Notable Q3 2023 transactions
3071 Riverside Drive (Canoe Bay) – Residential Land
Located adjacent to Mooney’s Bay Park, the 8.5-acre site of the former Bayview Public School was purchased for $18.8 million. Known as Canoe Bay, the redevelopment of this approved subdivision plan property has been highly anticipated but has faced numerous planning hurdles, including negative community feedback after the City of Ottawa abandoned a 2009 draft concept that would have seen the property developed with predominantly low and medium-density residential. Submitted in 2016, the most recent and contentious draft plan would see the property include townhomes, two six-storey retirement apartments and three three-storey, mixed-use buildings. Of the 624 units proposed for the site, approximately 84% would consist of retirement and residential care home units. The vendor acquired the site as a 10.6-acre property from the City of Ottawa’s arms-length development organization, the Ottawa Community Lands Development Corporation, in 2017 for a consideration of $16.5 million. The vendor subsequently returned approximately 2.159 acres to the city in 2019 to be used as park space.
https://www.altusgroup.com/insights/...pdate-q3-2023/
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