OTTAWA — InterRent Real Estate Investment Trust has announced a new multi-use development along the Light Rail Transit (LRT) line in Ottawa.
In a joint venture with Trinity Developments and PBC Real Estate Advisors Inc., InterRent purchased a third of the 3.6-acre site at 900 Albert St. for $14.2 million.
The site is approved for up to three towers with the initial concept design to potentially include 1,000 multi-family residential suites, retail and office space, states a release. It will be located at the link between the Trillium Line, the north/south line, and the Confederation Line, the east/west line, of the LRT.
The property is located at the intersection of the Hintonburg, Little Italy and West Centretown neighbourhoods and will be within walking distance of many of the city's core regions.
Trinity Developments was one of the key developers and owners of the new Lansdowne Urban Development in downtown Ottawa and was part of the winning bid team for RendezVous Lebreton, a redevelopment of the Lebreton Flats in Ottawa.
PBC Real Estate Advisors Inc., as asset manager for PBC 900 Albert Street Limited Partnership, has over 30 years of development and construction management experience. It is currently involved in such developments as the Parq Urban Resort Casino in Vancouver with a 515 Suite JW Marriott and Douglas Hotel.
The development owners have enlisted the services of Toronto-based B+H Architects and GGLO Design, a Seattle-based architect, for their combined international design experience.