Ontario Construction News staff writer
An Ottawa municipal committee voted to approve a revitalization plan for the Sparks Street pedestrian mall in the city’s downtown area, a project estimated to cost between $57 and $83 million between 2022 and 2028.
The city’s Finance and Economic Development Committee has approved the plan to enhance the mall with greenery, cultural events, art installations and pedestrian amenities “to create a more vibrant public gathering space for residents and visitors all year round,” a City of Ottawa news release said.
The initiative has been developed in partnership with Public Services and Procurement Canada, the National Capital Commission, the Sparks Street Mall Authority and the Sparks Street Business Improvement Area. The city plans to negotiate cost-sharing agreements with federal partners in 2020.
The committee also approved the not-for-profit Innovation Centre at Bayview Yards to mortgage its leasehold interest in the Innovation Centre building to a maximum of $4 million in private financing. This funding would be used for building upgrades and to add a two-storey addition to the property to meet the growing demand for incubation and acceleration services.
In another decision, the committee approved piloting a new heritage financial incentive program to encourage restoration and preservation of mid- to large-scale heritage buildings. Eligible property owners could receive an annual grant valued at 75 per cent of the municipal property tax increase that is directly attributable to the restoration project. The grant would be awarded each year for up to 10 years, to a maximum of $500,000, but not to exceed 100 per cent of restoration costs. Staff would report on the pilot in 2022.
The committee approved declaring the property at 251 Penfield Dr. as surplus and transferring the land to Ottawa Community Housing for $1 to build at least eight affordable housing units for low-income seniors
Items requiring council approval will be considered on Nov. 27.