Smart Living Properties proposes nine-storey mixed-use complex on ‘iconic’ Bank Street stretch

January 9, 2024

Smart Living Properties has filed a proposal to tear down the bulk of the existing two- and three-storey commercial buildings at 178 Nepean St. and 219 and 223 Bank St. and replace them with a mixed-use complex featuring 263 rental suites and nearly 11,000 square feet of ground-floor retail space.

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An Ottawa real estate company says it hopes to break ground later this year on a nine-storey development with more than 260 rental apartments on land now occupied by four heritage buildings in Centretown. Smart Living Properties has filed a proposal to tear down the bulk of the existing two- and three-storey commercial buildings at 178 Nepean St. and 219 and 223 Bank St. and replace them with a mixed-use complex featuring 263 rental suites and nearly 11,000 square feet of ground-floor retail space. The project would be among the most ambitious yet for Smart Living Properties, which specializes in building and managing “all-inclusive” apartments – fully furnished and decorated suites in which all utilities, including heat, hydro, water and air conditioning, as well as other amenities such as high-speed internet and smart TVs, are included in the rental price. Rowland Gordon, the firm’s vice-president of asset management, said Smart Living bought the three parcels of land on Bank and Nepean streets from a private family in the fall of 2021 with the goal of turning the area into a “true community space.” Gordon noted that the neighbourhood has become a haven for artists thanks to the long-standing presence of Wallack’s Art Supplies and Framing store in the three-storey building at the corner of Bank and Lisgar streets. With that in mind, Smart Living plans to construct a two-floor facility in the Wallack Building, which is part of the redevelopment, where artists can work together on projects and host exhibitions. “We want to maintain that artsy feel,” said Gordon. “Whatever we can (do to) help bring back some life on that block, basically. (Wallack’s) have been a true community staple for many, many years. We’ll have more conversations around that for what the future looks like with them.” The low-rise red-brick buildings that now line the street were built between the 1880s and early 1900s and are designated as “contributing” to the character of the Centretown Heritage Conservation District. According to a heritage impact statement included with the application, Smart Living intends to retain the existing buildings' exterior facades, which will be “conserved and restored” and integrated into the new structure designed by Woodman Associates Architects. The apartments will range from bachelor suites to three-bedroom units aimed at professionals in various income brackets, Gordon said. Regardless of the price, however, rents will be all-inclusive, he explained. “There’s a high demand for renters looking for a convenient way to rent, so you only pay one bill,” Gordon said. The proposal currently includes more than 430 spaces for bicycles but no parking lot for cars. Gordon said the company is looking at providing spots for car-sharing services at the rear of the new building, adding the area is within walking distance of a wide range of amenities and well-served by public transportation. “We felt there was sufficient parking around the area for both long-term parking as well as short-term parking,” he said. Gordon said Smart Living also wants the public to help “come up with a cool name” for the building and plans to talk with the Centretown BIA, local community associations and Somerset Coun. Ariel Troster’s office to figure out the best way to do it. “We see it as an iconic destination, and we think that the community deserves to be part of naming this building,” he said. Smart Living is partnering with a number of local investors on the project. The company also has another development proposal in its pipeline for a nine-storey residential complex at 112 Nelson St. that would include more than 400 all-inclusive rental units. Although escalating borrowing costs have caused some developers to sour on major projects over the past couple of years, Gordon said Smart Living is moving “full speed ahead” with its current plans. If all goes according to plan, the new Bank Street development will be ready for occupancy by the fall of 2026, he added. “We’re hoping that by the time we get to summer, we will be in a position to start working through this and getting the property ready for the development process.”