OTTAWA — Two Ottawa development collaborators recently announced they have acquired a five-acre urban redevelopment site in central Ottawa with a development capacity of 2.3 million square feet.
Colonnade BridgePort, on behalf of its partners, and Fiera Real Estate, on behalf of Fiera Real Estate Core Fund LP, unveiled a new partnership and the redevelopment plans April 27. The property is currently home to Dustbane Products, a manufacturer, and holds 155,376 square feet of industrial buildings.
The partners completed a sale leaseback with Dustbane and are planning to redevelop the site into a mixed-use high-density community hub.
The site is located just over three kilometres from Parliament Hill and is adjacent to the Ottawa Train station, the Tremblay LRT station and Highway 417.
“The leaseback provides us with an attractive income return from a quality tenant and allows us the time to master-plan the project, and Dustbane the time to find an alternative location,” said Hugh Gorman, CEO of Colonnade BridgePort, in a release.
“Looking ahead, we see a vibrant, walkable, cycle-friendly, transit-oriented community with quality mixed-use development that includes sustainable residential and commercial uses that generate long-term income returns for investors.”
Colonnade BridgePort and Fiera Real Estate have partnered on several developments in the Ottawa area including Westboro Connection, a transit-oriented mixed-use development in Westboro, and Hintonburg Connection, a transit-oriented purpose-built highrise rental building near Tunney’s Pasture LRT station.
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