Much like the current demand for housing throughout the country, Canada’s capital city is among the areas experiencing a real estate resurrection after stagnation. This includes Ottawa’s luxury market, which has seen a resurgence of buyers.
According to a recent report by Royal LePage, Ottawa’s luxury market is being driven by strong employment in the region. The median price of homes is charted to grow 4.2 per cent year-over-year, while condominium sales are slated for another 3.1 per cent annual growth.
"There is a strong sentiment among buyers that Ottawa's luxury home market is a sound financial investment," says Charles Sezlik, sales representative with Royal LePage Team Realty.
From high-end rentals to customized luxury condos, new projects are surfacing around the city, and that includes Mizrahi Developments’ 1451 Wellington development, located at the edge of Westboro at the corner of Island Park Drive and Wellington West.
The man behind 1451 Wellington is Toronto-based developer, Sam Mizrahi, who has set out to redefine expectations for the Ottawa market. Redefining expectations in Ottawa’s luxury market, as Sam Mizrahi explains, begins with extensive research.
“Before we step into considering any new development, we like to understand the community first and that includes getting a grasp on the emotional investment behind it. It’s about understanding exactly what drives people when deciding on purchasing a new home,” says Mizrahi.
Sam Mizrahi and his Mizrahi Developments team began discussing their vision for 1451 Wellington with community members in 2013, before they had even purchased the site. They held meetings to give locals the chance to voice their wishes for the development.
Mizrahi says these discussions helped him and his team better understand what the community wanted to see done with the space.
“We wanted to take that vision and take those elements and start to reverse engineer the building, the site plans, the parkette features and so forth and start to visualize and echo what we were hearing in the collaboration with the neighbours,” Mizrahi told the Ottawa Citizen.
The location of 1451 Wellington is being constructed within the heart of a growing residential community filled with restaurants, artisanal food shops, boutiques and galleries. The location allows for an active lifestyle, with recreational opportunities integrated throughout the urban layout, including bicycle lanes that wind through the city.
Stepping into 1451 Wellington, when completed the interior of the building will feature timeless designs and ample high-end amenities. Residents will be able to enjoy amenities such as a 24/7 concierge, who will honor all requests, big or small; a parking valet; an entertainment suite with a large dining room and living room; overnight guest accommodation; a lap pool; and fitness spa.
All suites will be equipped with smart home technologies, which will be used to control both climate and security features.
“We believe that a home is your private sanctuary, a place you make your own with your signature design and layout,” says Mizrahi.
Upon its completion, 1451 Wellington will be a luxury in the sky.
“Walls are three times thicker than required. Windows are sound-proof and offer UV-protection. Doors are solid wood: so heavy, they require four hinges. We believe in an old-world craftsmanship that makes your home feel like a mansion in the sky; a cocoon that’s a retreat from the fast pace of the modern world,” Mizrahi describes.
Mizrahi Developments has already earned a “landmark” designation for 1451 Wellington, an honor which is typically bestowed on a building that has been erected, not one that is presently in development.
As for filling a gap in the high-end luxury condo market, Sam Mizrahi hopes his Wellington project will provide homeowners with the lifestyle they’ve been eagerly awaiting, with panoramic views of the nation’s capital as an added bonus.
