St Patricks 2

231 St Patricks Street, Ontario, Ottawa

Background Information

The St Patrick Street projects involve taking three old houses on St Patrick Street in the Byward Market area of downtown Ottawa and build three condominium projects in their places. The three properties are individually owned and as scuh they each qualify under the “Build Homes Faster Act”, (Bill 23) which allows the approval process to be fast-tracked when there are 10 or less units in each project. Each of the new buildings will contain 7 two bedroom units and 1 one bedroom unit over 3 floors plus the basement. The front facades are in keeping with the heritage style of the Byward neighbourhood. The City does not allow car parking on site however mandates bicycle parking. The backyards of the buildings are configured in such a way as to create a mini-park for the exclusive use by the residents.

The buildings have a central double staircase and no elevator. Units are move-in ready with 6 appliances, furniture, fixtures, decorations, etc. There is individual heat and air conditioning for each suite. Furniture supplied (and art etc.) will be in the style and quality depicted in the video and renderings. All appliances, furniture and fixtures are included in the purchase price. Finishings will be in tune with the nature of the buildings (luxury plank flooring, bathroom tiling etc.) and will be presented at the time of the signing of the Agreement of Purchase and Sale. It is our intention that the units are purchased as income property investments (condos).

Teska has had discussions with the City of Ottawa and these are both ongoing and progressing well. We are expecting approval in principle in 2024. Building could start in 2025 with completion and occupancy in early 2025.

Understand our process

Teska uses a two marketing system. Investors need to be apprised of our process before they enter into agreements with us. We provide project information, background information and building and unit floor plans, features list, inclusion list and a proforma spreadsheet indicating the expected returns on investment.

Prospective Customer/Investors will most likely put the unit into the rental pool for a management company to secure renters and completely manage the process and depending on each Investors preference carry through to depositing the net rent into the Investor accounts. Customers may secure a unit for their own accommodation or wish to manage their own unit themselves. Once a builder has been determined for the project; interested investors can secure the right to a unit by engaging in a Reservation Agreement which requires a Reservation Fee. (the project builder maybe flexible on the amount and timing of the fee payments) There are more words in the Agreement however, the basic premise is that the Investor can cancel at any time and if you do half your deposit will be returned to you.

If the project is cancelled or any reason, does not get completed there will be a return 100% of your deposit.

The Reservation Agreement has attached, as part of the agreement, a floor plate plan denoting the location of your unit, a floor plan of the unit and an inclusion and features list.There is an Investor Information Form that provides us with contact information so that we may provide that information to the builder. The second part of the system is the Agreement of Purchase and Sale. We will present this on behalf of the builder ,once received the various approvals.At this time the Builder/General Contractor will have been engaged and HDRC and Tarion numbers and documents will be provided and attached in the appropriate location in the APS. Delivery and occupancy schedules are included in the Tarion documents.

Your Reservation Fee will be converted into a unit deposit and a further deposit will be required. Depending on the project financing arrangements Investors may be required to achieve mortgage pre-approval or produce a Letter of Credit to establish their bonafides. Fit and finish options would be decided at this time and attached to the APS as an addendum.