265 Catherine Street
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FOR SALE CATHERINE ST 265 OTTAWA, ONTARIO MIXED-USE FULLY ENTITLED CENTRETOWN DEVELOPMENT HIGHWAY 417 DEVELOPMENT CONCEPT SITE DETAILS INVESTMENT HIGHLIGHTS LOT AREA 2.55 acres BUILDING AREA 35,910 square feet SUPERIOR LOCATION FRONTAGE 561 feet The Property represents a rare opportunity to acquire an entire city block which is DEPTH 198 feet zoned for mixed-use redevelopment located in the geographic centre of Ottawa’s urban Greenbelt. It is situated in the centre of some of Ottawa's most desirable LTS 10, 11 & 12, PL 30 , W/S KENT STREET ; LTS 22, 23, 24, 25, 26, and active urban neighbourhoods including the Glebe, Little Italy, Bank Street, LEGAL DESCRIPTION 27 & 28, PL 30 , S/S ARLINGTON AVENUE ; LTS 22, 23, 24, 25, 26, Elgin Street and the Central Business District. 265 Catherine Street is within 27 & 28, PL 30 , N/S CATHERINE STREET ; OTTAWA/NEPEAN walking distance of the central business district, Parliament Hill, the Rideau Canal (a UNESCO World Heritage Site), museums, Dow’s Lake, Lansdowne Park and TD Place, and both the University of Ottawa and Carleton University. Immediately LAND USE adjacent to the 417, 265 Catherine is 15 minute drive from Kanata Technology job ZONING General Mixed Use [1875] S271 centres. OFFICIAL PLAN General Urban Area CENTRETOWN DEVELOPMENT OPPORTUNITY OF SCALE Queensway Commercial Area SECONDARY PLAN The Vendor has substantially advanced the Property through the land use MID-CENTRETOWN planning and due diligence processes. The current, entitled development concept COMMUNITY DESIGN Southern Character Area contemplates a four-building development consisting of a mix of residential and PLAN commercial uses with a combined 458 residential units and gross floor area of 429,124 square feet (3.86 FSI). Building heights range from 3 to 25 storeys, with the main residential density focused on the Catherine Street frontage. OPPORTUNITY FOR GREATER DENSITY Fotenn Planning + Design have recently conducted a review of the property and based upon current City of Ottawa guidelines, believe that an increased density up to a total of 705,703 square feet could be approved through a Zoning By-Law Amendment. The development timeline for the Property and the additional tower would be significantly reduced due to its advanced approval status. An Official Plan Amendment would not be required. SUPERLATIVE MARKET FUNDAMENTALS Underpinned by the stability of the federal government, which accounts for roughly one-quarter of the Ottawa-Gatineau economy, Ottawa has posted the lowest unemployment rate among major Canadian CMA’s and is forecast to maintain that position through 2023. The stable employment and economic base, and high-levels of household disposable income have led to steadily increasing housing prices and significant pressure on the rental market. Despite an increase INCREASED DENSITY CONCEPT - 630,431 SF of 1,549 rental units being added to the market between 2018-2019, the overall Artist's Rendering vacancy rate fell 10bps from 1.8% to 1.7%, with average rental rates in the primary market increasing 8.2%. With the population expected to grow at an average of 20,900 per annum through 2023, buoyed stability of public sector employment, we expect strong fundamentals to persist. 2 265 CATHERINE STREET, OTTAWA DEVELOPMENT OVERVIEW OPPORTUNITY FOR GREATER DENSITY The Vendor has substantially advanced the property through the land use planning approvals process and has successfully obtained a zoning by-law amendment. Fotenn Planning + Design, the lead planners in the rezoning process in 2011, have recently conducted a review of the property based upon current City of Ottawa planning guidelines. DEVELOPMENT CONCEPT Fotenn believes an additional tower could be approved within existing City Guidelines.. The current approved development consists of a mixed-use development including residential, and retail/commercial uses. There are four separate buildings proposed for the site with mid-block connections running east/west and north/south converging in the centre of the block at a courtyard area. Two of the four buildings are designed to face Arlington Avenue with ground oriented residential units. The height along Arlington Avenue is proposed to be three-storeys at the front and stepping back to seven-storeys. The previous intercity bus tenant had a long term lease in place, but recently terminated their tenancy allowing for the purchaser to commence construction in the near term. The other two buildings are proposed to face Catherine Street. The majority of the length of the westerly building is proposed to have a two-storey commercial component for retail and/or office uses. There is a 23-storey high-rise apartment dwelling proposed at the westerly side of this building on top of the two-storey component with a total height of 25 storeys. The easterly building is of a similar design, however features a six- storey commercial component for retail and/or office uses with a 19-storey high-rise apartment dwelling with a total height of 25 storeys. GROSS FLOOR AREA 429,124 square feet RESIDENTIAL UNITS 458 FLOOR SPACE INDEX 3.86x The retail component of this proposal anticipates up to two outlets with larger floor plates and a number of smaller storefronts facing Catherine, Kent and Lyon Streets. In addition, on the north side of the east-west mid-block walkway, the proposal incorporates continuous ground-accessed live-work units. The City of Ottawa allows the developer to use their discretion for the proportionate allocation between residential, retail and office space within the built form of 429,000 SF and 25 storey height limit. 4 265 CATHERINE STREET, OTTAWA 265 CATHERINE STREET, OTTAWA 5 2 Ottawa River 1 4 3 6 Rideau River 5 BANK ST EGLIN ST 7 Rideau Canal BRONSON AVE 9 265 CATHERINE ST AMENITIES 8 1. Parliament Hill 7. Jack Purcell GLADSTONE AVE 2. Rideau Centre Recreation HWY Chamberlain Central Park Centre & Pool 417 Park 3. National Arts Centre 8. McNabb Recreation 4. Shaw Centre Centre 5. Ottawa Public 9. Canadian Library Museum of 6. University of Nature Ottawa OFFERING GUIDELINES Cushman & Wakefield ULC, Brokerage (the “Advisor”) has been retained by the Vendor as exclusive Advisor to seek proposals for the sale of 265 Catherine Street, Ottawa, Ontario (the “Property”). The Property is being offered for sale on an unpriced basis. The Vendor’s objective is to maximize upfront cash sale proceeds and cash benefits from further rezoning efforts, preference will be given to offers with limited (or no) conditionality and a timely closing. Offers will be received on a specific date which will be communicated by the Advisor at least seven (7) days in advance. FOR MORE INFORMATION, CONTACT: Toronto Advisors Ottawa Advisors CRAIG SMITH** NATHAN SMITH** Executive Vice President Managing Director, Structured Finance, Capital Executive Vice President Markets Group Capital Markets Group 416 359 2360 613 794 0777 [email protected] [email protected] STUART SYLVESTER* SCOTT BROOKER* Senior Associate Associate Vice President Structured Finance, Capital Capital Markets Group Markets Group 613 866 6780 416 359 2471 [email protected] [email protected] Cushman & Wakefield ULC, Brokerage 161 Bay Street, Suite 1500, ©2020 Cushman & Wakefield ULC, Brokerage. All rights reserved. The information contained in this communication is strictly confidential. This information has been obtained from sources believed to be reliable but has not been verified. Toronto, ON M5J 2S1 NO WARRANTY OR REPRESENTATION, EXPRESS OR IMPLIED, IS MADE AS TO THE CONDITION OF THE PROPERTY (OR PROPERTIES) REFERENCED HEREIN OR AS TO THE ACCURACY OR COMPLETENESS OF THE INFORMATION 416 862 0611 CONTAINED HEREIN, AND SAME IS SUBMITTED SUBJECT TO ERRORS, OMISSIONS, CHANGE OF PRICE, RENTAL OR OTHER CONDITIONS, WITHDRAWAL WITHOUT NOTICE, AND TO ANY SPECIAL LISTING CONDITIONS cushmanwakefield.com IMPOSED BY THE PROPERTY OWNER(S). ANY PROJECTIONS, OPINIONS OR ESTIMATES ARE SUBJECT TO UNCERTAINTY AND DO NOT SIGNIFY CURRENT OR FUTURE PROPERTY PERFORMANCE. **Broker *Sales Representative.