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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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.