Brownfield redevelopment program and Dream investment accelerate site revitalization and infrastructure.
Gatineau, July 17, 2018 – Zibi is pleased to announce that construction crews are fully activated to build one of Canada’s greatest and most sustainable urban communities. As construction crews begin to demolish one of downtown Hull’s largest industrial buildings, today Zibi welcomed Ottawa Centre MP and Canada’s Minister of Environment and Climate Change Catherine McKenna to witness its revitalization efforts firsthand.
Thanks to the brownfield redevelopment programs from the cities of Ottawa and Gatineau, a significant increase in investment from Dream Unlimited Corp. and Dream Hard Asset Alternatives Trust (collectively, “Dream”), and development financing from a syndicate of Canada’s leading financial institutions, Zibi is entering its first phase in earnest.
With approximately $100 million in infrastructure alone, Zibi will provide servicing for close to 5,000 residents and enough office space and transformational retail for over 6,000 people. Demolition and revitalization activities are currently underway, paving the way for the completion of Zibi’s first Gatineau condominiums “O” and the start of construction on Ottawa’s first residential offering “Kanaal,” as well as the first publics spaces Zibi Plaza and Head Street Square.
“The demolition of the very large Gatineau Mill will completely change the face of downtown Gatineau by finally providing views to the river,” said Gatineau mayor Maxime Pedneaud-Jobin. “And with new public spaces, parks and plazas replacing all of those industrial buildings, Zibi is transforming Hull into a vibrant riverfront city.”
Earlier this year, Dream doubled their equity commitment to this project to increase their stake to 80%. Dream embraces Zibi’s vision and is committed in making it a reality. This added commitment enables public spaces and infrastructure to be developed all at once, allowing the public to fully appreciate the transformation of this very special community.
“Zibi is Dream’s flagship sustainable and complete community” said Michael Cooper, President and Chief Responsible Officer of Dream Unlimited Corp. “With Zibi, we are grateful for the opportunity to be able to bring all of our experience and do our best work in Ottawa and Gatineau on one of the most physically spectacular sites in the country.”
Dream’s expertise in urban revitalization is well established and they are currently developing some of Toronto’s most iconic neighbourhoods. Some notable examples include the Historic Distillery District—incorporating 26 of the most significant Victorian era buildings—the renewal of a former brownfield site into 2015 Pan/Parapan American Games Athletes’ Village, which has now been transformed into the 20 acre mixed-use Canary District, and the recently announced Mirvish+Gehry mixed-use development designed by Frank Gehry.
Original members of the Zibi leadership team, including President Jeff Westeinde, have recently announced a new venture: Theia Partners, which has evolved out of Windmill Developments. This new development agency will make Zibi its primary focus. “Together with Dream, Theia Partners are dedicated in building Canada’s first One Planet Community,” said Jeff Westeinde. “This increased commitment by all partners means our award-winning masterplan can come to fruition sooner, and we can deliver a truly breathtaking waterfront city.”
Dream and Theia Partners bring their combined experience and innovative spirit to Zibi, and hope to create a new paradigm in urban renewal. They look forward to welcoming their first residents in “O” on the Gatineau shoreline this fall, with additional residential and commercial buildings soon to follow, including purpose built rental and innovative retail concepts.
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Zibi, Canada’s first One Planet Community, is a redevelopment project by Dream Unlimited Corp and Theia Partners. This new mixed-use community, located on both the Ottawa and Gatineau shores of the Ottawa River, will transform former industrial lands into a blend of mid-rise residential housing types, commercial and office spaces, waterfront plazas, outdoor squares, and diverse retail offerings.
About Dream Unlimited Corp.
Dream is one of Canada’s leading real estate companies with approximately $14 billion of assets under management in North America and Europe. The scope of the business includes residential land development, housing and condominium development, asset management for four TSX-listed trusts, investments in and management of Canadian renewable energy infrastructure and commercial property ownership. Dream has an established track record for being innovative and for its ability to source, structure and execute on compelling investment opportunities.
About Dream Alternatives Trust
Dream Alternatives provides an opportunity for unitholders to invest in hard asset alternative investments, real estate development, real estate lending, real estate, and renewable power managed by an experienced team with a successful track record in these areas. The objectives of the Trust are to build and maintain a growth-oriented portfolio, provide predictable cash distributions to unitholders on a tax efficient basis, and grow and reposition the portfolio to increase NAV per unit over time. For more information, please visit: www.dreamalternatives.ca
About Theia Partners
Theia Partners is a development agency that has health, wellness and sustainability at the very core of its DNA. Founded by Peter Busby, Scott Demark, Jeff Westeinde and Rodney Wilts in 2018, the Theia partners are passionate about transformative real estate development. Theia’s first project is Zibi, a One Planet mixed-use community initiated by Windmill Developments in the heart of Ottawa-Gatineau with ambitions of becoming the world’s most sustainable community.