An Ottawa developer is set to receive more than $9 million in incentives from the city in exchange for cleaning up contaminated land across from the Bayview LRT station.
Trinity Group plans to build three condo towers rising from 50 to 59 storeys at 900 Albert St. The buildings will contain 1,632 residential units as well as office and retail space.
The project qualified for $8,255,397 in brownfield development grants over 10 years to clean up railway contaminants left on the site.
In a unanimous vote Tuesday, the city’s finance and economic development committee also agreed to waive a $920,000 fee to allow the developer to move municipal pipes that currently lie under the lot onto city land.
“This development truly is council’s poster child of fulfilling Ottawa’s official plan and transit-oriented development goals,” said Lee Ann Snedden, director of planning services.
$5M boost in tax revenue
According to planning staff the city can expect a $5-million increase in municipal taxes from the development. Staff also lauded the benefits the project will bring to the surrounding neighbourhood.
Coun. Catherine McKenney, who represents the area, initially said she would rather wait to waive the fee until the site plan is finished and the city can be sure the developer will follow through on its promises.