Construction begins on Dream's newest visionary community in Ottawa

Odenak to deliver over 600 socially and environmentally sustainable units at LeBreton Flats

OTTAWA, ON, Nov. 18, 2024 /CNW/ - 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."

Forward Looking Information

This press release may contain forward-looking information within the meaning of applicable securities legislation, including with respect to Odenak completion timelines, certifications and features. Forward-looking information is based on a number of assumptions and is subject to a number of risks and uncertainties, many of which are beyond Dream's control, which could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking information. These risks and uncertainties include, but are not limited to, general and local economic and business conditions, employment levels, regulatory risks, mortgage rates and regulations, environmental risks, consumer confidence, seasonality, adverse weather conditions, reliance on key clients and personnel and competition. All forward looking information in this press release speaks as of November 15, 2024. Dream does not undertake to update any such forward looking information whether as a result of new information, future events or otherwise. Additional information about these assumptions and risks and uncertainties is disclosed in filings with securities regulators filed on SEDAR+ (www.sedarplus.com). These filings are also available at Dream's website at www.dream.ca.

Related:

• Odenak Fact Sheet
• Odenak renderings and logo
• News release: Building LeBreton Flats: Announcing Canada's Largest Residential Zero-Carbon Project 

About Dream Unlimited Corp.

Dream Unlimited is a leading developer of exceptional office and residential assets in Toronto, owns stabilized income generating assets in both Canada and the U.S., and has an established and successful asset management business, inclusive of $26 billion of assets under management across four Toronto Stock Exchange listed trusts, our private asset management business and numerous partnerships. We also develop land, residential and income generating assets in Western Canada. Dream expects to generate more recurring income in the future as its urban development properties are completed and held for the long term. Dream has a proven track record for being innovative and for our ability to source, structure and execute on compelling investment opportunities. For more information, please see our website at www.dream.ca.

About Dream Impact Trust

Dream Impact is an open-ended trust dedicated to impact investing. Dream Impact's underlying portfolio is comprised of exceptional real estate assets reported under two operating segments: development and recurring income, that would not be otherwise available in a public and fully transparent vehicle, managed by an experienced team with a successful track record in these areas. The objectives of Dream Impact are to create positive and lasting impacts for our stakeholders through our three impact verticals: environmental sustainability and resilience, attainable and affordable housing, and inclusive communities, while generating attractive returns for investors. For more information, please see our website at www.dreamimpacttrust.ca.

About Multifaith Housing Initiative

MHI is a grassroots federally registered charitable organization in Ottawa. It began in 2001 when a Christian group, which was looking into how they could address issues around poverty, came together with Jewish and Muslim communities to take action against the rising problem of homelessness and lack of affordable housing in Ottawa. The movement gained momentum as other faith communities joined, and Multifaith Housing Initiative (MHI) was created. Today, MHI's membership of more than 70 faith communities, including Baha'i, Christian, Hindu, Jewish, Muslim, Unitarian, and other faiths provide volunteers and resources that support our mission. Together with an active group of patrons, these members are dedicated to achieving MHI's vision to create more affordable housing in Ottawa while promoting understanding and respect among our residents, members, and supporters of all faiths. Today MHI is a thriving coalition that provides homes and a supportive community to approximately 500 tenants and families spread over three affordable housing communities. MHI provides well-maintained, affordable rental housing, in a safe and inclusive environment, and engaging the faith communities in Ottawa who are members. www.multifaithhousing.ca

SOURCE Dream Unlimited Corp.

For media inquiries, please contact: Will Kitchens, Media relations for Odenak, [email protected]