Ottawa: OCA finalizes purchases decision for new HQ

0
24

The Ottawa Construction Association (OCA) is “finalizing a purchase decision” for a new headquarters building/site, says president John DeVries.

The deal for the undisclosed location, if it goes through, will finally resolve a three-year search for a new location for the association, after it sold its 196 Bronson Ave. building to Toronto based Lamb Development Corp. for a new condominium project.

The association has been leasing back its site from the developer and thought it had found an ideal location in early 2015, after selling the building in 2014 for $4.6 million, with a $3 million take back mortgage.

That deal however fell through at the due diligence stage.

DeVries says there was progress towards a second deal, which also got derailed.

“We had a property lined up in he same business park, went through three times, gave a pretty competitive offer, only to have (the) seller experience a change of heart,” DeVries said in an email. “(It was a) complete waste of time.”

“After two failed purchases I won’t be releasing details until we know all conditions have been waived and the deal closes,” DeVries wrote. “We should be public in time for the Feb. 28 annual general meeting.”

LEAVE A REPLY

Please enter your comment!
Please enter your name here