OTTAWA- Regional Group of Companies and Fengate Asset Management announced a partnership to develop two new residential rental and retail buildings in Old Ottawa East. Fengate is managing a joint venture with Regional Group in the two buildings on behalf of the LiUNA Central and Eastern Canada Pension Fund.
The two buildings will be located at the entrance to Regional Group’s master-planned waterfront community, Greystone Village. They will provide ground retail and 245 units of much-anticipated, high-quality 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.
Greystone Village is Regional Group’s LEED® ND master-planned community of over 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. This phase of the development will add vibrance, texture and life to Main Street and the community,” stated Dave Wallace, COO, Regional Group.
“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.”