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How likely is it that the all the appealing elements in the multibillion-dollar proposals put forward this week for LeBreton Flats will actually materialize?
The Citizen put that question to both of the competing teams Wednesday. One – Devcore, Canderel DLS Group – responded in some detail. The other – RendezVous LeBreton – provided more cautious, general answers, cowed by the National Capital Commission’s prohibition on revealing financing details.
But both effectively said there’s nothing to worry about – their financial plans are solid.
Daniel Peritz, a spokesman for the Devcore, Canderel DLS Group, said its plan to build the Canadensis Walk – a four-season linear park – at an early stage of its LeBreton Re-Imagined development demonstrates its commitment to the project.
The Canadensis Walk “lays the groundwork for our entire plan,” Peritz said. Other public realm elements, including a high-tech bandshell, Canada Square and Canada Circle, are also in the plan’s initial phase.
Building those elements, coupled with the substantial costs of decontaminating the LeBreton land, “is a huge financial commitment for our partnership,” Peritz said. “We’re making the commitment up front, so we have to see it through and we have to make sure it’s successful.”
Devore, Canderel DLS already has builders lined up for 1,100 residential units and plans for 1.1-million square feet of office space in LeBreton Re-Imagined’s first phase. But the revenues from those early developments will be insufficient to cover the public realm costs, Peritz said.
“It doesn’t get us to net zero. That’s why it’s very important for us to have the ability to finish the project, because a massive amount of investment up front really only starts to become viable as we progress through the first phase and into the second phase.”
The LeBreton Re-Imagined plan comes with a multitude of bells and whistles, but Peritz said several of the attractions included in the project’s initial phase would be privately financed, including the Ripley’s Aquarium, the World Automotive Experience, Spin, a bike and BMX indoor park, and Sky Ventures, an indoor parachuting experience.
The Canadian Communications Centre, billed as Canada’s first multimedia museum, would be subsidized by income from media and communications companies, which will rent space in the building, Peritz said.
“We’re not going to say that we have full signed agreements, but we’ve certainly had discussions with them,” Peritz said.
The LeBreton Re-Imagined proposal also includes things like a YMCA, a Farm Boy store and a French-language elementary school. In each case, Devcore Canderel DLS has strong expressions of interest from the relevant parties, Peritz said.
“We’ve gone out and we’ve investigated and we’ve discussed to ensure that we have serious people at the table,” he said. “They all are waiting for us to come back and say, ‘We won.'”
Things get a bit sketchier when it comes to elements in LeBreton Re-Imagined’s second phase. While everyone thinks a planetarium is a dandy idea, for example, financing is yet to be determined.
“I won’t profess that we have gotten too far on that yet,” Peritz admitted. His group has examined the model used by the planetarium in Montreal, sponsored by Rio Tinto Alcan. “We think that’s an exceptional model, and we think there’s a place for it on our site.”
Other second-phase elements, such as a proposed Science and Innovation Pavilion and other “activity pavilions” similar to Spin and Sky Ventures, are more in the realm of possibilities than solid commitments at this stage.
The arena in the group’s plan probably needs the Ottawa Senators as an anchor tenant to be fully viable – a major reason why, at least for now, it’s in the project’s third and final stage.
Much will depend on the state of the residential and office markets going forward, since the “dominant portion” of the revenue LeBreton Re-Imagined is expected to generate will come from those mixed-use developments, Peritz said.
Meanwhile, the RendezVous LeBreton group, which includes Ottawa Senators owner Eugene Melnyk, has “a complete private sector solution” for its IlluniNation LeBreton project, said spokesman Graham Bird.
Its financial partners include the Ontario Pension Trust, the Canadian Real Estate Investment Trust and Brookfield Asset Management, which is responsible for the planned 1.5-million square feet of office space.
“They come with great investment capacity and tremendous capability and deep, deep, deep pockets,” Bird said. “They signed on because of the credibility, completeness and thoroughness of what we’re up to.”
The RendezVous LeBreton team includes John Ruddy’s Trinity Development Group, Crescent Hotels, builders Mattamy, Monarch and Brigil, construction and development firm Morley Hoppner and Windmill, the developer of the adjacent Zibi project.
“They’re all very successful local, national and international companies,” Bird said. All are “very confident” that RendezVous LeBreton can make its plan happen, he said. “In fact, some of them think we’re a little too conservative.”
Nicholas Galletti, a spokesman for the NCC, said the terms of the LeBreton competition clearly state that the main public anchor uses in the proposals “must be in the initial phase of development and viable from a range of perspectives.”
Demonstrating the viability of other components is also important and the business case should provide evidence that these elements will be successful, he said.
All that will be closely considered when a committee evaluates the two proposals and makes a recommendation to the NCC’s board this spring, Galletti said.
dbutler@ottawacitizen.com
twitter.com/ButlerDon
PARTNERS IN REALITY
The two proposals for the redevelopment of LeBreton Flats unveiled visions that include specific tenants and partners. Here’s what they say about the proposals.
Ability Centre Ottawa, IllumiNation
“We are excited about this partnership with the Ottawa Senators and so grateful for their commitment to accessible programs for people with and without disabilities,” said Emily Glossop, chair of the Abilities Centre Ottawa board of directors in a statement. “Like the first and now proven Abilities Centre in Whitby, the ACO will follow their successful template which is acknowledged as an international centre of excellence for people of all ages, and all abilities.”
Centretown Citizens Ottawa Corporation, IllumiNation
The non-profit housing organization whose stated mission is “to create, maintain and promote housing for low and moderate income people,” is one of the partners in the RendezVouz LeBreton, which is behind the IllumiNation vision, and will help the development group – which is led by the Senators – make 25 per cent of the units plans for the site affordable housing.
Ripley’s Aquarium, LeBreton Re-Imagined
“Ripley’s is aware of the project and the market potential, and are very excited to be participating with the Devcore, Canderel and DLS group, which we think has a superior proposal for the redevelopment,” Darren Loblaw, chief financial officer for Ripley Entertainment Inc. said in an email.
YMCA-YWCA, LeBreton Re-Imagined
“We are thrilled for an opportunity to be considered for such a visionary plan, and look forward to exploring how the Y can utilize our experience in building healthy communities to contribute to the vibrancy of the project,” said a statement on the YMCA-YWCA website.
Farm Boy, LeBreton Re-Imagined
“We have an offer in on the site. We figure it is going to be high-traffic. We get a lot of customer requests for a Farm Boy downtown,” said Jeff York, chief executive of Farm Boy. “We want to be there.”
Conseil des écoles publiques de l’Est de l’Ontario, LeBreton Re-Imagined
Spokeswoman Corinne Labelle confirmed in an email the school board is “effectively in discussions” to build a new school at LeBreton Flats.
Andrew Seymour
查看原文...
The Citizen put that question to both of the competing teams Wednesday. One – Devcore, Canderel DLS Group – responded in some detail. The other – RendezVous LeBreton – provided more cautious, general answers, cowed by the National Capital Commission’s prohibition on revealing financing details.
But both effectively said there’s nothing to worry about – their financial plans are solid.
Daniel Peritz, a spokesman for the Devcore, Canderel DLS Group, said its plan to build the Canadensis Walk – a four-season linear park – at an early stage of its LeBreton Re-Imagined development demonstrates its commitment to the project.
The Canadensis Walk “lays the groundwork for our entire plan,” Peritz said. Other public realm elements, including a high-tech bandshell, Canada Square and Canada Circle, are also in the plan’s initial phase.
Building those elements, coupled with the substantial costs of decontaminating the LeBreton land, “is a huge financial commitment for our partnership,” Peritz said. “We’re making the commitment up front, so we have to see it through and we have to make sure it’s successful.”
Devore, Canderel DLS already has builders lined up for 1,100 residential units and plans for 1.1-million square feet of office space in LeBreton Re-Imagined’s first phase. But the revenues from those early developments will be insufficient to cover the public realm costs, Peritz said.
“It doesn’t get us to net zero. That’s why it’s very important for us to have the ability to finish the project, because a massive amount of investment up front really only starts to become viable as we progress through the first phase and into the second phase.”
The LeBreton Re-Imagined plan comes with a multitude of bells and whistles, but Peritz said several of the attractions included in the project’s initial phase would be privately financed, including the Ripley’s Aquarium, the World Automotive Experience, Spin, a bike and BMX indoor park, and Sky Ventures, an indoor parachuting experience.
The Canadian Communications Centre, billed as Canada’s first multimedia museum, would be subsidized by income from media and communications companies, which will rent space in the building, Peritz said.
“We’re not going to say that we have full signed agreements, but we’ve certainly had discussions with them,” Peritz said.
The LeBreton Re-Imagined proposal also includes things like a YMCA, a Farm Boy store and a French-language elementary school. In each case, Devcore Canderel DLS has strong expressions of interest from the relevant parties, Peritz said.
“We’ve gone out and we’ve investigated and we’ve discussed to ensure that we have serious people at the table,” he said. “They all are waiting for us to come back and say, ‘We won.'”
Things get a bit sketchier when it comes to elements in LeBreton Re-Imagined’s second phase. While everyone thinks a planetarium is a dandy idea, for example, financing is yet to be determined.
“I won’t profess that we have gotten too far on that yet,” Peritz admitted. His group has examined the model used by the planetarium in Montreal, sponsored by Rio Tinto Alcan. “We think that’s an exceptional model, and we think there’s a place for it on our site.”
Other second-phase elements, such as a proposed Science and Innovation Pavilion and other “activity pavilions” similar to Spin and Sky Ventures, are more in the realm of possibilities than solid commitments at this stage.
The arena in the group’s plan probably needs the Ottawa Senators as an anchor tenant to be fully viable – a major reason why, at least for now, it’s in the project’s third and final stage.
Much will depend on the state of the residential and office markets going forward, since the “dominant portion” of the revenue LeBreton Re-Imagined is expected to generate will come from those mixed-use developments, Peritz said.
Meanwhile, the RendezVous LeBreton group, which includes Ottawa Senators owner Eugene Melnyk, has “a complete private sector solution” for its IlluniNation LeBreton project, said spokesman Graham Bird.
Its financial partners include the Ontario Pension Trust, the Canadian Real Estate Investment Trust and Brookfield Asset Management, which is responsible for the planned 1.5-million square feet of office space.
“They come with great investment capacity and tremendous capability and deep, deep, deep pockets,” Bird said. “They signed on because of the credibility, completeness and thoroughness of what we’re up to.”
The RendezVous LeBreton team includes John Ruddy’s Trinity Development Group, Crescent Hotels, builders Mattamy, Monarch and Brigil, construction and development firm Morley Hoppner and Windmill, the developer of the adjacent Zibi project.
“They’re all very successful local, national and international companies,” Bird said. All are “very confident” that RendezVous LeBreton can make its plan happen, he said. “In fact, some of them think we’re a little too conservative.”
Nicholas Galletti, a spokesman for the NCC, said the terms of the LeBreton competition clearly state that the main public anchor uses in the proposals “must be in the initial phase of development and viable from a range of perspectives.”
Demonstrating the viability of other components is also important and the business case should provide evidence that these elements will be successful, he said.
All that will be closely considered when a committee evaluates the two proposals and makes a recommendation to the NCC’s board this spring, Galletti said.
dbutler@ottawacitizen.com
twitter.com/ButlerDon
PARTNERS IN REALITY
The two proposals for the redevelopment of LeBreton Flats unveiled visions that include specific tenants and partners. Here’s what they say about the proposals.
Ability Centre Ottawa, IllumiNation
“We are excited about this partnership with the Ottawa Senators and so grateful for their commitment to accessible programs for people with and without disabilities,” said Emily Glossop, chair of the Abilities Centre Ottawa board of directors in a statement. “Like the first and now proven Abilities Centre in Whitby, the ACO will follow their successful template which is acknowledged as an international centre of excellence for people of all ages, and all abilities.”
Centretown Citizens Ottawa Corporation, IllumiNation
The non-profit housing organization whose stated mission is “to create, maintain and promote housing for low and moderate income people,” is one of the partners in the RendezVouz LeBreton, which is behind the IllumiNation vision, and will help the development group – which is led by the Senators – make 25 per cent of the units plans for the site affordable housing.
Ripley’s Aquarium, LeBreton Re-Imagined
“Ripley’s is aware of the project and the market potential, and are very excited to be participating with the Devcore, Canderel and DLS group, which we think has a superior proposal for the redevelopment,” Darren Loblaw, chief financial officer for Ripley Entertainment Inc. said in an email.
YMCA-YWCA, LeBreton Re-Imagined
“We are thrilled for an opportunity to be considered for such a visionary plan, and look forward to exploring how the Y can utilize our experience in building healthy communities to contribute to the vibrancy of the project,” said a statement on the YMCA-YWCA website.
Farm Boy, LeBreton Re-Imagined
“We have an offer in on the site. We figure it is going to be high-traffic. We get a lot of customer requests for a Farm Boy downtown,” said Jeff York, chief executive of Farm Boy. “We want to be there.”
Conseil des écoles publiques de l’Est de l’Ontario, LeBreton Re-Imagined
Spokeswoman Corinne Labelle confirmed in an email the school board is “effectively in discussions” to build a new school at LeBreton Flats.
Andrew Seymour
查看原文...
