DESCRIPTION
CCOC is a non-profit housing provider in Ottawa serving low- and-moderate income households across Ottawa's urban neighbourhoods. The Bank and Chamberlain project is being created in partnership with Macdonald Brothers Construction, who own the adjacent lot, and the City of Ottawa, who currently own the surface parking lot at 574 Bank Street but intend to transfer it to CCOC. The project will bring much-needed dedicated affordable housing to Ottawa's desirable Glebe neighbourhood, and will prioritize family-sized units. With commercial spaces at ground level and significant design potential, this project promises to revitalize this important gateway site.
DETAILS
Property Id
Phase
Pre-Development
Affordability Framework
Project still under development; 30% of units must be less than 80% of the Median Market Rent for Ottawa, maintained for a minimum of 20 years. The remainder of unit rents will be set in accordance with CCOC's mixed-income housing policy.
Target Completion Date
31-12-2028
Total Project Cost
$48,000,000
Total Units
96
Affordable Units
96
Populations Served
Key Workers
Project Funding
Funding Required
Patient capital for a minimum of 10 years. Amount TBC.
Funds Raised
$200K CMHC Seed loan
Use of funds
Patient capital will help bridge the funding uncertainty left by the rapidly changing Federal context for housing programs and policy and ensure the project goes ahead on a predictable timeline.
MAP
