Elgin Street Renewal Project - What's Going On?
If you haven’t heard already — Elgin Street is closed Somerset to Catherine, and down to one southbound lane from Laurier.
For about a year and a half, the plan is to park at City Hall (free parking is available at the garage at 110 Laurier Avenue West on weekday evenings after 6 pm and all day on weekends) or catch the bus on Somerset Street West.
In short, the City of Ottawa is going to spend $36.3M to improve Elgin Street.
Overhead power lines and utilities are going underground
More space for pedestrians and cyclists
Seasonal on-street patios & other uses
More landscaping, more bike parking, more art!
Elgin Street circa 2015 - hi Fresco, and Boushey’s!
There are so many ways to look at this - tourism, business owners, commuters on the re-routed busses but what I’ve been thinking about, of course, is — What does the Elgin Street renewal project mean for us real estate - wise?
When you buy a home, you are also buying a neighbourhood - your lifestyle, and the future potential of your property, is based on its positioning.
Elgin street is a pedestrian’s paradise, you can find almost anything you need on foot. Yes, some beloved neighbourhood spots have closed and been replaced by chains in the last few years (the loss of Boushey’s and Fresco / Guest Room comes to mind!). That being said, new Ottawa-based businesses continue to open and delight us — Pot & Pantry and Pi Rho are some of my new favourites. The renewal project promises more space for pedestrians which is great for the locals’ convenient lifestyle.
There are inconveniences when living through construction. The past few weeks have been loud, dirty, and slushy down on Elgin Street. The noise and traffic detours might be motivating factors for some in putting a house or condo on the market.
If you don’t mind it, this might be the time to find a gem and move into the Elgin Street area. Buying during a major construction project can often mean a lower price than the premium one might pay once it is complete. It’s similar to buying in a new build development pre-construction. The home will be less expensive (less desirable because of the construction) than buying the same finished house a few years later. Construction work expected to be completed between spring and fall 2020.
Feel free to contact me if you are interested in getting into the area this year … or getting out of it ;)