Redevelopment of 900 Albert St. could be one step closer following the Finance and Economic Development Committee’s approval in early October of a Brownfields Rehabilitation Grant and Development Charge Credit totalling $8.25 million.
Soil clean up at the former industrial site is expected to take approximately six months.
The proposed mixed-use development would feature 1,600 residential units, with retail and office spaces in three towers. The 50- to 59-storey towers would be constructed next to the Bayview Light Rail Transit Station. Planning committee and city council have yet to consider the Official Plan and Rezoning applications which are currently under consideration.
The committee approved two Community Improvement Plan projects in Bells Corners. Redevelopment projects at 2015 Robertson Rd. and 300 Moodie Dr. would bring new commercial and retail businesses to the area, including national restaurant chains and a six-storey hotel. The $2.5-million grants for these projects would be funded through the expected increase in property taxes resulting from the redevelopment.
According to an update on economic development in Ottawa between April and June 2017, the unemployment rate decreased by one per cent compared to the second quarter of 2016. The 5,800-person increase in the workforce was led by gains in public administration, construction, and the professional, scientific, and technical services sectors. The amount of new residential builds increased by nearly 25 per cent, with apartments leading the growth.
Items approved at the Finance and Economic Development Committee meeting will be considered by City Council on Oct. 11.