Metcalfe Realty plans to convert 85 Albert Street office tower to 107 residential units
The Ottawa property firm filed a site plan application to replace commercial suites in the 50-year-old building, citing a 50% vacancy rate and city incentives that waive parkland fees for conversions.
The day's top stories, food & events — every morning at 7. Unsubscribe anytime.
Metcalfe Realty is pursuing a conversion of its 16-storey office tower at 85 Albert Street from commercial to residential, the company's president said Monday. The site plan application filed with the City of Ottawa proposes replacing existing commercial suites with 107 residential units in a mix of studio, one-bedroom, two-bedroom, and large two-bedroom configurations.
The building, constructed in 1976 and last renovated in 2007, sits between Metcalfe and Elgin streets in downtown Ottawa. Both 85 Albert and a nearby Metcalfe property at 116 Albert Street have vacancy rates around 50 percent and have not been upgraded for nearly two decades. The company has stopped signing new office tenants and is no longer renewing existing leases as they expire, instead moving occupants to other Metcalfe properties.
Metcalfe Realty president Jen Arbuckle told Ottawa Business Journal the firm is "very seriously pursuing" the conversion while still operating 85 Albert as a full office building. "We're just exploring all of our options," she said, adding that "nothing is set in stone" — the building could instead be renovated to attract new office tenants.
The conversion push is spurred partly by recent city initiatives to streamline approvals and reduce developer costs. Last fall, council approved an 18-month waiver of cash-in-lieu of parkland fees for office-to-residential conversions while city staff conducted a comprehensive policy review. Before the freeze, developers converting office buildings were required to pay 10 percent cash-in-lieu fees in most parts of the city; residential developments typically face five to 10 percent.
Arbuckle, who served on a recent city task force recommending measures to encourage housing construction, called the incentives "pretty good" and noted they come with timelines. The city has not disclosed what the conversion would cost or when construction might begin if approved.
What will the conversion cost, and how much will it be subsidized by the parkland-fee waiver?
If approved, when would construction begin and how long would the project take?
How many of the 107 units would be affordable, and at what rents?
We'll update this story as answers emerge.
The facts
How many residential units would 85 Albert Street have after conversion?
Metcalfe Realty's site plan application proposes 107 residential units in studio, one-bedroom, two-bedroom, and large two-bedroom configurations.
When was 85 Albert Street built?
The building at 85 Albert Street was constructed in 1976.
What is the current vacancy rate at 85 Albert Street?
85 Albert Street has a vacancy rate around 50 percent.
What city incentive is encouraging the conversion?
The City of Ottawa approved an 18-month waiver of cash-in-lieu of parkland fees for office-to-residential conversions, reducing developer costs compared to the standard 10 percent fee previously required.
