Projects Update

In our last update for the Upper Ottawa project, we noted a proposed resolution in place with Tim Hortons and the neighbouring property at 1119 Fennell Ave E. We also highlighted the transition of the project from a condominium model to a rental model.

Since then, our team engaged SVN Rock to conduct a rental market analysis and feasibility study to substantiate the project redesign. This project is currently conditionally site plan approved. Our team has been working on the final stages of 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 reached an agreement with Tim Hortons and the neighboring property, and the lease terms are now under negotiation. At the same time, we are finalizing our compensation arrangements. While these discussions have slightly extended our timelines, the revised plans will deliver increased GFA, creating greater long-term value.

Upcoming Milestones:

Agreement with Tim Hortons: In final stages

Timeline:

Zoning: Complete
SPA: Q2 2026
Building Permit: Q3 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.