Fiera Real Estate’s Canadian Built Opportunities Fund is partnering with Ottawa-based TCU Development Corporation to develop a new purpose-built rental tower called SOUL, with construction set to begin in the city’s east end in May.

The 21-storey tower to be built at 1137 Ogilvie Rd., in the Cyrville neighbourhood, will contain 271 apartments, the companies state in today’s announcement.

Financial details of the partnership were not released, but while Fiera is no stranger to investing in Ottawa, this is the first investment for this particular Fiera fund.

“SOUL represents an ideal inaugural investment for the Canadian Built Opportunities Fund – a well-located, purpose-built rental development delivered by an experienced local partner and built by Canadian union tradespeople,” Pierre Pelletier, Fiera’s senior managing director and head of development and debt, said in the announcement. 

“It demonstrates how institutional capital can generate long-term value for our investors while creating meaningful opportunities in the communities where we invest.”

About the SOUL apartment tower

SOUL is planned as a community-oriented rental development and will provide modern accommodations in a region of the city where much of the existing apartment stock is aging. The project will also include ground-floor retail space and contribute to an activated streetscape. 

“Strong partnerships and aligned teams are what drive successful projects and this one reflects that from Day One,” TCU co-founder and CEO Mike Corneau said in the announcement. “Partnering with Fiera Real Estate is a strong signal of both the quality of SOUL and the long-term fundamentals we see in Ottawa.”

Residents will benefit from proximity to transit, employment hubs and a growing mix of retail and services shaping the Cyrville area. It's located just a block from the St. Laurent shopping centre, and TCU also plans a number of amenities for the tower though details were not immediately available on what is planned.

RENX reached out to TCU for additional comment, but the company declined to provide any other details.

Fiera and TCU active in Ottawa

Both Fiera and TCU are involved in other, separate projects in Ottawa.

Fiera is a partner with one of the region’s largest and most active developers, Colonnade BridgePort, on a multi-tower development known as Junction Central adjacent to the city’s main train station and an LRT stop on Ottawa’s main east-west transit line. It’s also adjacent to the city’s main east-west highway, Hwy. 417, overlooks its baseball stadium and has close access to the Trainyards retail corridor.

The fund involved in this project is the Fiera Real Estate CORE Fund.

Phase I of Junction Central comprises two towers, Linq and Connex, which will deliver 498 new homes into the market, from studios to three-bedroom apartments. Ground broke on that project in February.

TCU has recently completed Mata, a residential building at 300 Tremblay Rd., which is also near the train station, as well as Ori at 1188 Cummings Ave., in the same Cyrville neighbourhood where SOUL is to be built.

Occupancy for SOUL is expected to begin in approximately two years.

About Fiera and TCU

Fiera Real Estate is a Montreal-based investment management company with offices in North America, Europe and Asia, and a team of over 100 employees. It manages over $11.9 billion of commercial real estate globally through a range of funds and accounts as at Dec. 31. 

The highly diverse nature of its portfolio – geographies and asset types – combined with a range of strategies provides investors with opportunities to diversify their exposure and customize real estate investments. 

Fiera Real Estate is wholly owned by Fiera Capital Corporation, an independent asset management firm with more than $164.1 billion in assets under management as at Dec. 31.

TCU Development Corp. is an Ottawa-based real estate investment and development firm focused on class-A, purpose-built rental housing. TCU offers a fully integrated platform spanning acquisition, financing, development and asset management..

Founded in 2010, the firm has developed a significant multifamily platform in Ottawa, including several projects in the east end of the city, where SOUL is to be constructed.