DESCRIPTION
CCOC is a non-profit housing provider in Ottawa serving low- and-moderate income households across Ottawa's urban neighbourhoods. The Loretta and Hickory Redevelopment involves the redevelopment of an existing low-rise CCOC property in a neighbourhood undergoing rapid transformation. Within 200m of an LRT station and 300m of the new Ottawa Hospital campus that is currently under construction, this is an ideal location for intensification. Several high-end condo and rental towers have gone up adjacent to the Loretta and Hickory site, but none include affordable homes. 120 new affordable rentals at this location will provide much-needed housing for key workers: front line employees at the Ottawa Hospital campus and service industry workers along Preston Street's thriving business district. CCOC's existing property can accommodate approximately 60 units, but if we are able to acquire the adjacent site, the unit potential doubles.
DETAILS
Property Id
Phase
Initial Viability
Affordability Framework
Project still under development; Unit rents will be set in accordance with CCOC's mission and mixed-income housing policy. All of CCOC's rents are affordable to low- and moderate-income Ottawa households.
Target Completion Date
31-12-2029
Total Project Cost
$56,000,000
Total Units
120
Affordable Units
120
Populations Served
Key Workers
Project Funding
Funding Required
$3M to purchase the adjacent property. Patient capital for a minimum of 10 years, amount TBC.
Funds Raised
$20K CMHC SEED Grant, $30K FCM Planning Grant
Use of funds
The funds will allow CCOC to purchase the adjacent property, doubling the size of the project from 60 homes to 120.
MAP
