Fresh off the completion of its 303-unit The Met multiresidential development at 180 Metcalfe St. in downtown Ottawa, Montreal-based developer Jadco Group is set to build another residential tower in the city core.

The new 150 Laurier Ave. W. development will have about 30 per cent more density, with up to 440 units. Both buildings are 28 storeys.

“We have a site plan application for 150 Laurier and (are hoping) to start by the end of the year,” André Doudak, president and CEO of Jadco, told RENX. “We’re at centre ice. We’re at Laurier and Elgin and it’s going to be Ottawa’s No. 1 tower in my book.” 

Jadco is planning a third project for Ottawa next year, to be located on a light-rail transit node outside of the downtown core.

Doudak did not provide price tags for the Ottawa developments. 

Jadco's move into the Ottawa market

The Jadco family business expanded its reach to the Ottawa area a few years ago after concentrating on the Montreal area since its formation in 1987.

“Our conviction for the Ottawa market cannot be stronger,” Doudak said, noting Ottawa is a “phenomenal” market with a strong government and university base.

“We couldn’t be more happy with the results. We’re confident enough to double down on Ottawa investment.” 

He said rentals at The Met, which began occupancy last month, have surpassed expectations, but did not provide numbers.

Jadco is also working on what Doudak said will be one of the biggest residential rental projects in downtown Montreal, with about 700 to 800 units. The development is at the permitting stage. 

Although Jadco is mainly a residential developer, it has recently ventured into life sciences and large-scale commercial and shopping-centre densification.

CellCarta Montreal life sciences project

Case in point: In early May, Jadco and precision medicine laboratory services firm CellCarta announced a $350-million investment to create a major new life sciences centre at the former Montreal Chest Institute at 3650 St-Urbain St., in the downtown area.

The multi-phased project Bio Innovations Montreal will develop 450,000 square feet of what its creators call “state-of-the-art laboratories, offices and collaborative spaces.”

Existing buildings at the site, which have been vacant since 2015, will be renovated and expanded to accommodate Bio Innovations.

The redevelopment is already underway and the second phase is to include construction of an additional building at the property.

The aim is to have a hub between private biotechs, universities and research institutes to act as an incubator for talent and ideas and for companies to get matched with public support and industry. 

“It’s an idea that exists in other cities around universities and around research, but was missing in Montreal,” Doudak said. Paraphrasing the famous Wayne Gretzky quote, he said Jadco is “always developing what’s not there. It’s where the puck is going, not where it is now.”

Negotiations are underway with lab tenants, venture capital firms and AI companies to set up shop in the development. 

Jadco a vertically integrated firm

Jadco breaks ground on three to four major developments a year, Doudak said. He joined the company in 1998 after graduating from McGill University in engineering.

“It’s the rate we bring projects to market that I’m most proud of,” he said.

Financial partners for its projects include institutions and pension funds.

“We’re used to big-tickets,” Doudak explained, noting the minimum price for most of its projects is $100 to $150 million. 

Jadco prefers going the rental development route versus condo development because “we’re not merchant developers; we’re an investment company. Our model is the long-term value creation model, the investment model, and we build to own.”

The 85-employee company does development and construction in-house. Being vertically integrated allows it to save money along the way, Doudak said.

“We’re easily saving between seven and nine per cent, which is really important in a high-interest environment, and it allows us to control not just the quality initially but the life-cycle quality and ensure that the investment is well protected and well-maintained.” 

Affordable housing in new developments

Doudak said affordable housing units are part of the mix of its new residential developments.

“We don’t look at it as a cost or a challenge, we look at it as an opportunity to give back to the community and to be part of the fabric of the community,” he explained.

Three-bedroom, family-sized units are also included in many of Jadco’s residential developments and “surprisingly they’re good for business as well because these are (often) the first ones to rent.”

He said every Jadco project must reflect the mix of the community “and that’s why you achieve the 99 per cent rental occupancy that we have. We build what’s needed in the community; not just what looks good on paper.”