By Ryan Baker
The wheels are in motion to build a second tower at the World Exchange Plaza and local politicians say the new office space will boost to the downtown economy.
Toronto-based real estate firm Truscan Property Corporation applied for a building permit from the City of Ottawa last month, putting up $286,000 as a down payment on the project.
“We have all of our approvals,” says David Gerofsky, a senior vice-president at Truscan. “We’re moving in the right direction.”
Expected to cost about $50 million, the new building is set to go up on the south side of Queen Street between O’Connor and Metcalfe. The tower is designed to stand 17 storeys high and house 250,000 square feet of office space. Construction is planned to begin in the spring.
The idea for a second tower isn’t new. The original plan was to put up two buildings when the plaza was built a decade ago, but because of a major real estate slow-down during the recession, construction of the second tower was put on hold.
Two years ago, Truscan, a subsidary of National Trust, decided the demand for office space was high enough to complete the original vision.
“The building is driven by one main factor and that is the demand of private sector tenants for first class office space in the downtown Ottawa area,” says Gerofsky.
Local politicians hope the decision to build the tower will calm fears about the NCC’s plans for Metcalfe Street. Last year, the NCC revealed plans to widen Metcalfe Street, but scrapped the idea after community groups vehemently decried it. The new tower would stand in the way of the NCC’s orginal vision of a widened Metcalfe Street.
“Metcalfe will remain the width it is,” says Diane Dupuis, spokeswoman for the NCC.
“It’s not going to be widened. We’re not going ahead with that.”
Truscan has negotiated with the city since 1998. The plan is now cleared for take-off.
The project seems to have received nothing but support from local politicians.
“I’m very excited about it,” says Ottawa Mayor Jim Watson. “I think it’ll be a great economic boom to both the construction industry and also to the downtown core.
“My hope is that this tower proposal on the World Exchange Plaza sends a very positive signal that it’s time to address some of the space shortages in Centretown.”
Somerset Regional Coun. Diane Holmes is also behind the plan. She says the new tower will bring more jobs to the downtown and add nice-looking architecture to an area rife with drab, colourless buildings.
Gerofsky says two multi-floor tenants have signed leases. He refused to say who they are but did rule out the government.
Although nothing is set in stone yet, Gerofsky says he hopes to see tenants in the new building by the end of 2001.