A Reinforcement of the Company’s Commitment to Transit-Oriented Development
Ottawa, ON (July 18, 2023) — Colonnade BridgePort, a leading full service real estate management, investment, and development company, has filed an Official Plan Amendment and Zoning By-law Amendment with the City of Ottawa to increase density at 2000 City Park Drive. The application supports the development of a master planned community featuring over one million square feet of residential density. With upwards of 1,200 units across five high-rise towers, the project will make a significant impact in addressing the city’s need for housing.
2000 City Park Drive is situated along the Highway 174 corridor, 10 minutes east of Ottawa’s downtown, and neighbours the Gloucester City Centre shopping complex, commercial offices, and many other amenities. A true transit-oriented development, the site will connect future residents to areas across the city and beyond with convenient access to the Blair LRT and bus station, Highway 417, and the city’s cycling path network. This directly supports Colonnade BridgePort’s strategy to bring new housing, including market affordable housing, to established amenity-rich communities along the LRT corridor, enhancing its viability, along with that of other important infrastructure.
Since closing on the 6.5-acre parcel of land in March 2023, Colonnade BridgePort has been working with City of Ottawa officials to navigate changing policies and procedures resulting from the Province of Ontario’s Bill 23 – More Homes Built Faster Act, and Bill 109 – More Homes for Everyone Act.
“Although there is provincial direction to tackle the housing crisis, developers are relying heavily on municipalities to provide leadership and collaboration to address the supply shortage in a robust but ever-changing industry,” said Bonnie Martell, Development Manager for Colonnade BridgePort. “Projects such as 2000 City Park Drive have an ability to effortlessly combine accessibility, integration, and connectivity in existing urban and amenity-rich communities. These types of projects will ultimately contribute to restoring affordability for future generations.”
The acquisition of 2000 City Park Drive, along with adjacent 1900 City Park Drive – a five-storey 93,381 sq.ft. Class A office tower – was the first transaction for Colonnade BridgePort’s private equity real estate fund and was completed in financial partnership with a prominent institutional investor.