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SAKTO PREPARES PRESTON STREET SITE FOR 158 UNIT APARTMENT COMPLEX
The Ottawa Citizen - Wednesday, May 29, 2002 - An Ottawa developer is clearing an empty piece of land bordering on Preston Street with plans to construct an eight storey rental apartment building.
The building is the first stage of a large scale project that would also see an adjoining sixteen storey office tower and retail shops built along Preston and Aberdeen streets, next to the Queensway, says Brian Murray, director of leasing and marketing for Sakto Corp.
Construction on the 158 unit building is expected to begin this fall with one and two bedroom apartments renting in the $800 to $1,300 per month range. The project is worth about $18 million, he said.
"There is a lot of bedrock here and it's a bit of a tricky site to clear up," said Mr. Murray. He said there is a need for more residential units in the urban core and he hopes the building will kickstart the nearby office tower and shopping concourse.
"Preston Street is a natural area to look to develop because of its location in terms of access to both the east and west end of the city, the airport and to light rail and the local amenities of Italian restaurants and cafes are second to none."
He said finding tenants for its office complex and specialty stores has proven more difficult than expected in these tough economic times. He said he expects the target audience for the apartment building to be those people interested in moving back downtown to be close to different services.
Recently, Preston Street has undergone some sprucing up with street scaping, more outdoor patios being built and more restaurants opening.
"I think this development will change the face of Preston Street, especially with the advent of Lebreton Flats."
Sakto's development of its Preston Street site has forced Italian Week organizers to move some to a nearby site for some of its events. In past years, the organizers staged concerts at the bandshell erected on the site owned by Sakto, but this year concerts will be held in the parking lot of the Adult High School, on the north side of the Queensway.
Festivities begin next week.
For more information on Sakto, or this press release, please email info@sakto.com.
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