, 2026, para. 18.

What it costs to hold an empty building

The Receiver attended the Paramount Lands on the day of its appointment to take possession and secure the buildings. Its list of activities since is the least glamorous document in insolvency practice and the most revealing, because every line is a bill on a property earning almost nothing, per Receiver's First Report to Court, June 29, 2026, paras. 19–20:

Insurance confirmed and renewed. Every utility and service account transferred into the Receiver's name. Snow removal, garbage and janitorial contractors kept on. Contractors engaged for regular security and insurance checks. Annual fire alarm and prevention testing arranged. HVAC and electrical repairs. Maintenance requests from the one remaining tenant, answered.

And, in the middle of that list: "various correspondence with City of Edmonton regarding property security, graffiti and loitering."

That single item is what a vacant landmark on a commercial high street generates. The municipality writes to the receiver about the state of the frontage; the receiver hires people to check on it; the meter runs.

The interim statement of receipts and disbursements puts a figure on the nine months. From September 24, 2025 to June 17, 2026, receipts totalled $325,887 and disbursements $172,617, leaving $153,271 in the Receiver's trust account, per Receiver's First Report to Court, June 29, 2026, paras. 43–44.

Something over half of everything collected went straight back out to keep the buildings standing, insured and watched.

Marketing without a price

The Receivership Order authorises the Receiver to market the assets but does not prescribe a process — so the Receiver built one, per Receiver's First Report to Court, June 29, 2026, paras. 24–25.

It issued a request for proposals to five licensed commercial brokerages active in the Edmonton market, toured the property with brokers, reviewed the proposals in detail, and engaged Jones Lang LaSalle Real Estate Services, Inc. to list and market the lands on an as-is, where-is basis. JLL's proposal included a commission of 3.00% of the gross sale price with an additional 1.00%, and a tailored marketing plan — email and telephone campaigns, a dedicated webpage and data room, social media and 360-degree imagery, per Receiver's First Report to Court, June 29, 2026, paras. 20(xii), 20(xix), 26–27.

Marketing launched on or around January 12, 2026, offered to the market as-is where-is and on an unpriced basis — no asking price, the market invited to say what the assembly is worth. 'For Sale' signage went up at the property, the listing went online with an email campaign behind it, and a virtual data room opened for diligence. JLL reached out to active developers in Edmonton, Calgary and beyond, per Receiver's First Report to Court, June 29, 2026, paras. 29–35.