Jadco doubles down on Ottawa with 2nd downtown multires tower
Danny Kucharsky, Renx
June 19, 2023
Montreal developer completes 28-storey The Met, plans high-rise of up to 440 units
Fresh off the completion of its 303-unit The Met multiresidential development at 180 Metcalfe St. in downtown Ottawa, Montreal-based developer Jadco Group is set to build another residential tower in the city core.
The new 150 Laurier Ave. W. development will have about 30 per cent more density, with up to 440 units. Both buildings are 28 storeys.
“We have a site plan application for 150 Laurier and (are hoping) to start by the end of the year,” André Doudak, president and CEO of Jadco, told RENX. “We’re at centre ice. We’re at Laurier and Elgin and it’s going to be Ottawa’s No. 1 tower in my book.”
Jadco is planning a third project for Ottawa next year, to be located on a light-rail transit node outside of the downtown core.
Doudak did not provide price tags for the Ottawa developments.
Jadco's move into the Ottawa market
The Jadco family business expanded its reach to the Ottawa area a few years ago after concentrating on the Montreal area since its formation in 1987.
“Our conviction for the Ottawa market cannot be stronger,” Doudak said, noting Ottawa is a “phenomenal” market with a strong government and university base.
“We couldn’t be more happy with the results. We’re confident enough to double down on Ottawa investment.”
He said rentals at The Met, which began occupancy last month, have surpassed expectations, but did not provide numbers.
Jadco is also working on what Doudak said will be one of the biggest residential rental projects in downtown Montreal, with about 700 to 800 units. The development is at the permitting stage.
Although Jadco is mainly a residential developer, it has recently ventured into life sciences and large-scale commercial and shopping-centre densification.
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Affordable housing in new developments
Doudak said affordable housing units are part of the mix of its new residential developments.
“We don’t look at it as a cost or a challenge, we look at it as an opportunity to give back to the community and to be part of the fabric of the community,” he explained.
Three-bedroom, family-sized units are also included in many of Jadco’s residential developments and “surprisingly they’re good for business as well because these are (often) the first ones to rent.”
He said every Jadco project must reflect the mix of the community “and that’s why you achieve the 99 per cent rental occupancy that we have. We build what’s needed in the community; not just what looks good on paper.”
https://renx.ca/jadco-doubles-down-on-ottawa-with-2nd-downtown-multires-tower
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That and teasing us with a little more height (will it be 27, no 32, 30... 29? Nope, 28 and no roof feature).
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