An artist’s rendering of the interior of the $5-million luxury condo coming to Sparks Street.
Ottawa’s real estate market is soaring to new heights in more ways than one – a Sparks Street penthouse is poised to become the most expensive condominium in the city’s history.
Set to occupy the entire 17th floor of a luxury hotel/condominium complex, the residence is priced at $5 million.
When completed, the sprawling unit will boast approximately 6,000 square feet of customizable floor space and panoramic views of Parliament Hill, the Ottawa River and the Gatineau Hills.
“This is unique for the whole country,” says Rod Lahey, head architect for the project. “You just can’t imagine the view.”
A large private outdoor terrace is also planned so penthouse residents can take advantage of the unique location.
The ‘re’ Hotel and Residences, as the development will be called, will rise above historic Sparks Street, near Metcalfe.
The buyer will also have the chance to tailor the interior of the penthouse to his or her liking.
“Anything you could dream of, you could probably do here,” says Lahey.
“There will be a large amount of customization,” says Anna Simone, owner of Cecconi Simone, the project’s interior design firm, adding that the residence is “all about the details.”
These include porcelain tile floors, custom Corian sinks, European plumbing fixtures and a kitchen filled with Gaggenau products, “the Rolls Royce of appliances.”
Residents of all units will be able to enjoy the services of the luxury hotel, which is slated to occupy the bottom floors of the mixed-use development.
“More and more, busy people want hotel services,” says David Choo, owner of Ashcroft Homes, the project’s developer.
Butler, maid, concierge, valet and doorman services are all offered for residents of the condominium, in addition to the option of having the hotel restaurant’s chef cater private meals.
“The condo has evolved,” Choo says. “We are at the highest echelon of the condo market.”
Indeed, the ‘re’ Hotel and Residences is breaking new ground in the nation’s capital. In addition to being the city’s first hotel-condominium, it represents a new high benchmark for pricing.
“You are dealing with a very select group of people,” Lahey says of those who would be able to afford the penthouse. “You are talking a price point that really narrows it down to not a whole lot of people in the Ottawa area.”
Choo has expressed interest in keeping the penthouse for himself if a buyer cannot be found.
Another smaller penthouse is also available on the 18th floor, in addition to other condominium units priced from a comparatively modest $400,000.
The project fits in with the city’s plans to rejuvenate the street, once the hub of Ottawa’s commercial activity.
“It’s very good news for the street,” says Somerset Ward Coun. Diane Holmes. “I think the long-term health of Sparks Street is looking good.”
Public interest in the project has been high ahead of its April sales launch. Those behind the development say they are confident buyers will embrace the concept.
“I think Ottawa has been ready for it for a long time, I just think there hasn’t been the product there for people to really sink their teeth into,” says Simone.