A parking lot at the edge of the Glebe could soon be turned into a residential building with approximately 80 to 90 not-for-profit housing units. Councillors on the finance and corporate services committee voted Tuesday to approve a staff recommendation to declare a portion of 574 Bank Street, at Chamberlain Avenue, surplus and transfer it to the Centretown Citizens Ottawa Corporation (CCOC) for a “nominal value” for housing development. It’s part of the city’s Municipal Land Strategy under the Housing Accelerator Fund initiative to accelerate the disposal of city-owned lands for housing development, including affordable and supportive housing. A total of 16 pieces of land have been declared surplus across Ottawa. City staff say the Centretown Citizens Ottawa Corporation has developed a partnership with McDonald Brothers Construction Inc., who shares ownership with 578 Bank Street Holdings, which owns land next to the municipal parking lot at 574 Bank Street. The land at 574 and 578 Bank Street will be amalgamated to “create additional development potential across both parcels,” according to the city. “On the amalgamated site, CCOC proposes to construct a mid-rise, mixed-use development of nine storeys, including approximately 80-90 units,” staff said. “The proposed development will include ground floor commercial space with residential units on upper floors.” The report says a minimum of 30 per cent of the units will be affordable units with a rent at or below 80 per cent of the average market rents. The Centretown Citizens Ottawa Corporation will own and operate all of the residential units, while 578 Bank Street Holdings will open and operate commercial spaces on the ground floor along Bank Street. Capital Coun. Shawn Menard says he is “excited to see this project advancing.” “In the midst of a market crisis, projects like these are proof that beautiful, affordable, non-market housing is possible,” Menard said on X. The land has a value of approximately $3 million, according to staff.
