Regional Group and Fengate Asset Management are developing two new residential and rental buildings in Old Ottawa East. Fengate is managing a joint venture with Regional Group in the two buildings on behalf of the LiUNA Central and Eastern Canada Pension Fund.
The two buildings will be located at the entrance to Regional Group‘s Greystone Village — a LEED ND master-planned waterfront community of over 1,000 homes.
“We are genuinely excited for the opportunity to partner with LiUNA and Fengate to deliver this much-needed choice of housing in Greystone Village and Old Ottawa East. This phase of the development will add vibrance, texture and life to Main Street and the community,” said Dave Wallace, COO, Regional Group.
“LiUNA is proud of our strategic investment to meet rental housing needs in the Ottawa-Gatineau region, creating hundreds of construction-related jobs and investing in the economic growth of the community,” said Joseph Mancinelli, LiUNA International Vice President and Regional Manager for Central and Eastern Canada.
Once the project is complete, Regional Group manage the properties on behalf of the investors. The purpose-built building will provide ground retail and 245 units of rental housing.
Building amenities include roof-top terraces with gardens and dog areas, fitness facilities, state-of-the-art building security and mail rooms, underground vehicle and bike parking, storage, and gathering areas.
“We are very pleased to partner with Regional Group, such an innovative, forward-thinking and highly experienced partner, on developing much-needed purpose-built rental apartments in Ottawa-Gatineau,” said Jaime McKenna, Managing Director and Group Head, Real Estate, Fengate.
“Greystone Village is a unique and visionary community for the region, and we are pleased to be a part of this important development.”