National Bank offices to be demolished
One of Ottawa’s largest homebuilders has filed site plans for two 28-storey, 227-unit downtown condominium towers on Rideau Street, city documents show.
The third and fourth phases of the Claridge Plaza will also include almost 8,000 square feet of commercial retail space and 348 underground parking spaces.
The homebuilder has already started marketing the units in the northerly third tower, which range from 440 to 1,415 square feet.
Downtown condos builders are increasingly constructing smaller units at lower price points, says Marnie Bennett, a broker and owner of Bennett Real Estate Professionals of Keller-Williams Ottawa Realty.
“(Builders) have gone with smaller sizes. They’re trying to get things under $250,000. If you can bring in something under $250,000, you can sell it,” she says.
Single males, who like being close to the action on Rideau Street and in the ByWard Market, are the biggest buyers of these downtown condos, says Ms. Bennett.
Sales of the third phase got off to a hot start in late November, with Claridge hiking prices by $10,000 a unit less than two hours after the launch, according to media reports.
The builder is proposing to demolish the two-storey building at the northeast corner of Besserer and Cumberland streets, and the existing three-storey National Bank of Canada office building at the southeast corner of Rideau and Cumberland streets, according to a summary of the site plan proposal.
"If you can bring in something under $250,000, you can sell it." Marnie Bennett, Bennett Real Estate Professionals
Claridge purchased the latter property for $3 million, or $143 a square foot, from JSM Corp. (Ontario) Ltd., according to a newsletter published in November 2008 by commercial real estate advisory and appraisal firm Juteau Johnson Comba Inc., drawing on RealTrack Inc. data.
The two new residential towers will be directly east of Claridge’s first two Plaza Towers on Rideau Street. Work wrapped up on the first 25-storey condominium building in 2008 and excavation began for the second tower soon thereafter. Construction is slated to be completed in 2010.
Occupancy of the third phase is planned for 2012 and occupancy of Phase 4 is planned for 2016, according to a transportation impact study prepared by Novatech Engineering Consultants, which also completed a stormwater management report for the project.
The architect for the project is Montreal-headquartered DCYSA Architecture and Design, which has an Ottawa office.