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BusinessAshcroft Homes Announces Key Sparks Street Development in the Heart of the Capital

Ashcroft Homes Announces Key Sparks Street Development in the Heart of the Capital

Ashcroft Homes Announces Key Sparks Street Development in the Heart of the Capital

It was over a decade ago, back in 2006 that Ashcroft Homes began discussions with the National Capital Commission (NCC) about developing a prime Sparks Street property, one block south of Parliament Hill.

The RESIDENCES project was finally announced October 26, 2016 as Ottawa Mayor Jim Watson, Ashcraft Homes President David Choo and several other dignitaries gathered at development   location site between Sparks and Queen Streets, west of Metcalfe Street. The project was supposed to begin in December 2011 with completion anticipated for 2013 but negotiations with the NCC proved slow. Some of the delays came during the application process in applying for the multitude of development permits required by the NCC. The NCC is tasked with   maintaining the heritage status of many of the Sparks Street properties.

re-residences_exterior

The RESIDENCES plan is impressive and should be completed in 2018. It includes both a 6 story and a 16 story building with 110 luxury rental suites for weekly, monthly and yearlong stays and an additional 92 condominium units. The site will also have 6,000 square feet of retail space along Sparks Street.

2016_06_22_05_14_45_re_residences_exteriorAshcroft Homes President David Choo told attendees to the unveiling of the project that more than 70 per cent of the units have been pre-sold Choo noted that “This site has always been an iconic piece of Canadian real estate,” The NCC is hopeful that the development will contribute to the revitalization of   Sparks Street which has seen many stops and starts over the years.

Part of the reason for this has been the shared responsibility of the pedestrians’ street between PWGSC and the NCC who have often bickered over the vision for the street to the dismay of many in the capital. In recent years however, this bickering seems to have come to an end with several high profile projects moving forward on the famous street.

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