CLV Group Redefines Urban Living with Second Office-to-Residential Conversion in Downtown Ottawa

CLV GROUP REDEFINES URBAN LIVING WITH SECOND
OFFICE-TO-RESIDENTIAL CONVERSION IN DOWNTOWN OTTAWA

Sustainable Development Takes Centre Stage to Address
Pressing Demand for Additional Housing

OTTAWA, ONTARIO – May 7, 2024 – In an exciting step towards revitalizing Ottawa’s core, CLV Group’s second office-to-residential conversion project is officially underway in the city’s downtown. The transformation at 360 Laurier Avenue, a vacant government office formerly known as the Narono building, will mark a pivotal moment for Ottawa’s real estate landscape.

“In the midst of the evolving housing crisis, innovative solutions are imperative now more than ever. We need to think outside the box, and we need to do it fast” says Mike McGahan, CEO of CLV Group. “It’s clear that our downtown core has been impacted by the pandemic, with a decline in foot traffic and an increase in office vacancies. Converting these buildings into apartments aligns with our vision to breathe new life into the heart of Ottawa. We’re heavily invested in contributing to a better future for our city and to doing it in a highly sustainable way.”

With its focus on sustainable construction, the project is set to save over 550 truckloads of concrete and will benefit from a significant reduction in greenhouse gas emissions compared to a similar-sized development built from the ground up. Converting the building instead of tearing it down also allows CLV Group to recycle existing materials rather than sending them to the landfill. Any items that can be repurposed or re-used will be donated to various local charities and trade schools.

"This project reflects an ongoing shift towards sustainable urban development," says Roch Chevrier, Regional VP of Construction at CLV Group Developments. "By repurposing existing structures, we're able to reduce the environmental impact and bring rental apartments to market faster, while also playing a small part in reactivating our downtown core.”

The 11-storey building will ultimately offer 139 elevated suites, including studios, 1-bedroom, and 2-bedroom rental apartments and will feature an exciting lineup of amenity spaces. CLV Group is also reserving the ground floor commercial space for rent by small or local businesses to cultivate a modern, active, mixed-use community.

"The benefits of an office conversion extend far beyond construction," shares Oz Drewniak, President of CLV Group Developments. "We're doing this because Ottawa needs vibrant, pedestrian-friendly spaces that foster community engagement, support local businesses, and encourage people to use the City of Ottawa’s public transit system. It creates a massive domino effect."

The firm’s 360 Laurier project comes on the heels of an overwhelmingly positive reception to their conversion of 473 Albert Street, now known as The Slayte, from a vacant office building to a highly sought-after residential community. This second project welcomes many of the same consultants and local contractors as their first office conversion, including InterRent REIT and local architecture firm Linebox Studio.

“We have re-assembled a team that understands the significance of adaptive reuse in our path forward. With one project complete and one underway, each partner is eager to build upon what we learned with The Slayte,” adds Oz. “We like to say that our first conversion project was like taking a bachelor's degree. With 360 Laurier, we’re pursuing our masters, and we can’t wait for everyone to see it take shape.”

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ABOUT CLV GROUP

Since 1969, CLV Group has been dedicated to building a stronger, more resilient portfolio for our investors, partners, and the communities we serve. The recent addition of PBC Group's expertise in asset and construction management has enhanced our services to meet evolving client needs. This collaboration has also fueled rapid growth, empowering us to deliver a distinctive, fully integrated real estate asset management platform. By adeptly navigating the market, our team has optimized a range of complimentary services spanning residential and mixed-use development, acquisitions, investment portfolios, construction, realty, and property management.

Firmly rooted in a commitment to fostering sustainable, inclusive communities, we offer solid risk-adjusted returns supported by a robust portfolio of real estate assets nationwide. With $3 billion in assets under management, over 5 million square feet of development in our pipeline, and a wide range of residential units, our track record itself proudly speaks to our relentless pursuit of excellence.

CONTACT INFORMATION:

mediarelations@clvgroup.com