Midco Equities Ltd., owned by Bill Comrie of the Brick Warehouse furniture and appliance chain, purchased the building and adjacent parking lot in 1981 for $6M, intending to erect a 25-storey offICE tower. The crash of the early 1980’s changed those plans.
In 2002, renovations were completed by Chandos Construction to bring the building back to its original character by converting the building to lofts. Prior to the renovations, the Phillips Building had been saved from demolition by Worthington Properties, a local Edmonton based developer, who hired Chandos Construction to execute a complete restoration and renovation of the building and renewed much of it to its original character. Throughout the process, the developer converted the former office space into 29 unique and highly desirable loft and three commercially zoned units.
The Phillips Building, an important element of the historic warehouse area streetscape, is consistent in scale and character to neighbouring buildings on 104th Street and strengthens the transition between Jasper Avenue and the commercial warehouse district.