In Ottawa, discussions over the fate of LeBreton Flats have been a much-discussed news issue. The valuable real estate plot in the core of the Ontario city has long been considered as a potential home for a hockey arena. A former mayor of Ottawa has said that he believes the arena will be built, but that residents may remain skeptical until they actually see the project start and finish.
Part of the skepticism of Ottawa, Ontario residents with regard to the arena at LeBreton Flats is how long the issue has been discussed. Three decades ago, the mayor tried to work out an agreement over the real estate with the National Capital Commission, but nothing came to fruition. RendezVous LeBreton Group, which is backed by the Ottawa Senators, has now reached an agreement in principle with the NCC to turn the 21-hectare property into a residential, commercial and entertainment hub.
While not everyone is sure it will truly happen, next steps are in the works. The NCC and RendezVous LeBreton will be establishing an in-depth plan for the lands over the next 18 months, with negotiations ongoing. According to the NCC, construction could begin as soon as 2019 depending on negotiations.
The fate of LeBreton Flats remains to be seen. However, if plans do go forward, the commercial and residential real estate could be some of the most coveted in the Ontario city. Those looking to buy, sell, or develop Ottawa real estate should involve a lawyer in all negotiations and dealings.
Source: Ottawa Business Journal, “No turning back now on LeBreton Flats, Durrell says“, David Sali, Feb. 23, 2018