Fully entitled mid-rise development opportunity in one of Ottawa's most sought-after and supply-constrained corridors. This permit-ready project offers a rare combination of scale, location, and reduced approval risk, ideally suited for experienced developers seeking a high-quality urban infill site.Approved (site plan registered, all studies and engineering plans completed and approved) for a 6-storey (approx. 20m) mixed-use building comprising 19 residential units and approximately 3,000 sq. ft. of commercial space over two levels, with a total gross floor area of ~20,000 sq. ft. Situated on a 40' x 100' lot, the property benefits from a secured minor variance eliminating parking requirements, maximizing efficiency and buildable area.Positioned in the vibrant Wellington/Richmond/Island Park node, the site is surrounded by premium developments, strong demographics, and established retail amenities, supporting long-term rental and investment performance.The project has been designed and with key parameters aligned to CMHC MLI Select program requirements, including residential/commercial allocation thresholds and energy efficiency considerations. Successful qualification under CMHC's MLI Select program can provide access to highly favourable financing terms, including up to 95% loan-to-cost and amortizations of up to 50 years.All information provided is believed to be accurate but must be independently verified by the Buyer. Offering is made on an "as-is, where-is" basis. Seller makes no representations or warranties regarding development potential, approvals, financing, or projected performance. Buyers are responsible for conducting their own due diligence with respect to zoning, permits, costs, and feasibility.A rare opportunity to acquire a near shovel-ready asset in a premier urban location with significant upside potential.
Address
89 Richmond Road
List Price
$2,499,999
MLS® Status
New
Property Type
Residential Freehold
Type of Dwelling
Vacant Land
Transaction Type
Sale
Area
Westboro - Hampton Park
Sub-Area
5002 - Westboro South
Region
Ottawa
Lot Size Source
MPAC
Lot Depth
100
Lot Size Range (Acres)
Not Applicable
Lot Size Units
Feet
Lot Width
40
Parcel Number
040210110
Occupant Type
Vacant
Cross Street
Island Park Drive
MLS® Number
X13075310
Listing Brokerage
RE/MAX HALLMARK REALTY GROUP
Postal Code
K1Z 6V8
Posession Details
Flexible
Tax Amount
$11,279.00
Tax Year
2026
Cable
Available
Central Vacuum
No
Hydro
Available
Ensuite Laundry
No
Special Designation
Unknown
Standard Status
Active
Board Or Association
Ottawa Real Estate Board
Direction Faces
North
Tax Legal Description
PLAN 400 LOT 83 RICHMOND RD N
Waterfront
No
Waterfront
None