The Ottawa Sports and Entertainment Group (OSEG) has unveiled plans for a new event center arena and north-side stadium stands, and some 1,200 residential units within towers in a report given to the council.
The said report will fall into the hands of the finance and economic development committee and be subject to approval based on projections and recommendations. The most notable detail— the project’s overall bill. In total, the whole project will cost $332.6 million.
Following rules set in that redevelopment plans must pay for itself, there have been questions raised about the proposed project. This decision came after stakeholders agreed that projects should not affect property owners’ taxes.
Some of the noted improvements in the project brief is a plan to receive cash distributions earlier to pay for the Lansdowne Park 2.0 construction project. Accordingly, the city has shown intent to approve an extension to the Lansdowne agreement set up with OSEG by twelve years. That means that the agreement will last until December 31, 2066.
However, there is still no clear cut figure to how much developers will be willing to pay, given that the bidding phase to air rights hasn’t happened yet. Much of the infrastructure redevelopment will involve water infra, but there are “some limitations to the wastewater and stormwater capacity that could impact the air rights,” according to the reports.
Lansdowne Park is one of the more notable attractions of Ottawa and has been due for improvements. The 40-acre urban park is home to some of the major historic sports, exhibition and entertainment facilities that the city depends on highly for activities. Now, the priority is to determine a way to set aside capital funding for the proposed changes.
According to “overly optimistic” timeline report by the OSEG, the new event center arena can see construction beginning by November 2022. The north-side stands will also likely start in December 2024, according to the same report from OSEG.
