News
RioCan, Killam Form JV For Ottawa Residential Development
April 27, 2017
Rendering of the proposed residential development at Gloucester City Centre
RioCan REIT and Killam Apartment REIT are creating a JV to develop a residential community in Ottawa's Gloucester City Center.
The development will be on 7.1 acres next to RioCan's Gloucester Silver City Shopping Centre. RioCan and Killam each own a 50% stake in the land. Killam purchased its stake in the property for $8M on April 21.
The site is zoned for four residential towers with up to 840 units. Phase 1 will include a 217K SF, 23-story tower with about 222 units, and residents are expected to start occupying the building by mid-2019.
The site is near Ottawa's Light Rail Transit Blair Station. RioCan will be the development manager, and Killam will be residential property manager.
