Minto secures financing for eight-storey Glebe development; construction to start 2019

GlebeFifth Bank
Editor's Note

This story was corrected to reflect the rental and retail uses of the development.

One of Ottawa’s largest real estate firms says it now has cash in hand to proceed with a planned eight-storey mixed-use building in the Glebe.

Minto Group announced Friday it had received a $30-million advance from its apartment REIT to redevelop its site at 99 Fifth Ave., dubbed Fifth + Bank. The 160-suite rental and retail-use project, designed by Toronto’s TACT Architecture, will sit behind a retained two-storey retail-use building on Bank Street and feature a 118-spot underground parking garage.

The site currently features a building with an indoor courtyard and several businesses spread out over two floors, including the Arrow and Loon Pub as well as a dentist, hair salon and eye-care professional.

Minto expects to begin construction on the Glebe site in 2019.

Elsewhere, the Minto REIT announced it had acquired two residential properties in Calgary at a total cost of $63.8 million.