Fengate and Canderel acquire transit-oriented site in Ottawa
Fengate Asset Management (“Fengate”) and Canderel Management Inc. (“Canderel”) are pleased to announce the acquisition of 1209 St. Laurent Boulevard, a one-acre site in a transit-oriented development zone in Ottawa’s east end. As part of their commitment to invest in Ottawa, Fengate and Canderel have partnered to co-develop the site with two purpose-built rental buildings. Fengate is managing this investment and development as part of its commercial and residential development strategy on behalf of its investors, including the LiUNA Pension Fund of Central and Eastern Canada.
With the site already zoned, the project will deliver more than 600 units to the undersupplied Ottawa housing market where population growth is outpacing many of the Canadian urban centres, including Toronto and Montreal.
1209 St. Laurent Boulevard is a transit-oriented site in one of the most prominent transit nodes in Ottawa with direct pedestrian access to both St. Laurent and Cyrville Road LRT stations. Located directly across from the St. Laurent Shopping Centre (one of the largest shopping malls in Ottawa), the proposed development will offer future residents quick and convenient access to the numerous restaurants, parks, museums, and other urban amenities in the city’s downtown core.
“We are pleased to partner, on behalf of our investors, with Canderel on this highly amenitized and transit-oriented site,” said Jaime McKenna, Managing Director and Group Head of Real Estate at Fengate. “Through optimized design and suite mix, the proposed development at 1209 St. Laurent Boulevard will add new and much-needed residential options in a popular retail area and expanding office node.”
“We are thrilled to embark on this strategic partnership with Fengate and look forward to expanding the relationship into many more purpose-built rental projects in the near future,” says Ben Rogowski, COO, Canderel. “The acquisition of 1209 St. Laurent Boulevard is a unique opportunity to contribute to a healthier, more inclusive community. We are excited about the potential of this site because we will be able to add modern and functional inventory in a part of the city where most of the rental inventory is over 40 years old.”