The major update we’ve all been waiting on for LeBreton Flats was made official at today’s NCC Boad of Governors meeting - the agreement for the land is complete in principle. RendezVous LeBreton is now the exclusive proponent for the redevelopment of LeBreton Flats, and the process is moving on to the next steps. The cost agreed upon was not revealed, but is said to be “fair market value” and takes the cost of soil clean-up (to be paid by RendezVous) into account.
The project will be completed in two phases instead of the original three. Phase one will include all of the public realm components, including the new arena.
Things also move on to the municipal planning stages, and all of the things that a major development that doesn’t involve the NCC would have to go through. Official site plans, rezoning requests, discussing the potential for integrating a new main branch of the Ottawa Library, sorting out other pieces that are typically municipal responsibilities such as parkland, etc.
The specific details of the financing also need to be worked out.
A final agreement is expected to take another 12-18 months, and will require federal government approval. If all goes smoothly, construction could start as early as next year (though likely later in the year).
Here is the current expected timeline for all of the remaining steps, via the NCC Twitter account.
Here's a look at the next steps: pic.twitter.com/0Z0sHLVAZ0— NCC-CCN (@NCC_CCN) January 25, 2018
If you were hoping for something regarding ownership of the team here, there’s not much news. It sets the table to significantly increase the value of the franchise, but that is still largely in the future - a new arena being built does more to add to the value than just having an accepted offer on the land and a plan. It also doesn’t create much immediate financial pressure. Financing will have to be lined up, but the cost of buying the land and the cost of building on it to come after that final approval in 12-18 months.
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