Ottawa-based TCU Development Corp. is teaming up with a Toronto developer to construct a 271-unit rental apartment complex in the city’s rapidly growing Cyrville neighbourhood.
TCU plans to build a 21-storey highrise called Soul on the former site of popular Chinese restaurant Mandarin Ogilvie, which ended its 36-year run in 2024. On Tuesday, the firm announced it will break ground at the site on the northeast corner of Ogilvie Road and Cummings Avenue next month.
With construction set to begin, TCU is partnering with Fiera Real Estate, a Toronto property investor that it said will bring “institutional investment capabilities” to the project through its Canadian Built Opportunities Fund.
“Strong partnerships and aligned teams are what drive successful projects and this one reflects that from day one,” Mike Corneau, co-founder and CEO of TCU, said in a news release. “Partnering with Fiera Real Estate is a strong signal of both the quality of Soul and the long-term fundamentals we see in Ottawa.”
The proposal, which has already received approval from the city, calls for a mix of public and private space on the ground floor, including a cafe or quick-service restaurant to occupy 1,500 square feet, and 1,200 square feet of co-working space.
Other amenities will include a lounge, fitness centre and four “personal service hubs” — small, private offices that can be rented to solo entrepreneurs.
Pierre Pelletier, senior managing director and head of development and debt at Fiera Real Estate, said the project is exactly the kind of partnership the company was looking for.
“Soul represents an ideal inaugural investment for the Canadian Built Opportunities Fund — a well-located, purpose-built rental development delivered by an experienced local partner and built by Canadian union tradespeople,” he said. “It demonstrates how institutional capital can generate long-term value for our investors while creating meaningful opportunities in the communities where we invest.”
The proposed development also includes two levels of underground parking as well as a ground-level lot that will feature EV charging stations.
The Ogilvie Road building is one of several multi-residential projects in TCU’s portfolio, which includes others in Cyrville.
Across the street at 1188 Cumming Ave. is a six-storey, 188-unit rental building that recently began leasing. Earlier this year, TCU also began moving in tenants at a six-floor, 100-unit mixed-use development at nearby 300 Tremblay Rd.
The company has also completed leasing a six-storey, 117-unit multi-family development at 1155 Joseph Cyr St., just east of the St. Laurent Shopping Centre.
In addition, TCU has purchased the property at 1151 Ogilvie Rd., next door to the Soul project. The firm plans to redevelop the site, which is currently occupied by a vacant restaurant building, with two towers of 20 to 24 storeys and a total of about 300 rental units.
Meanwhile, Fiera Real Estate is working on another project just a couple of kilometres west of the Cyrville site in partnership with Ottawa firm Colonnade BridgePort.
The multi-phase development at 25 Pickering Pl. — a five-acre lot just east of the Via Rail terminal and Tremblay LRT station — proposes multiple mixed-use highrises with up to 1,200 residential units, including apartments, condos and retirement residences. The project also calls for parkland, retail space and possibly a hotel.
With files from David Sali
