Canada Lands Company (CLC) and the Algonquins of Ontario (AOO) say they have entered into a second real estate development partnership – this time as a joint venture.
The partners will come together in a planning effort to revitalize 1.4 hectares of vacant land located at 291 Carling Ave./369 LeBreton St. S., formerly owned by Public Services and Procurement Canada.
The joint venture will see the partners working side-by-side with the local community and municipality in a collaborative redevelopment process.
CLC and AOO already have one partnership underway in Ottawa – collaborating on the first phase of the development at Wateridge Village – CLC’s residential project at the former Rockliffe air base.
“We are incredibly excited about this announcement. Everyone at Canada Lands, myself in particular, are honoured to be part of this collaborative effort with the Algonquins of Ontario, working on this second initiative with them” said CLC president and CEO John McBain.
Robert Potts, principal negotiator and senior legal counsel for the AOO said in a statement: “Canada Lands Company has shown once again that they understand reconciliation is about translating the best of intentions into tangible economic development opportunities for the Algonquin people.”
“This joint initiative is another significant step forward in the journey of reconciliation. The partnership between Canada Lands Company and the AOO continues to evolve and is being further strengthened by this new business venture,” Potts said.
As an initial step, the partners will complete their due diligence with a series of studies that will provide a thorough understanding of the property, followed by the launch of a community engagement process with the City of Ottawa to provide the public a forum to discuss ideas and views about the future of the site. The process is anticipated to begin later in 2017.