TORONTO, June 20 /CNW/ - Forum Leasehold Partners Inc. ('Forum') today
announced the financial close of the Public Private Partnership (P3) between
the Forum-led Orléans Town Centre Partnership and the City of Ottawa, and the
ground breaking for the Orléans Arts Centre. The mixed-use project, announced
in 2006, represents an investment of more than $225 million including the
Orléans Arts Centre located in the city's east end. Construction is scheduled
to commence this summer.
When the arts centre opens in January 2009, it will be the focal point of
the town centre development and will serve as the cultural hub for the
community. The 86,000 square foot arts centre will feature a 500-seat theatre,
a 100-seat studio theatre, two art galleries as well as instructional and
rehearsal spaces for the visual, media and performing arts.
In addition to the arts centre, 19 acres of adjacent land will be
developed into a new town centre. The plan incorporates complementary
mixed-use retail and office space, a hotel, two office buildings, a 100-unit
seniors' home, a 140-unit seniors' condominium, and more than 300 residential
housing units. The development also includes a new gymnasium and an indoor
pool for the National Capital Region YMCA - YWCA.
"Forum is proud of this dynamic project, which will redefine Ottawa's
east end. It will surely be the heart of the Orléans community, providing
residents of all ages with access to an array of amenities," said Richard
Abboud, president, Forum. "This P3 is an example of the value creation and
risk allocation that can be achieved when public and private sectors work
"The significance of this project to our east-end residents and
businesses cannot be overstated. The entire town centre will bring new
businesses and residents to the community, and will help grow the local
economy. The Arts Centre will bring together many local arts groups and
contribute a wealth of arts programming for people of all ages," said Orléans
Councillor Bob Monette. "This P3 project is a great example of innovative
procurement strategies that can turn dreams into reality. We all look forward
to the grand opening of the Arts Centre."
The City of Ottawa began the process to select a private-sector partner
with a Request for Qualification in July 2005, and a Request for Proposals in
December 2005. Orléans Town Centre Partnership was selected as its preferred
proponent in May 2006. The P3 reached financial close in May 2007.
Forum is proud of the Orléans Town Centre Partnership team and looks
forward to providing residents of the City of Ottawa and the community of
Orléans with a town centre for all to enjoy.
For more information on project partners, please visit the following
website links: Orleans Town Centre Partnership, Forum Leasehold Partners, City
of Ottawa, Aecon Construction Group Inc., Lalande + Doyle Architects, and
Johnson Controls Inc./BLJC.
About the Orléans Town Centre Partnership
The Orléans Town Centre Partnership is led by Forum Leasehold Partners
Inc. and, as applied to the Arts Centre, includes Aecon Buildings, Lalande +
Doyle Architects, and Johnson Controls/BLJC. Forum has established joint
ventures with Phoenix Homes for the residential components, Verdiroc
Development Corporation for affordable housing, and Kingsway Arms Management
Services for the seniors' residences and condos.
Forum Leasehold Partners is active in acquiring and developing
single-tenant properties leased to the public and private sectors. This
project represents the company's fourth public private partnership.
Established in 2002, the company's portfolio currently consists of more than
800,000 sq. ft. of property and will surpass 1,000,000 square feet upon
completion of this project. More information is available at
For further information:
For further information: Richard Abboud, President, Phone: (416)
947-9532, Cell: (416) 301-1043, email@example.com