The condo market is changing. Long gone are the days of over supply and bottom of the barrel deals. We’re in a new market; the demand for urban living is growing and Ottawa is taking more of a centre stage role in Canadian real estate. This is forcing developers to look differently at their projects and come up with something different. Here are four upcoming developments to change Ottawa’s condo landscape.
Icon Condo Ottawa
Ottawa’s impending condo boom is about to get a major kickstart with Claridge Icon. Towering at 45 stories tall, this skyscraper will be the tallest tower in Ottawa. Aimed to be completed in 2020, the project will be the first major development on Little Italy’s Preston Street since 2006. The building should attract primarily young and established professionals looking to be close to downtown with more of a tranquil lifestyle after business hours. Claridge Icon will pave the way for the rest of Preston Street to get a facelift with proposed projects, such as SoHo Italia and The Sky, along with unannounced and unofficial projects including the Old Prescott restaurant and land, the massive parking lot next door, and the old government buildings on Booth St to name a few. Claridge will get to wear the crown of building the tallest tower in Ottawa. Unfortunately for them, it’s only a matter of time before another developer takes that mantle (hint; it could be Richcraft with a 55-story tower proposed at The Sky).
The Residences at Island Park Drive Condo Ottawa
Ottawa’s luxury condo market has been under the radar for quite sometime. With wealthy baby boomers looking to sell their massive homes and move into a massive condo (they want to downsize, but not by a lot 😉), the demand is brewing. Enter Mizrahi Developments and their project, The Residences at Island Park Drive. The Toronto heavyweight known for bringing the epitome of luxury to life is ready to elevate the standard of luxury condos in Ottawa with The Residences at Island Park Drive. Looking for a hotel level 24-hour concierge to get you anything you can dream of and a valet to park your car and take your bags to your suite? Well you will get all of that and more at this Westboro development. Mizrahi Developments is looking to redefine luxury living in Ottawa and we can wait to see what it looks like.
Moon Condo Ottawa
The Northwestern part of Centretown isn’t as glitzy or well know as the rest of Centretown. Primarily home to a lot of office buildings and a lot of parking lots, there’s much to be desired here. Luckily most parking lots turn into major developments, and this part of Centretown has lots of them. Enter Claridge Moon. This project by Claridge Homes is so big, its going to front on three street; Albert Street, Lyon Street, and Queen Street. It will be built in multiple phases with two 27-story towers and one modest nine story tower. The main attraction of the site is the O-Train’s Confederation Line. The entrance to Lyon Station is literally on site, the first of its kind its Ottawa. Imagine the convenience! You can sleep in, get ready for your day, stroll down the elevator and into the station. Sounds dreamy…. Then you realize the O-Train doors don’t close, dream over (haha). By the time Moon is built, the O-Train should have its kinks worked out.
Terraces at Greystone Village Condo Ottawa
Main Street is going through a renaissance. The city has invested millions in making the street more pedestrian and cyclist friendly for the impending development that will reshape Old Ottawa East. The cornerstone development on Main St is Greystone Village by eQ Homes, one of the last master plan communities inside the greenbelt. The developments first condo building, The Terraces, looks to impress with views of the Rideau River and a walkable lifestyle. Greystone Village has planned for significant commercial space and should attract a major grocery store and restaurants to compliment The Green Door Restaurant and Little Italy Fine Foods, they have the best espresso in Ottawa; seriously you have to go!
Honourable Mention: LeBreton Flats. Yes, we we’re all expecting the Rendezvous Group to finally move downtown and start one of the biggest redevelopments the city has ever seen and bring the Sens downtown where they belong. Then, like the Sens themselves, all they did was disappoint the fans/city (too soon?). Whatever the outcome, I hope the NCC and the Rendezvous group can work out a solution. Ottawa deserves to see LeBreton Flats get developed properly.