Located in Ottawa, Common Zibi signals the coliving leader’s broader push into Canadian cities
NEW YORK, June 24, 2019 — Common, the nation’s leading residential brand enhancing the quality of living for members through convenience and community, today announced its first international expansion into Canada in partnership with Dream Unlimited Corp. (TSX:DRM). Dream is one of Canada’s leading real estate companies with $15 billion of assets under management in North America and Europe and a 20+ year history as a successful developer.
The 252-bed home, named Common Zibi, will be located along the Ottawa River as part of Dream’s Zibi redevelopment project in Ottawa and Gatineau, bringing new high-quality housing and addressing the increasing demand that has been driving up rents in the region.Zibi is a 34-acre master-planned community, with ambitions to become the most sustainable community in North America. The community will dedicate 7.7 acres to four parks and five public plazas that will utilize the region’s first zero-carbon district cooling and heating system.
Upon completion, Zibi is expected to be home for 5,000 residents and provide employment for 6,000 people. Dream’s Zibi project developed with partners Theia presents a perfect opportunity to bring housing to urban professionals looking to live more affordably and lighten their environmental footprint.
Bordering the Ottawa River, the Common Zibi community is located in the heart of the National Capital Region making it the perfect home for Common’s first Canadian expansion. Common Zibi will enjoy connections to walking and biking paths surrounded by two central transit hubs. The 24-story building would offer a mix of coliving suites as well as traditional apartments, and provide fully-furnished shared lounges and large, shared kitchens, community rooms, in-unit laundry, roof deck, parking spaces, and a gym that includes yoga room and many other amenities.
Rents would start at approximately $1,225/month for a bedroom in a coliving suite, which is 31 percent less than a market rate one-bedroom in the area. Rents for traditional residential units will start at around $2,065/month. The development is scheduled to open in 2022 and will also include ground-floor local retail.
Dream’s expertise in urban revitalization and innovation is well established. Dream has developed or is currently developing some of Toronto’s most iconic neighbourhoods. Some notable examples include the Historic Distillery District the 2015 Pan/Parapan American Games Athletes’ Village, which has now been transformed into the award-winning mixed-use Canary District, and the West Don Lands 1,500 purpose-built rental unit community where 30% of the units will satisfy the Province’s affordability requirement. The depth of Dream experience and successful track record has led to their reputation as one of Canada’s leading developers.
Common’s signature approach to end-to-end property management and technology allows the operator to deliver unparalleled experiences for residents looking for a stress-free, community-focused, and all-inclusive living. Rent at Common homes are all-inclusive of utilities, high-speed wi-fi, beautifully designed and furnished apartments, weekly cleanings of shared spaces, shared supplies, and hospitality-grade amenities. Everything from applying, paying rent, contacting staff, and planning events with neighbors can be done seamlessly online through their purpose-built technologies.
You can read more about Common Zibi on The Globe and Mail or Bloomberg.