Long-term commitment to Ottawa and Heron Gate Community to continue over the next 15–25 years
OTTAWA, April 24, 2019 /CNW/ - Timbercreek announced today the filing of its secondary plan proposal for the Heron Gate development to the City of Ottawa. Following extensive community consultations, the secondary plan outlines the future vision of Heron Gate and the guiding principles for creating a diverse, sustainable and vibrant community.
"Our vision and commitment to the Heron Gate community development will make it one of the largest and most exciting new rental projects in the City of Ottawa," said Ugo Bizzarri, CIO, Timbercreek Asset Management. "We are invested in this neighbourhood and seek to support a sustainable, affordable and diverse community that supports the long-term viability of Heron Gate."
Timbercreek's secondary plan for Heron Gate is built on a community wellbeing framework that takes economic, cultural, social, political and environmental factors into consideration. Guiding principles of the development include creating a vibrant community identity, prioritizing pedestrian and multi-modal transportation and forming a sustainable and socially responsible community.
Heron Gate will support a wide range of household structures and affordability levels with bachelor, one, two and three-plus bedroom suites and new public park space with a network of smaller parkettes, green connectors and landscaped areas. When complete, Heron Gate will consist of approximately 57 new buildings with over 5,400 units, thereby adding much needed supply of housing to the Ottawa market.
"We want to reaffirm our commitment to the five-part social framework of Heron Gate that grew from our initial public consultations, including our commitment to build up to 20 percent of units as affordable, as well as continue working with the community and the City in order to provide a diverse, green, and affordable development at a scale no other private developer has built in Ottawa to date," said Bizzarri.
Timbercreek took possession of Heron Gate in 2012. Over the past seven years, the company has invested over $50 million into retrofitting existing apartments through maintenance, renovations and suite improvements and upgrades to amenity spaces.
The Heron Gate secondary plan submission is now under municipal review by the City of Ottawa's urban design review panel. Multiple community consultation opportunities will follow.
Founded in 1999, Timbercreek Asset Management is an active investor, owner and manager of global real estate and related assets. Timbercreek Communities is a leading operator of multi-residential communities across Canada.
SOURCE Timbercreek Asset Management Inc.
For further information: Media contact information: Proof Inc. for Timbercreek: Eric Dillane, [email protected], Direct: (613) 670-5811