Ottawa, February 24, 2015 – Windmill Development Group and Dream Unlimited Corp. (TSX:DRM), today announced details of one of Canada’s largest urban renewal master-planned projects, the revitalization of the industrial lands on the Chaudière and Albert Islands, and the downtown Gatineau riverfront.
To be known as Zibi (#ZibiIsHere), Windmill and Dream’s redevelopment of the 40-acre site will include a mix of commercial and retail properties, condominium developments, a hotel, numerous waterfront parks and open spaces, and a network of pedestrian and cycling paths.
“Zibi is a once in a lifetime development opportunity for the National Capital Region,” says Rodney Wilts, Partner, Windmill. “After more than a century, people will finally be able to live, work, play, and learn in one of the Region’s most picturesque and historic areas. We couldn’t be more pleased to be writing this new chapter in the Outaouais’ history.”
“With an anticipated investment value of more than $1 billion, we are committed to working with Windmill on this significant urban renewal project,” says Jason Lester, Dream’s Senior Vice President, Urban Development. “Dream manages and develops real estate across North America and in Europe, each with unique, innovative and exciting characteristics. But as a Canadian real estate leader, this uniquely Canadian project, the dynamic mix of uses and the cutting edge approach to sustainability makes this a truly exceptional project, and a special development within our portfolio.”
The partners plan to transform this industrial brownfield site into one of the world’s most sustainable mixed-use communities.
“I applaud Windmill and Dream for recognizing the rich history, breath-taking geography, and world-class views that combine to make the islands a character-defining place in the Capital,” said Dr. Mark Kristmanson, CEO of the National Capital Commission. “We look forward to continuing our close collaboration with Windmill and Dream, the municipalities, and Algonquin First Nations to ensure Zibi reflects key Capital interests including improved connectivity, heritage preservation, access to the falls, and inspired public spaces.”
Zibi (pronounced ZeeBee) means ‘river’ in the Algonquin language. It was one of the 200 names submitted for the site as part of a contest Windmill launched last summer. The name was chosen both to recognize the Algonquin people’s rich history in the area, and to acknowledge the importance of the Ottawa River to the community.
With the development of Zibi, the magnificent Chaudière falls and the Ottawa River’s rapids will become accessible for the first time since Philemon Wright established the first sawmill there in 1808.
“This natural wonder and central part of the Region has been not just inaccessible, but unknown to most residents and visitors” said Ottawa Mayor, Jim Watson. “The developers’ vision for Zibi stands to enliven a part of Ottawa that has been dormant for far too long and make this central part of our City and Region the kind of destination that everyone can enjoy.”
Windmill expects environmental remediation efforts to begin in the fall, and a sales launch in the months to come. The initial development phase of Zibi will include the revitalization of three existing industrial properties as part of a new retail commercial component, as well as the construction of two new six-storey condominium developments along the Gatineau riverfront.
“This large-scale redevelopment of the lands formerly owned by Domtar is extremely important to the City of Gatineau,” said Maxime Pedneaud-Jobin, Gatineau Mayor. “Gatineau has been working to revitalize its downtown for many years, and the advent of this major interprovincial project aligns perfectly with our efforts.”
Windmill and Dream are using the One Planet Communities framework to guide sustainability planning for Zibi. The One Planet Communities program is aimed at creating a network of the earth’s greenest neighbourhoods and to creating places where it is easy, attractive, and affordable for people to lead healthy, happy lives within their fair share of the earth’s resources.
“As a sustainable community, we will look to create environmentally advanced buildings at Zibi,” says Rodney Wilts. “But, we will also look to provide the services, infrastructure, and design features that make it easy for the people living and working at Zibi to do so in an environmentally friendly way.”
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-30-About WindmillWindmill is a visionary company dedicated to transforming conventional development practices by ensuring that exemplary ecological, social, and financial returns are achieved in all their projects. Every Windmill development is conceived, designed, and constructed to protect and enhance the local community and our ecosystem. Windmill is the only developer in North America to have achieved LEED Platinum on all its mixed-use projects. Completed projects include The Currents, a performing arts centre and modern condominium tower in Ottawa’s Wellington West neighbourhood, and Dockside Green, a model sustainable community in Victoria that was named one of 16 Clinton Climate Initiative Climate Positive developments.
Dream (TSX:DRM) is one of Canada’s leading real estate companies with approximately $14.7 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 three TSX-listed real estate investment trusts and one TSX-listed diversified, hard asset alternatives trust, investments in and management of Canadian renewable energy infrastructure and commercial property ownership. Dream’s development project’s include Toronto’s Distillery Historic District as well as the 2015 Pan Parapan American Athletes’ Village. Dream has an established track record for being innovative and for its ability to source, structure and execute on compelling investment opportunities. For more information, please visit www.dream.ca.