1490-1500 Merivale Rd | 10 buildings | up to 34m | 9f-11f | Proposed

[TransitZilla]

CTV sells Merivale building
By Roman Zakaluzny, Ottawa Business Journal Staff
Tue, Feb 19, 2008 10:00 AM EST


CTV Ottawa has sold its aging building at 1500 Merivale Rd. for $10 million.

But the station isn't moving anywhere, at least for now, even though the network has available real estate in the heart of the ByWard Market after its purchase of A-Channel and its digs last year. For now, the local station is keeping a 10-year option on the Merivale building after selling it to Toronto-based Osmington, a real estate development firm.

It's been well known for seven years that CTV was looking for an interested buyer after 45 years at the site.

"Our building is far more building than we require," CTV Ottawa's general manager Louis Douville told the OBJ a year ago.

Mr. Douville said that much of the excess floor area is currently rented out to other tenants, including a dentist. "It's an old building, there's too much building, and certainly we have been entertaining selling the whole area. We have 14 acres. We have been looking at selling the property, and relocating to a property better suited for our offices and studios."

For now, however, CTV is leasing back the space it requires from Osmington, at least until it finds a new property. The station has not publicly voiced a desire to move to the Market, saying instead it planned to "strengthen" its sister station, A-Channel, which is currently housed in the Market Media Mall, at 87 George St.

Osmington representatives told local media that the remaining space on the property will be turned into residential units or small stores.