By Melissa Hughes
Bank Street is going upscale. Condo corporations are moving in, and soon, the class of clientele will be moving up.
Ritzy new loft apartments have been popping up in and around the Bank Street promenade — first at The Argyle Lofts, and now, at Bank and Gilmour Place.
The trend we’re seeing is the push to get the “new money” high-tech workers out of the suburbs and into the city.
Part of the marketability of the new lofts is their accessibility to the downtown core and their proximity to shopping and entertainment.
The promotional material for Bank and Gilmour Place capitalizes on this concept.
“Work hard. Live easy. Fall out of bed — you land in the city’s hottest clubs, best cafes, great restaurants,” it says.
Yes, urban living is the latest craze.
Ottawa’s yuppie crew has finally discovered what most of us have known for years: Living near downtown is convenient.
This is only the beginning of what could be a mass exodus from the suburbs as more and more people want the convenience of a downtown lifestyle.
Many see this as a positive development for bedraggled businesses on Bank Street.
There will be an increase need for new, upscale stores that cater to those who can afford to pay $100, 000 for a 40-sq.-metre living space (the lowest price offered at Bank and Gilmour Place.)
The developers feel that this will be a great boost to Bank Street’s economy. But at what price?
If Bank Street does turn towards higher-end businesses, rent for shops will likely increase.
Smaller, start-up businesses will have a harder time finding affordable space.
Thrift shops and dollar stores will be pushed out of their current spaces and forced to set up shop elsewhere.
But where will these stores go? Commercial space in Ottawa is already sparse. Developers aren’t going to create more space for lower-end businesses. That just doesn’t make good business sense.
Why rent out low-cost space to a start-up? If Bank Street is swarmed with high-end retailers, property values will increase.
Owners can charge inflated rent on spaces previously occupied by low-end tenants.
Traditionally, Bank Street has had a mix of stores, serving both wealthy clients, and the lower-income population living in and around downtown.
If stores along Bank Street become increasingly upscale, where will lower-income tenants shop?
They are the ones who truly need the convenience of downtown shopping. Many don’t own cars, and need to walk or take the bus to get groceries or run errands.
This accessibility is not a necessity for the wealthy folk moving into the new lofts. The parking lot behind The Argyle Lofts is full of expensive, foreign cars.
Businesses will cater to the new class of high-tech clientele, no matter what the cost.
The fact is, money talks, and they’ve got it.