One of Ottawa’s largest residential landlords says it plans to level a large segment of a south-end neighbourhood, forcing some 105 residents out of their rental homes.
Timbercreek Communities, the real estate arm of the Toronto-based global asset manager, said Tuesday that one-quarter of the 150 affected wooden townhomes are reaching the end of their life cycle and “are no longer viable.” Because of interconnected infrastructure, Timbercreek says all 150 homes – which are located between Heron Road, Baycrest Drive and Sandalwood Drive – need to be torn down by the end of 2018.
The company says this represents nine per cent of the 1,665 homes in the Heron Gate community.
Timbercreek says affected tenants are being offered three months rent, plus an additional $1,500 for moving and miscellaneous costs.
Timbercreek says it purchased Heron Gate in 2012-13 and has spent $44 million on upgrades.
The company’s other Ottawa holdings include properties in Britannia, Sandy Hill, ByWard Market and West Wellington Village.