The two companies are about to acquire the McLeod Medical Building, located at 320 McLeod Street, between Bank and O’Connor streets, from Toth Holdings in a deal expected to close by the end of the month, says Taggart senior vice-president Bob Perkins.
Plans for the property, including the number of units and height, are still being developed but Mr. Perkins says he hopes sales will start this summer.
Like Urban Capital’s other recent Ottawa projects, the new McLeod Street building will have ground-level retail space, he adds.
Urban Capital is the developer behind the recently completed 24-storey Mondrian condo tower at the corner of Bank and Somerset streets, as well as the nine-storey Central at Bank Street and Gladstone Avenue being constructed on the site of the former Metropolitan Bible Church.
Both were huge hits from a sales perspective. In the case of the Central, lineups stretched from the sales centre along Gladstone, halfway to O’Connor Street, during the weekend launch in April 2008.
“The success of that project (Central) led us to believe that it would be a good thing to buy the site next door and look at a potential condominium or multi-residential facility,” says Mr. Perkins.
“(We) want to replicate some of the momentum." - Taggart senior vice-president Bob Perkins
“(We) want to replicate some of the momentum that’s gained there.”
Taggart and Urban Capital already have a working relationship. Taggart subsidiary Doran Contractors Ltd. are the general contractors building the Central while Taggart is responsible for leasing the ground-level commercial space, which is slated to include a Starbucks and a Shopper’s Drug Mart.
Similarly, Taggart will be responsible for the construction and commercial leasing of the McLeod Street project, while Urban Capital will head up the design and marketing, says Mr. Perkins.
He credits Urban Capital partner David Wex for finding sites in “up-and-coming neighbourhoods that new developments can transform.”
The four-storey McLeod Medical Building was built in 1965 and contains 38,000 square feet of space, according to the 2009-2010 BOMA Commercial Space Directory.