Ottawa values. Minto Group has acquired 212 acres of draft plan-approved land in suburban Ottawa for $245 million from the DelZotto family in what’s believed to be the highest-valued land deal in the city’s history.
The draft plan allows for a significant mixed-use development of upwards of 2,755 housing units, plus commercial and retail space on the site, at 5618 Hazeldean Rd., straddling the west-end districts of Stittsville and Kanata.
CBRE Land Services Group began marketing the site last fall, had a firm deal in place in December and the transaction closed in April, according to executive vice-president Lauren White.
“It’s rare for a piece of land of this size to come on the market with draft plan approval in play,” Brent Strachan, president of Minto’s Ottawa division, told RENX. “That makes it short-term land.
“The other main factor is that it’s basically infill within an existing community. The surrounding area is under development right now and a lot of it is complete.
“The infrastructure is there, the schools are there, the pool and the rinks are close by, and the commercial is already there for shopping across Hazeldean. All of the amenities and community features are already there, which makes this community pretty attractive from a market perspective.”
Strachan said the $245-million price tag is indicative of the constrained supply of developable land around Ottawa and the strength of the market.
“Without land to be developed, the land that is developable has really escalated in price. Housing prices have as well. But. when you see land prices escalate like this, that’s the lead indicator of where housing prices are going.”