Odenak to deliver over 600 socially and
environmentally sustainable units at LeBreton Flats
OTTAWA,
ON, Nov. 18, 2024 /CNW/ - Dream, and its
partner Multifaith Housing Initiative, held a groundbreaking event
earlier today to mark the start of construction on Odenak, a
transformative development located in Ottawa's LeBreton Flats. Named after the
Algonquin Anishinàbe word for "community", Odenak represents the
importance of connecting people and creating community. The name
was revealed at the groundbreaking ceremony, which was attended by
key government officials and partners.
Odenak is a partnership between Dream Unlimited Corp (TSX: DRM),
Dream Impact Trust (TSX: MPCT.UN), and Multifaith Housing
Initiative (MHI), a non-profit housing provider.
Designed by acclaimed architecture and design firms,
Perkins&Will and KPMB alongside Indigenous architecture firm
Two Row Architects, Odenak focuses on creating a more inclusive and
sustainable community, while also providing affordable housing.
Currently planned to be one of Canada's largest residential Zero Carbon
Building certified developments, this community will be integrated
into the LeBreton Flats Library Parcel which is a 1.1-hectare site
located on the western edge of downtown Ottawa. This project, which is expected to be
completed by the winter of 2027, is conveniently located close to
public transit, retails, daycare and health services.
Located at 665 Albert Street, the project will include two
residential towers with 608 rental units, 251 (41%) of which will
be dedicated to affordable housing. A significant portion of these
units will serve priority populations such as Indigenous peoples,
veterans, newcomers, adults with cognitive disabilities, and women
and children, while at least 31% will be accessible.
A vision for an inclusive and sustainable future
Odenak will be much more than just a residential development. It
will integrate affordable housing, green building practices, and
comprehensive social programming. Designed to LEED Gold standards,
a globally recognized symbol of sustainability achievement, it will
implement the One Planet Living® framework, and is targeting an
energy reduction of 45% compared to typical buildings that meet
building code.
Conveniently located next to transit, retail, daycares, the new
central library Ādisōke and health services, the community will
offer a range of community amenities, including multi-purpose
community spaces, co-working areas, and programming for residents
of all ages.
The Dream Community Foundation will invest $150,000 annually over the next 20 years to
support cultural, educational, and wellness initiatives for
residents of all ages. Dream and MHI will collaborate to provide
services such as after-school programs, fitness classes, and
bicycle maintenance workshops, to foster a vibrant and inclusive
neighbourhood.
$310 million in Government
support
Odenak was made possible thanks to more than $310 million in federal funding, including:
- $49.5 million from the federal
government's Affordable Housing Fund (AHF)
- $233 million in fully repayable,
low interest loans from the federal government's Apartment
Construction Loan Program (ACLP)
- $27.5 million under the Federal
Lands Initiative (FLI)
- $15 million from the City of
Ottawa
"We are proud to work with the federal government, the
City of Ottawa and MHI to create
an innovative financing model that will increase the number of
affordable housing units from 20% to 41% through a combination of
Affordable Housing Fund and Apartment Construction Loan Program
(ACLP) financing," said Michael
Cooper, President and Chief Responsible Officer of
Dream. "This approach can be applied to other projects and
increase the amount of affordable housing built in Canada. We are also proud to begin
construction on this landmark project that will foster a culture of
belonging and provide a sense of safety and community for over
1,200 people thanks to funding from the Dream Community
Foundation."
Odenak is a model for how housing can be built in partnership
with the public and not-for-profit sector, all while achieving
competitive returns for private sector investors.
"Multifaith Housing Initiative is excited to be a part of this
transformative new private and not-for-profit partnership model,"
added Suzanne Le, MHI's Executive
Director. "The precedent we have jointly created at LeBreton
Flats will initiate a new chapter in Ottawa's affordable housing sector, while
encouraging the creation of inclusive housing across the spectrum
of Canadian society. Our signature housing model will bring
vibrancy into this new downtown community with programs that engage
tenants of all ages, and backgrounds."
Honouring Indigenous culture
Odenak will also honour the natural and cultural heritage of the
Algonquin Anishinàbe people. The development will include a
circular outdoor gathering space and other design elements inspired
by Algonquin culture, with Indigenous signage and architectural
details incorporated throughout.
"This project is an important milestone for the Building
LeBreton plan, as we see the National Capital Commission's vision
for a vibrant and sustainable mixed-use community in the heart of
the nation's Capital coming to life," said Tobi Nussbaum, CEO of the National Capital
Commission. "With our partners, we are proud to contribute
significantly to the Government of Canada's efforts to tackle the housing
crisis."
Forward Looking Information
This press release may contain forward-looking information
within the meaning of applicable securities legislation, including
with respect to Odenak completion timelines, certifications and
features. Forward-looking information is based on a number of
assumptions and is subject to a number of risks and uncertainties,
many of which are beyond Dream's control, which could cause actual
results to differ materially from those that are disclosed in or
implied by such forward-looking information. These risks and
uncertainties include, but are not limited to, general and local
economic and business conditions, employment levels, regulatory
risks, mortgage rates and regulations, environmental risks,
consumer confidence, seasonality, adverse weather conditions,
reliance on key clients and personnel and competition. All forward
looking information in this press release speaks as of November 15, 2024. Dream does not undertake to
update any such forward looking information whether as a result of
new information, future events or otherwise. Additional information
about these assumptions and risks and uncertainties is disclosed in
filings with securities regulators filed on SEDAR+
(www.sedarplus.com). These filings are also available at Dream's
website at www.dream.ca.
Related:
- Odenak Fact Sheet
- Odenak renderings and logo
- News release: Building LeBreton Flats: Announcing Canada's
Largest Residential Zero-Carbon Project
About Dream Unlimited Corp.
Dream Unlimited is a leading developer of exceptional office and
residential assets in Toronto,
owns stabilized income generating assets in both Canada and the U.S., and has an established
and successful asset management business, inclusive of $26 billion of assets under management across
four Toronto Stock Exchange listed trusts, our private asset
management business and numerous partnerships. We also develop
land, residential and income generating assets in Western Canada. Dream expects to generate more
recurring income in the future as its urban development properties
are completed and held for the long term. Dream has a proven track
record for being innovative and for our ability to source,
structure and execute on compelling investment opportunities. For
more information, please see our website at www.dream.ca.
About Dream Impact Trust
Dream Impact is an open-ended trust dedicated to impact
investing. Dream Impact's underlying portfolio is comprised of
exceptional real estate assets reported under two operating
segments: development and recurring income, that would not be
otherwise available in a public and fully transparent vehicle,
managed by an experienced team with a successful track record in
these areas. The objectives of Dream Impact are to create positive
and lasting impacts for our stakeholders through our three impact
verticals: environmental sustainability and resilience, attainable
and affordable housing, and inclusive communities, while generating
attractive returns for investors. For more information, please see
our website at www.dreamimpacttrust.ca.
About Multifaith Housing Initiative
MHI is a grassroots federally registered charitable organization
in Ottawa. It began in 2001 when a
Christian group, which was looking into how they could address
issues around poverty, came together with Jewish and Muslim
communities to take action against the rising problem of
homelessness and lack of affordable housing in Ottawa. The movement gained momentum as other
faith communities joined, and Multifaith Housing Initiative (MHI)
was created. Today, MHI's membership of more than 70 faith
communities, including Baha'i, Christian, Hindu, Jewish, Muslim,
Unitarian, and other faiths provide volunteers and resources that
support our mission. Together with an active group of patrons,
these members are dedicated to achieving MHI's vision to create
more affordable housing in Ottawa
while promoting understanding and respect among our residents,
members, and supporters of all faiths. Today MHI is a thriving
coalition that provides homes and a supportive community to
approximately 500 tenants and families spread over three affordable
housing communities. MHI provides well-maintained, affordable
rental housing, in a safe and inclusive environment, and engaging
the faith communities in Ottawa
who are members. www.multifaithhousing.ca
SOURCE Dream Unlimited Corp.
