By Annika Graf
When the spring sun warms the earth, Sakto Corp. will lay the foundation stone for their ambitious Preston Square project.
Once finished, the square located next to the Queensway on Preston Street will comprise four city blocks, including the existing Xerox Tower. It will offer office space as well as spaces for retailers, restaurants and apartments.
“The city loves the principle of mixed use,” says Brian Murray, director of marketing and leasing for Sakto Corp.
According to Murray, the construction for the eight-storey apartment building will start later this month. It will be the first building on Preston Square, ready for occupation in about 16 to 18 months. In order to attract residents, Sakto said it will rent out the 158 units in the building about 10 to 15 per cent cheaper than comparable downtown residential space.
“We will start the pre-leasing about six to eight months before completion,” says Murray. Employees of surrounding businesses and government offices already have approached the company showing interest in the new residence.
The apartment building will consist of one- and two-bedroom-apartments sized between 750 and 1,100 square feet.
“Residents will be the whole cross-section,” says Murray. The target market is people with an “urban lifestyle” which includes residents from Preston Street and Little Italy.
Murray says direct access to the Queensway will enable the residents to reach Kanata, the downtown core, and the airport in short time. “The users will love the convenience,” he says. The project has received broad support in the Preston Street community.
“We are quite excited and nothing but positive,” says Lori Mellor, executive director of the Preston Street Business Improvement Association. She expects benefits for restaurants and other businesses.
Ray Sullivan, membership and communication co-ordinator of the Centretown Citizens Ottawa Corporation, also backs Sakto’s plans.
“We generally support building of rental housing,” he says. Murray expects the apartments in Preston Square to be a relief for the housing market in Ottawa.
Somerset Ward Coun. Elisabeth Arnold says the feedback was very positive during the decision making process in city council one year ago. Issues raised, such as the amount of available parking have been solved by Sakto Corporation and the new shaping of the street got very strong approval in the community.
The site will have a significant visual impact on Preston Street. “It will change the whole landscape of Preston Street,” says Mellor.
Murray says Sakto is highly committed to the area. “We have always been,” he says. “We believe in this area and are one of the pieces in the puzzle.”