Union bank

Home security contractor buys Union Bank Inn and three other notable buildings

The Union Bank Inn has been sold to a local entrepreneur who hopes to revitalize and bring new energy to the historic buildingwhich has been an integral part of Jasper Avenue since 1911.

“The idea is to honor its history, to really pull out the roots of what Union Bank was,” said Henok Kassayethe new owner, who is taking over a business that was closed for most of the pandemic.

In the early 1900s, the Union Bank of Canada building was one of 10 banks on Jasper Avenue between 100 and 101st Streets – it is now the last remaining bank building in the city. pre-1914 era on Jasper Avenue. It was restored by Diane Kyle Buchanan in 1997 and reopened as Union Bank Inn.

Kassaye hopes focusing on the building’s origins, including the use of the rear parking lot for events and the return of programming, will help reactivate downtown Edmonton by attracting a new generation with “everything fun concepts while respecting what makes sense”.

“I’m obsessed with Edmonton and I think our historic inventory or our old buildings is something that should be kept and redone and revitalized, but there’s also this new energy that Edmontonians have that I want to be a part of,” said said Kassaye, who attended MacEwan University and is the founder of Smart Home Security Turnip.

In terms of hospitality, Kassaye wants to add a wine bar and “old-fashioned pub” to the Union Bank Inn. A modernized restaurant will replace Madison’s Grill, with “fun cocktails and fantastic chefs that will really blow Edmonton out of the water.”

He also plans to do a “soft renovation” of the rooms, making small changes like updating fireplaces and adding smart TVs.

“You’ll see new, modern rooms with the old shell that’s kept such a great name all these years,” Kassaye said. “You will always see the Union Bank and it will always be the Union Bank Inn when you walk in.”

Kassaye said he purchased the Union Bank Inn along with three other properties: the Garage Scona off Whyte Avenue, the International Harvest building on 109th Street and 10507 Saskatchewan Drive (the former incite marketing building). All four were listed by Omada Commercial.

The deal closed in late January and is worth just over $19 million, Kassaye told Taproot. The Union Bank Inn accounted for approximately $5.9 million of the overall sale.