The target is for tenants to move in by early 2026. It's also proposing a community hub, daycare and community bike shop, amenities long sought by residents in the area.
It has partnered with Ottawa non-profit Multifaith Housing Initiative, which will own 130 of the 601 units and offer them for rent at 59 per cent below market rental value, in perpetuity.ĭream will also operate 117 of its rental units at 79 per cent of the market rate for 55 years, which means 41 per cent of the apartments will be offered at a below-market rental price. "I think it's a really fantastic start and it does set the tone and the stage for future real estate parcels," said NCC CEO Tobi Nussbaum.ĭream Asset Management Corporation is the company behind Zibi, the major redevelopment taking place nearby on the site of the former paper mill on the Ottawa River. The NCC chose Dream from three shortlisted bids. This parcel is the commission's first sale in a rebooted master plan at the prominent and long-vacant site in Ottawa's urban core. Of that purchase price, $27.5 million will be subsidized by the Canada Mortgage and Housing Corporation (CMHC) with a forgivable loan to support affordable housing and net-zero construction. The National Capital Commission (NCC) will sell the 1.1-hectare parcel between Pimisi light rail station and the future central library - being built jointly by the City of Ottawa and Library and Archives Canada - for $30 million. (National Capital Commission - image credit)Ī team led by Toronto-based developer Dream has been chosen to build a pair of towers at LeBreton Flats that promises a mixture of affordable housing units, social programs and environmentally friendly construction that Ottawa rarely sees. Developer Dream and non-profit housing group Multifaith Housing Initiative have won the bid to build 600 rental apartments at LeBreton Flats on land to be bought from the National Capital Commission.
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