Projects Update

In our last update for the Upper Ottawa project, we mentioned that we had received partial comments from the City on our Site Plan Application. We were also in discussion with Tim Hortons to relocate them to the adjacent property.

We have a proposed resolution in place with Tim Hortons and the neighbouring property. We are finalizing the details of the agreement. Additionally, and in response to evolving market conditions, we have proposed to transition the project to a rental model. Work is underway on revisions to the main building designs, ensuring that we continue to refine and enhance the project to align with both regulatory requirements and design vision.

We have also obtained quotes for remediation which we are currently finalizing, and where needed, these costs will have to be shared amongst all partners.

Upcoming Milestones:

Agreement with Tim Hortons: In progress

Timeline:

Zoning: Complete
SPA: Q4 2025
Building Permit: Q1 2026

All projected timelines are indicative and reflect current market conditions and planning assumptions. As with any development project, these estimates remain subject to change due to evolving regulatory, market, and construction environments. Accordingly, dates should be considered as targets rather than definitive deadlines.