LiUNA pension fund backs development of two Ottawa residential/retail buildings

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Rendering, courtesy of Regional Group (CNW Group/Fengate Asset Management)

Ontario Construction News staff writer

The Labourers International Union of North America (LiUNA)’s Central and Eastern Canada Pension Fund is developing two new Ottawa residential and retail buildings in Ottawa in partnership with the Regional Group of Companies and Fengate Asset Management.

The two buildings will be located at the entrance to Regional Group’s master-planned waterfront community, Greystone Village in Old East Ottawa. They will provide ground retail and 245 units of rental housing. When complete, Regional Group will be managing the properties on behalf of the investors. Building amenities will 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.

Fengate, which has offices in the GTA, Houston, Vancouver and New York, manages more than $20 billion worth of assets. The two mixed-use buildings on Oblats Avenue will be its first venture into the Ottawa market.

The Ottawa Business Journal reports that the project has “a price tag north of $125 million”, built near the historic Edifice Deschâtelets Scholasticate Monastery,

The project received Ottawa City Council’s approval in July with a 14-9 vote, but there is still controversy, as some nearby residents oppose increasing the height of one of the buildings to nine from six stories, arguing a taller structure would overshadow the heritage Deschâtelets building and the Grand All​ée leading up to it. The project’s opponents are now taking their case to the province’s Local Planning Appeal Tribunal (LPAT).

Greystone Village is a LEED master-planned community of more than 1,000 homes. It is located between the Rideau Canal and Rideau River, and is within walking distance to trails, parks, the new Ottawa LRT (Lees Station), and Lansdowne Park.

“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, Regional Group chief operating officer Dave Wallace said in a statement.

“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. “This development is essential to meeting the rental demand in Ottawa-Gatineau and LiUNA is proud to be at the forefront as an investor of this essential infrastructure build in partnership with Regional Group.”

“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.”

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