Construction is underway at The Elm at Legacy Park, the first two rental residential buildings being developed at the project by Forum and Dawson Wallace in Spruce Grove, just outside Edmonton.

With occupancy anticipated in early 2027, Phase 1 will deliver two buildings with a total of 186 rental suites (93 suites each) in a market the developers say is experiencing notable growth.

“The Elm at Legacy Park marks an important milestone in our continued investment across Alberta,” Forum founding partner Jay McMartin said. The development is located near the intersection of Jennifer Heil Way and Highway 16A.

“Spruce Grove is a dynamic market and this project reflects our commitment to building rental communities that respond to the needs of today’s residents. Dawson Wallace’s collaborative approach and attention to detail have been instrumental in bringing this vision to life."

McMartin told RENX in an interview the residential project, which is located next to a commercial retail component, The Shoppes, is designed to meet the evolving needs of renters.

Features at The Elm

The Elm will include a mix of one- and two-bedroom suites with underground parking. It will also include a fitness centre, lounge and an outdoor patio with barbecues and fire pits.

The Elm is designed to attract younger residents who might be renting their first home, or older people looking to downsize and enjoy a convenient lifestyle, McMartin said.

When the partners launched the project, residential vacancy rates in Spruce Grove were extremely low, he said, noting the supply-demand metrics in the area encouraged them to shape the mixed-use Legacy project with multifamily rental and retail-commercial units. 

Edmonton's purpose-built rental market, however, has softened over the last year, with vacancy rising to 3.8 per cent, according to CMHC's national rental market report. The report said the increase was driven by higher-than-typical rental completions and softer demand due to higher youth unemployment and more young people remaining at home.

Nevertheless, the average two-bedroom unit rent climbed by 3.5 per cent to $1,603 in the Edmonton region. 

McMartin said Forum is primarily a develop-and-hold company that focuses entirely on rental residential instead of condos. "We like to have income long-term."

Forum has been invested in the Stony Plain-Spruce Grove market since 2000, he said.

Retail component to include well-known brands

Meanwhile, Forum continues to construct the first five multi-tenant buildings at the adjacent commercial development called The Shoppes at Legacy Park. The development will initially include Chipotle, Supplement World, Burger King, Popeyes Louisiana Kitchen and Firehouse Subs, among others. 

Forum tends to work with a consistent set of companies in its leasing, with long track records that provide predictability, McMartin said. "So we know their businesses quite well. They know what we do."

"The (buildings are) framed and almost enclosed at this point,” McMartin said of the initial retail spaces. "Possession will be handed over to tenants late spring 2026." 

McMartin said there is an additional 10 acres of land that will eventually be used to build additional commercial-retail units at the site ranging in size from 1,100 to 5,000 square feet. Those buildings will be located between the residential buildings and the five retail buildings now under construction. 

Stony Plain and Spruce Grove tend to serve as bedroom communities for Edmonton, McMartin said, noting the company is active in various suburban markets including St. Albert, Sherwood Park, Leduc, Fort Saskatchewan and the City of Edmonton itself. 

Forum active in multiple CRE sectors

Forum, which has offices in Edmonton, Montreal and the GTA, is an owner and developer of commercial, residential, and mixed-use real estate across Canada. Its work includes acquisition, development, construction, leasing and property management. 

On the residential side, Forum keeps a close eye on where the market is heading and on other projects that will be completing in an area — and assesses the direction of rental rates, McMartin said.

"Because underwriting a project today (means) your rents are going to be different than when it's done in 20 or 24 months."

“We’re excited to partner with Forum on this project,” said Brandon Wallace, principal, Dawson Wallace in a release about Elm.

Dawson Wallace is a construction manager active in B.C., Alberta and Manitoba. The company's portfolio includes retail centres, restaurants, market & non-market housing, office, industrial and agricultural facilities. 

“With our long-standing relationship with Forum on projects across Western Canada, and our team’s expertise in quality construction and innovative design, we are excited to be a part of Spruce Grove’s newest rental community,” Wallace said.