Residential

Organization says it wants to retain the facade of its three-storey office at the corner of Lewis Street and the Queen Elizabeth Driveway and build a nine-storey building with 66 residential units.

Developers started work on 795 new dwellings across the region last month, a 19 per cent drop from a year earlier.

The Ottawa-based REIT reported funds from operations of $11.9 million in the three-month period ending June 30, down from $12.7 million a year earlier.

Developer recently made headlines for its plan to build multiple highrises at the site of Ottawa’s former downtown bus terminal.

Firm has filed an application with the city for a 10-storey building at 18 Louisa St., just south of Gladstone Avenue near the corner of Bell Street.

Ottawa-based firm said its funds from operations – a key cash-flow metric – rose 16.5 per cent compared with the second quarter of 2020 to $17.8 million. 

The average sale price of a residential-class property in the capital was about $685,000 last month, up 17 per cent from a year ago.

Centennial Developments Corp. says the building on Bayswater Avenue near the intersection of Somerset Street West would feature 40 units.

Homestead Land Holdings recently filed an application with the city to construct a 25-storey building with 235 apartment units near two existing highrises at 1300 McWatters Rd.

The decrease was primarily due to a relatively low number of multi-residential starts, which can fluctuate from month to month.