From OBJ:
http://www.ottawabusinessjournal.com...0887831922.php
Arnon asks to double permitted density of Little Italy development site
By Peter Kovessy, Ottawa Business Journal Staff
Mon, Jul 13, 2009 12:00 AM EST
A 2.3-acre surface parking lot on Carling Avenue, immediately adjacent to the O-Train tracks, could eventually host two office towers, totaling 400,000 square feet, according to documents filed with the city.
That is one of the preferred options for Arnon Corp.'s "phenomenal" Little Italy development site, which could also be used for residential or mixed office-residential projects.
Michael Casey, Arnon's vice-president of development, says discussions about the type of project are premature at this point and that the rezoning application, which he says would effectively double the allowed density of the site, is a necessary preliminary step.
Nevertheless, he acknowledges the tremendous potential of the site.
"(It's) a phenomenal piece of land that will afford incredible views over Dow's Lake," he says.
The neighbourhood has seen a flurry of construction and proposals in recent years. Earlier this decade, Colonnade constructed its second Dow's Lake Court building, adding 96,000 square feet of office space to the west of Arnon's site, and Sakto Corp. built the second and third Preston Square Towers, with a combined total of 346,000 square feet.
On the residential side, Domicile Developments is building a pair of residential condominium towers – one eight storeys and the other 10 storeys – along with a block of townhouses as part of its Merrion Square Norfolk project on Loretta Avenue, west of Preston Street, while the Fanto Group has proposed a seven-storey condominium project on Rochester Street.
Mr. Casey says the property immediately behind his site at 855 Carling Ave. has already been rezoned to accommodate heights similar to Arnon's proposed 15-storey and 12-storey office towers, which would be internally connected with a two-storey link and sit atop four storeys of underground parking.
Along with the zoning precedent, observers note the conversion of a surface parking lot – currently used by Civic Hospital employees – into a high-density development fits with municipal intensification goals, given the capacity of area infrastructure and the site's immediate proximity to the existing light-rail line.
Bruce Wolfgram, vice-president and broker at DTZ Barnicke, says he expects more office developments along city transit lines and notes the cluster of Preston Street offices – which along with the Colonnade and Sakto developments, also includes Arnon's Carling Square I and II at Carling Avenue and Rochester Street – have proven popular.
"There is very little vacancy in those buildings, if any," he says.
Kelvin Holmes, managing director at commercial real estate services firm Colliers International, says the area could emerge as "a second central business district," especially if there continues to be a lack of political will to relax height restrictions in the core.
He adds that with the all-class downtown vacancy rate sitting at a paltry 2.9 per cent, further commercial development around Preston Street would benefit private-sector tenants squeezed out of the core by the federal government.
However, he says there's a good chance that new office space would be at least partially filled by public servants.
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