Ontario Construction News staff writer
TCU Development Corporation, located in Ottawa, is teaming up with Fiera Real Estate to build a 21-storey rental tower in the quickly developing Cyrville area.
This collaboration, revealed in late April, will lead to the creation of SOUL, a 271-unit apartment building set to begin construction in May. This project represents the first investment for Fiera Real Estate’s Canadian Built Opportunities Fund (CBOF).
Although recent announcements have concentrated on the 21-storey tower alone, city planning documents show that this structure is actually the initial phase of a broader master plan involving multiple towers for the combined site at 1137 and 1151 Ogilvie Rd., and 1111 Cummings Ave.
A report on site plan approval signed by the City of Ottawa in March 2026 indicates that this first phase includes a four-storey podium, commercial space on the ground floor, and a temporary privately owned public space (POPS). The second phase will add another tower and finish the public park area. A prior zoning bylaw amendment passed in 2025 allowed building heights of up to 30 storeys for this property assembly.
“Strong partnerships and aligned teams are what drive successful projects and this one reflects that from day one,” Mike Corneau, co-founder and CEO of TCU Development Corporation, stated in a corporate release. “Partnering with Fiera Real Estate is a strong signal of both the quality of SOUL and the long-term fundamentals we see in Ottawa. This project is distinctly Canadian, from capital to expertise to trades and we’re ready to deliver.”
The development aims to meet the demand for modern living spaces in an area where many existing apartments are getting old, according to the Real Estate News Exchange (RENX). The site is conveniently located just a block away from St. Laurent Shopping Centre, giving future residents easy access to transit options and job centers.
The local construction industry stands to benefit from this project due to its commitment to domestic organized labor. Pierre Pelletier, senior managing director and head of development and debt at Fiera Real Estate emphasized how important union participation is for this build.
“SOUL represents an ideal inaugural investment for the Canadian Built Opportunities Fund – a well-located, purpose-built rental development delivered by an experienced local partner and built by Canadian union tradespeople,” Pelletier mentioned in the release. “It demonstrates how institutional capital can generate long-term value for our investors while creating meaningful opportunities in the communities where we invest.”
This property was once home to Mandarin Ogilvie restaurant, which closed its doors in 2024 after serving customers for 36 years, as reported by the Ottawa Business Journal.
The new building is expected to welcome its first residents about two years from now.
Founded in 2010, TCU Development Corporation specializes in Class A purpose-built rental housing and has built up an impressive multifamily portfolio throughout Ottawa. Fiera Real Estate is part of Fiera Capital’s operations managing over $11.9 billion worth of commercial real estate worldwide.
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