Claridge Royale [245 Rideau St] | 62/84/84m | 18/26/27f | U/C

[J.OT13]

Tower on the right is way slimmer than depicted in renderings. The left tower, that is WIDE!

[Harley613]

Originally Posted by J.OT13

Tower on the right is way slimmer than depicted in renderings. The left tower, that is WIDE!

That fat slab facing East will be the largest CharcWhiteBeige wall in the city soon, and with many funky cool shapes and stripes I'm sure.

[saisoj]

Originally Posted by saisoj

I just hope the plan to have a grocery store at ground level remains. Would be even better if it was 24/7 as the previous Metro, but that is minor.

This photo is almost 4 months old now, would anyone have the latest view from this angle? Curious to see how much it has progressed.

[Glenlivet Ave]

View of a few buildings under construction in the Market including this one, from a couple of weeks ago.

[ogbenp]

Originally Posted by saisoj

This photo is almost 4 months old now, would anyone have the latest view from this angle? Curious to see how much it has progressed.

I walk by this building almost every day. Visually there doesn't seem to be much progress, but maybe seeing it often feels like it's moving slower. I'll get a picture this afternoon.

[J.OT13]

Drove by today. Wow, that part of Rideau is dismal. Also nuts that Montreal-Rideau has no prospect of rapid transit, let alone anything resembling decent transit. You have this dense, urban, mixed-income corridor, and we're building rapid transit in farm fields, parking lots and areas with low density suburbs.

[GeoNerd]

Photos from today. Not much has changed in 4 months.

[J.OT13]

As far as Claridge goes, this isn't terrible. It's even slightly better than most of Rideau, with significant space between two towers, but a third across blocking out the sky.

[OTSkyline]

This is a huge project. it's like 2 or 3 projects in one. Anybody know how many units this is?

I forget, is it all condos? part condos, part rentals? Is there still supposed to be a hotel portion?

[YOWetal]

Originally Posted by J.OT13

Drove by today. Wow, that part of Rideau is dismal. Also nuts that Montreal-Rideau has no prospect of rapid transit, let alone anything resembling decent transit. You have this dense, urban, mixed-income corridor, and we're building rapid transit in farm fields, parking lots and areas with low density suburbs.

Yeah there is an assumption they are walking to work but I owned a unit along the coridor for many years and everyone wanted a parking spot and often to drive to work. A wellington tram could continue on Rideau to Montreal to Vanier. A lot of those cross streets could be closed off making it decently rapid. Pipe dream I know as it doesn't add any new wards with LRT.

[J.OT13]

Originally Posted by OTSkyline

This is a huge project. it's like 2 or 3 projects in one. Anybody know how many units this is?

I forget, is it all condos? part condos, part rentals? Is there still supposed to be a hotel portion?

Hotel was scrapped in favour of residential units. 725 total. Metro should move back in. Mix of rental and condos.

Moon, as far as I know, still has a hotel component.

Originally Posted by rocketphish

Claridge ditches plans for hotel at former Metro site, adds more residential units

By: OBJ staff
Published: May 12, 2020 11:27am EDT

An Ottawa developer has scrapped its proposal to include a hotel as part of a mixed-use project at the site of the former Metro supermarket on Rideau Street and instead plans to build more residential units on the property.

Council approved Claridge Homes’ application to construct three towers of 18, 26 and 27 storeys at 245 Rideau St. last fall. The buildings would rise above a two-storey podium that’s expected to feature a 35,000-square-foot Metro store to replace the former supermarket on the site.

In Claridge’s original plan, the tallest building was slated to include rental apartments, while the 26-storey tower would be devoted to condos and the 18-storey highrise would be a 208-room hotel. Under a site plan revision recently submitted at City Hall, the developer says it wants to replace the hotel with another apartment building featuring 148 units.

The revised proposal calls for a total of 745 residential suites in the three buildings. An underground parking garage would provide spaces for 385 vehicles.

It’s not the first time Claridge has altered its plans for the 1.25-acre site just a few blocks east of the Rideau Centre, which it purchased in 2013 and is a prime location for transit-oriented mixed-use development.

The developer’s original plan, which was approved in 2015, called for three towers of 21, 25 and 28 storeys and a two-storey podium containing two “large-format retail stores.” A mix of residential and hotel suites was proposed for the site, which was expected to include about 440 units.

Last year, Claridge modified that proposal, adding more units, altering the heights of the buildings and changing the retail use to a food store.

https://www.obj.ca/article/claridge-...idential-units

[YOWetal]

Originally Posted by J.OT13

Hotel was scrapped in favour of residential units. 725 total. Metro should move back in. Mix of rental and condos.

Moon, as far as I know, still has a hotel component.

They continually seem to make the wrong choice looking into the future. A hotel would do gangbusters business right now. Condos would have sold out in 2021. The rental market is still to be determined but there is an absolute ton of new units being built in the area. Student numbers are up but how many $2000 1 bedrooms can the market absorb?

[yotajoe]

Originally Posted by YOWetal

They continually seem to make the wrong choice looking into the future. A hotel would do gangbusters business right now. Condos would have sold out in 2021. The rental market is still to be determined but there is an absolute ton of new units being built in the area. Student numbers are up but how many $2000 1 bedrooms can the market absorb?

They are opting for rentals over condos because profits are way higher in rentals. Current interest rates are bringing down condo prices in an already not so hot Ottawa condo market.

If the market can't absorb 2000$ 1 bed rentals then prices will drop but I don't see this happening anytime soon with the massive influx of international students coming in.

[YOWetal]

Originally Posted by yotajoe

They are opting for rentals over condos because profits are way higher in rentals. Current interest rates are bringing down condo prices in an already not so hot Ottawa condo market.

If the market can't absorb 2000$ 1 bed rentals then prices will drop but I don't see this happening anytime soon with the massive influx of international students coming in.

They aren't profitable at all at current interest rates though. Maybe Claridge is self funding but paying 6 or 7% means they will lose money and dramatically so actually. Even at a valuation of $400,000 6% is $2000 a month. They don't have condo fees but the maintenance insurance costs are essentially the same. They also need property management. They will be bleeding money if this building completes soon.

[shelltime]

Originally Posted by YOWetal

They aren't profitable at all at current interest rates though. Maybe Claridge is self funding but paying 6 or 7% means they will lose money and dramatically so actually. Even at a valuation of $400,000 6% is $2000 a month. They don't have condo fees but the maintenance insurance costs are essentially the same. They also need property management. They will be bleeding money if this building completes soon.

My guess is this was CMHC funded or they locked in a good rate when construction actually started which was 3 years ago. But yeah its the current interest rate environment, its impossible to start any purpose built rental.

[Harley613]

I hate this

[OTSkyline]

I HATE this trend of random patches of coloured brick... it just makes it look mismatched instead of actually adding to the overall design.

Do all charcoal or all beige, stop with these random squares

[McKellarDweller]

Ouch.
What a dreadful era we're in for Rideau Street, and the surrounding environs.

[J.OT13]

This is what I was afraid of. What is it with Claridge and this terrible design? It's not even a trend. I've never seen anyone other than Claridge-Neuf projects (Travelodge aside, which is better executed).

[YukonLlama]