A New York based residential real estate firm is pushing north with its first international expansion.
Common is partnering with Canada’s Dream Unlimited for a 252-bed home called Common Zibi, a 34-acre master-planned community, with ambitions to become the most sustainable community in North America.
The project will be located along the Ottawa River as part of Dream's Zibi redevelopment project in Ottawa and Gatineau, with connections to walking and biking paths surrounded by two central transit hubs.
The 24-story building would offer a mix of co-living suites as well as traditional apartments, and provide fully-furnished shared lounges and large, shared kitchens, community rooms, in-unit laundry, roof deck, parking spaces, and a gym that includes yoga room and many other amenities.
"Throughout Canada affordability is one of the biggest issues, and Dream has consistently developed properties to provide residents with affordable alternatives. Common is a great way for people to be able to live affordably in the centre of the most urban cities and neighbourhoods in homes that are fun and exciting," said Michael Cooper, President and Chief Responsible Officer of Dream. "Dream is also creating innovative affordable housing in downtown Toronto at the West Don Lands development. We hope to grow with Common in many of our communities."
Below-market rents
Rents would start at approximately $1,225/month for a bedroom in a co-living suite, which is 31% less than a market rate one-bedroom in the area.
Rents for traditional residential units will start at around $2,065/month.
"Cities are facing similar housing challenges throughout the world -- urban populations are rising, and housing supply is not keeping up. Common's entrance into our first city outside of the United States is a testament to not only the growing need for high-quality rental housing options, but also to Common's ability to offer a truly unique brand of residential living that people, regardless of country, are seeking," said Brad Hargreaves, founder and CEO of Common. "With Dream and their Zibi development, we have found a fantastic partner with a longstanding history in Canada and an unparalleled location to bring coliving to Ottawa."
