Fengate to build 1,900 rental units at pair of prime Ottawa development sites
Fengate Asset Management says it plans to build more than 1,900 rental housing units at two coveted development sites in Ottawa as the Toronto-based company ramps up its investment in the National Capital Region.
Fengate said earlier this week it has purchased a one-acre site at 1209 St. Laurent Blvd., across from the St. Laurent Shopping Centre, as well as property at 1047 Richmond Rd., a few blocks northwest of the Carlingwood Shopping Centre near an LRT station that’s now under construction.
Fengate says it purchased both parcels of land on behalf of investors that include the LiUNA Pension Fund of Central and Eastern Canada. Terms of the transactions were not disclosed.
Fengate partnered with Montreal-based Canderel Management to buy the St. Laurent Boulevard property from a private vendor in an off-market deal. The firms plan to build a pair of 30-storey apartment towers containing a total of more than 600 rental units in a variety of suite types and sizes.
The site is already zoned for residential construction. Fengate said the companies hope to break ground on the project within the next 12 months.
Growing office sector
“With its proximity to the new (St. Laurent) transit station and retail amenities, along with the growing office sector in Ottawa’s east end, the site presents a great opportunity to introduce new and much-needed rental options in the area,” Jaime McKenna, Fengate’s managing director and group head of real estate, said in an email to OBJ.
It’s the first joint project for Fengate and Canderel. McKenna said the two firms have “aligned interests” to develop highrise residential buildings and were looking for an opportunity to work together.
“After considering different projects to co-develop with Canderel, we finally found the right fit in this transit-oriented site,” she said in an email to OBJ.
-- SNIP --
https://obj.ca/article/real-estate/r...elopment-sites