Construction begins on Dream’s newest visionary community in Ottawa

OTTAWA, ON, Nov. 18, 2024 – Dream, and its partner Multifaith Housing Initiative, held a groundbreaking event earlier today to mark the start of construction on Odenak, a transformative development located in Ottawa’s LeBreton Flats. Named after the Algonquin Anishinàbe word for “community”, Odenak represents the importance of connecting people and creating community. The name was revealed at the groundbreaking ceremony, which was attended by key government officials and partners.

Odenak is a partnership between Dream Unlimited Corp (TSX: DRM), Dream Impact Trust (TSX: MPCT.UN), and Multifaith Housing Initiative (MHI), a non-profit housing provider.

Designed by acclaimed architecture and design firms, Perkins&Will and KPMB alongside Indigenous architecture firm Two Row Architects, Odenak focuses on creating a more inclusive and sustainable community, while also providing affordable housing. Currently planned to be one of Canada’s largest residential Zero Carbon Building certified developments, this community will be integrated into the LeBreton Flats Library Parcel which is a 1.1-hectare site located on the western edge of downtown Ottawa. This project, which is expected to be completed by the winter of 2027, is conveniently located close to public transit, retails, daycare and health services.

Located at 665 Albert Street, the project will include two residential towers with 608 rental units, 251 (41%) of which will be dedicated to affordable housing. A significant portion of these units will serve priority populations such as Indigenous peoples, veterans, newcomers, adults with cognitive disabilities, and women and children, while at least 31% will be accessible.

A vision for an inclusive and sustainable future

Odenak will be much more than just a residential development. It will integrate affordable housing, green building practices, and comprehensive social programming. Designed to LEED Gold standards, a globally recognized symbol of sustainability achievement, it will implement the One Planet Living® framework, and is targeting an energy reduction of 45% compared to typical buildings that meet building code.

Conveniently located next to transit, retail, daycares, the new central library Ādisōke and health services, the community will offer a range of community amenities, including multi-purpose community spaces, co-working areas, and programming for residents of all ages.

The Dream Community Foundation will invest $150,000 annually over the next 20 years to support cultural, educational, and wellness initiatives for residents of all ages. Dream and MHI will collaborate to provide services such as after-school programs, fitness classes, and bicycle maintenance workshops, to foster a vibrant and inclusive neighbourhood.

$310 million in Government support

Odenak was made possible thanks to more than $310 million in federal funding, including:

• $49.5 million from the federal government’s Affordable Housing Fund (AHF)
• $233 million in fully repayable, low interest loans from the federal government’s Apartment Construction Loan Program (ACLP)
• $27.5 million under the Federal Lands Initiative (FLI)
• $15 million from the City of Ottawa

“We are proud to work with the federal government, the City of Ottawa and MHI to create an innovative financing model that will increase the number of affordable housing units from 20% to 41% through a combination of Affordable Housing Fund and Apartment Construction Loan Program (ACLP) financing,” said Michael Cooper, President and Chief Responsible Officer of Dream. “This approach can be applied to other projects and increase the amount of affordable housing built in Canada. We are also proud to begin construction on this landmark project that will foster a culture of belonging and provide a sense of safety and community for over 1,200 people thanks to funding from the Dream Community Foundation.”

Odenak is a model for how housing can be built in partnership with the public and not-for-profit sector, all while achieving competitive returns for private sector investors.

“Multifaith Housing Initiative is excited to be a part of this transformative new private and not-for-profit partnership model,” added Suzanne Le, MHI’s Executive Director. “The precedent we have jointly created at LeBreton Flats will initiate a new chapter in Ottawa’s affordable housing sector, while encouraging the creation of inclusive housing across the spectrum of Canadian society. Our signature housing model will bring vibrancy into this new downtown community with programs that engage tenants of all ages, and backgrounds.”

Honouring Indigenous culture

Odenak will also honour the natural and cultural heritage of the Algonquin Anishinàbe people. The development will include a circular outdoor gathering space and other design elements inspired by Algonquin culture, with Indigenous signage and architectural details incorporated throughout.

“This project is an important milestone for the Building LeBreton plan, as we see the National Capital Commission’s vision for a vibrant and sustainable mixed-use community in the heart of the nation’s Capital coming to life,” said Tobi Nussbaum, CEO of the National Capital Commission. “With our partners, we are proud to contribute significantly to the Government of Canada’s efforts to tackle the housing crisis.”

NT5