Colonnade BridgePort plans to turn a Moodie Dr. auto repair shop and outlet store into a new six-storey hotel and restaurant at a cost of about $18 million, according to municipal documents.
The Ottawa developer, which manages some 5.4 million sq. ft. of commercial space locally, is applying for a break on its future property tax bill at 300 Moodie Dr. through a community improvement grant.
The municipal program seeks to encourage redevelopment projects in specific parts of the city, such as Bells Corners and Orléans. Developers don’t receive an up-front cheque; instead, they receive a grant based on the additional taxes arising from the higher assessed value of the redeveloped property.
Colonnade Bridgeport currently pays $35,576 annually in property taxes for the development site. The redevelopment would push that to $302,384. The developer hopes to receive a grant of as much as $2.32 million over 10 years, about 75 per cent of the incremental property tax bill.
A city staff report says the new development would include a 124-room hotel and a 3,000-sq. ft. restaurant with drive-through. Combined, the hotel and restaurant are expected to employ as many as 160 full and part-time staff, according to the city report.
The property is located at the north end of Bells Corners, just down the road from the former Nortel campus that’s being turned into the new home of the Department of National Defence.
The councillor for the area, Rick Chiarelli, says this could spur new economic activity in the neighbourhood.
“The move of DND headquarters to Moodie Drive creates the opportunity for Bells Corners to supply the service needs that the move creates,” he said in a statement.
