City council has approved the planned Innovation Centre at Bayview Yards.
An architectural rendering of the Innovation Centre at Bayview Yards.
Modelled after similar facilities in Toronto and Waterloo, the centre will become the new home for Invest Ottawa, the city’s arms-length development agency, along with providing workspace and other facilities for new companies. It is slated to open in mid-2016.
With council’s approval on Wednesday morning, the non-profit facility will receive a 99-year lease for the building at the price of $1 per year.
The approval also means the centre will receive a $15-million contribution from the provincial government, funds which have been held by the city. The city will match that total with a cash contribution of $979,000 and millions more in in-kind contributions.
The first stage of the project will see a $15.32-million renovation to the 46,000-square-foot former public works building. The renovations are expected to be finished by mid-2016.
A second phase calls for a 12-storey tower to be added to the building, providing an additional 180,000 square feet of space. Work on that is expected to begin in 2017.