A prime piece of downtown real estate near a spate of new residential developments on Rideau Street has changed hands in a deal worth $3.25 million.
A private buyer acquired the property at 400 Rideau St. from previous owner Jeff Zelicovitz in a transaction that closed last month. A 3,500-square-foot commercial building that’s home to a branch of TD Canada Trust currently occupies the site.
Located five blocks east of the Rideau Centre and just a few hundred metres from the ByWard Market at the intersection of Rideau and Friel streets, the property has major redevelopment potential, says Aik Aliferis, a senior managing director for Institutional Property Advisors – a division of Marcus & Millichap – who brokered the sale.
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Aliferis says the neighbourhood’s close proximity to light rail, the University of Ottawa and other amenities makes any land that could potentially be used for new housing or commercial projects a hot commodity.
He points to other nearby developments – including Trinity Development Group’s partnership with Timbercreek on a pair of planned 25-storey mixed-use towers at the corner of Rideau and Chapel streets and the Théo Ottawa university residence near the intersection of Rideau and King Edward Avenue – as proof of the district’s rising cachet.
“All those attributes make this area very, very appealing to developers and to people wanting to live there,” he says. “We’re seeing great demand for that market.”