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.
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Nicole Arranz lights up whenever she sees or hears children visiting Perley Health’s east-end Ottawa campus. “My mom loves kids, and being around kids brings life to her,” said Josée
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.
