Ottawa Construction News staff writer
Equiton Residential Income Fund says it has acquired the Riverain District development project in Ottawa in partnership with Main and Main, a real estate investment and development firm.
According to a news release, the fund purchased a 75 per cent share of the project for $30 million with an estimated value at completion of approximately $500 million. The multi-phased project will start phase 1 construction this summer.
“We are extremely excited to be moving into the Ottawa market with this innovative, master planned urban community that will bring much needed rental apartments to the city,” said Jason Roque, Equiton founder and CEO, “and we’re delighted to have the opportunity to partner with a leading developer that has deep roots and residential expertise in the city.”
“The Riverain District will be a transformative project for Ottawa and Vanier,” shared Main and Main CEO, Rick Iafelice. “and Equiton’s expertise and experience managing multi-family assets make them a great fit for this development.”
Riverain District is a large-scale, multi-phased development that includes three proposed high-rise towers with more than 790,000 sq. ft. of residential area and approximately 1,000 residential rental units, along with a two-storey podium featuring more than 32,000 sq. ft. of commercial space. The project also includes multiple greenspaces and street-front commercial retail development.
The 4.2-acre site occupies an entire block in the Vanier neighbourhood on the Rideau River banks.