John Cosentino, a regional property manager with InterRent Real Estate Investment Trust, says a good building structure is all you need for an office-to-residential conversion.
Turning empty workspaces into downtown housing could be a remedy for what ails Ottawa, but getting developers to take on the expensive projects may require more than what city staff have on the table."It's no secret that downtown Ottawa has changed a lot. It's changed during the pandemic, and I don't think we're ever going to see it go back to the way it was," Troster said.
Coun. Ariel Troster hopes that the city's plan to ease the path to converting office towers into apartments will help enliven the downtown core. City staff cited the Canadian Urban Institute in a report making the case for a conversion program, saying a 10 per cent office vacancy rate and 3 per cent housing vacancy rate are "healthy."
In an interview from her home, Troster noted the more costly but less glamorous task of redoing all the plumbing."What I did hear from housing developers that are interested in doing conversions of this nature is that they're very expensive and it is very tough to make them affordable," she said.Merging those realities would be difficult, she said.
Troster also noted council's recent concerns about providing city dollars to developments that would go ahead with or without the city's financial support, pointing to the
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