One of Ottawa’s largest residential landlords says it plans to level a large segment of a south-end neighbourhood, forcing some 105 residents out of their rental homes.
Timbercreek Communities, the real estate arm of the Toronto-based global asset manager, said Tuesday that one-quarter of the 150 affected wooden townhomes are reaching the end of their life cycle and “are no longer viable.” Because of interconnected infrastructure, Timbercreek says all 150 homes – which are located between Heron Road, Baycrest Drive and Sandalwood Drive – need to be torn down by the end of 2018.
The company says this represents nine per cent of the 1,665 homes in the Heron Gate community.
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Timbercreek says affected tenants are being offered three months rent, plus an additional $1,500 for moving and miscellaneous costs.
Timbercreek says it purchased Heron Gate in 2012-13 and has spent $44 million on upgrades.
The company’s other Ottawa holdings include properties in Britannia, Sandy Hill, ByWard Market and West Wellington Village.