(Source:
https://www.businesswire.com/news/ho...mmunity-Update)
September 24, 2024 03:44 PM Eastern Daylight Time
TORONTO--(BUSINESS WIRE)--This afternoon, DREAM UNLIMITED CORP. and DREAM IMPACT TRUST (collectively “Dream”) commenced marketing 3.27 acres of land for sale within Zibi known as the Capital View Lands. Located in Gatineau, Quebec, the marketed site has exceptional views of Parliament Hill and the Ottawa River and is directly across from Place du Portage – an office complex that houses Canada’s largest concentration of Federal Government employees. With approximately 1 million square feet (“sf”) of potential development density, the Capital View Lands is contemplated to be developed with 5 separate buildings and offers an incoming developer a platform opportunity in the Gatineau area to work closely with Dream.
Zibi is a 34-acre waterfront community located in Ottawa, Ontario and Gatineau, Quebec, overlooking the Ottawa River. The community offers affordable and innovative housing options and incorporates significant inclusivity considerations. In addition, Zibi houses a district energy system which utilizes post-industrial waste for heating and the Ottawa River for cooling which allows for the community to be carbon neutral. Since Dream’s initial investment in 2015, approximately 1 million sf of residential and commercial space has been completed at Zibi, in addition to two parks and 3 plazas which are open to the public.
Dream remains committed to the future build-out of Zibi and its active development role within the National Capital Region. Based on current plans, Dream expects to build a total of 2,500 rental units at Zibi, of which 600 are completed and leased or completing lease up, with another 440 rental units starting construction within the next 12 months. With approximately one-third of the site built to date, selling 10% of the land will provide an opportunity for other developers to bring diversity of product type to the community and reduce the build out period. Between the potential sale of these three acres and the commencement of the two new buildings, the infrastructure debt for Zibi would be substantially paid down and we would continue to build out apartments as absorption permits completing our development within ten years.
“With the recent Senators arena announcement, we are excited to see even more development momentum near Zibi,” said Michael Cooper, Chief Responsible Officer of Dream. “We feel Zibi has generally progressed well and provided opportunities for very innovative partnerships. By bringing in development partners for the Capital View Lands, Zibi’s development pace can be accelerated to provide a mature community sooner in such a vital location to the National Capital Region.”
Last spring, Dream started construction on a 608-unit rental building on the LeBreton Flats Library Parcel, located at the Pimisi O-Train station and a five-minute walk to Zibi. The development of this site is important to Dream and an excellent example of how public, private and not for profit partnerships can bring much needed supply to market across the housing continuum with speed and scale.
Prev
Linear Mode
