CCOC is planning to undertake the redevelopment of three CCOC properties. Two sites, Carruthers and Armstrong, are located in the Hintonburg neighbourhood, and one site, Putman, in the Lindenlea neighbourhood. The buildings are older and at the end of their useful life with lots of expensive repairs needed to maintain them. Instead of maintaining these buildings, CCOC decided to redevelop the properties into new, modern and more energy efficient buildings that will provide a high quality of life to their tenants.
High affordability, energy efficiency and accessibility standards are of top priority for CCOC when constructing new buildings. Overall, these redevelopment projects will result in a net increase in dwelling units and number of bedrooms, expanding CCOC’s affordable housing portfolio. All of these new builds will contain a mix of affordable rents and unit sizes. CCOC is also targeting Passive House standards (an energy efficiency standard), and ensuring that the first floor of each building is barrier-free.
A couple of years ago, CCOC redeveloped its apartment building on Arlington Avenue, near the former Greyhound bus station. These three redevelopments will follow a similar process. The existing tenants will be relocated to other CCOC apartments of a similar size and rent level.
In Cahdco’s role as project manager, there is a strong focus on financial analysis and funding programs to aid CCOC in applying for opportunities as they appear. For each redevelopment, pre-construction funding has been secured through the CMHC Seed Fund, the City of Ottawa’s Pre-Development Fund and FCM’s Sustainable Affordable Housing program. Due to the rapidly increasing costs of construction attributed from material and labour costs as well as increases in interest rates, additional funding and financing opportunities will be pursued. We anticipate applying for Action Ottawa Funding, CMHC Co-Investment and FCM’s Sustainable Affordable Housing Study and Capital Grants to support the viability of these projects.