Located in Ottawa, Common
Zibi signals the coliving leader's broader push into Canadian
cities
NEW YORK, June 26, 2019 /CNW/ -- 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.
Common Zibi signals Common's rapid expansion with its first
international property. Common plans to expand to 13 US and
international markets over the next three years in response to
growing demand.
"Cities are facing similar housing challenges throughout the
world -- urban populations are rising, and housing supply is not
keeping up. Common's entrance into our first city outside of
the United States is a testament
to not only the growing need for high-quality rental housing
options, but also to Common's ability to offer a truly unique brand
of residential living that people, regardless of country, are
seeking," said Brad Hargreaves,
founder and CEO of Common. "With Dream and their Zibi
development, we have found a fantastic partner with a longstanding
history in Canada and an
unparalleled location to bring coliving to Ottawa."
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.
"Throughout Canada affordability is one of the biggest issues,
and Dream has consistently developed properties to provide
residents with affordable alternatives. Common is a great way for
people to be able to live affordably in the centre of the most
urban cities and neighbourhoods in homes that are fun and
exciting," said Michael Cooper,
President and Chief Responsible Officer of Dream. "Dream is
also creating innovative affordable housing in downtown
Toronto at the West Don Lands
development. We hope to grow with Common in many of our
communities."
Common opened its first coliving home in New York City in 2015, and has since grown to
serve more than 800 members across 27 buildings in six U.S.
markets, meeting their high consumer demand of over 3,000
nationwide applications per week. Common has recently announced a
$300 million national expansion into
four new cities, including Philadelphia, Atlanta, San
Diego and Pittsburgh, with
additional expansions already planned into Miami, New
Orleans and Newark. Beyond
Ottawa, Common also is negotiating
a pipeline of over 500 bedrooms in Toronto.
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.
About Dream
Dream is one of Canada's leading real estate companies with
over $15 billion of assets under
management in North America and
Europe. Over our 20+years as a
developer Dream has completed a wide range of real estate and
development projects, encompassing both commercial and residential
development, including purpose-built housing and high-rise
condominiums, as well as property ownership and management.
Dream has approximately 12,000 residential units, including
purpose-built rentals, and 3.7 million retail/commercial square
feet in various stages of planning, pre-development and
construction in the GTA and Ottawa. Dream has an established
track record for being innovative and for its ability to source,
structure and execute on compelling investment opportunities.
About Common
Common is the leading residential brand
enhancing the value of real estate by offering convenience and
community to our members through coliving and traditional
apartments. Our signature approach to end-to-end property
management and technology offerings allow us to deliver
unparalleled experiences across 27 buildings, six markets, and over
800 members. Common is the preferred choice for both residents
looking for a stress-free and all-inclusive living environment, and
for real estate owners seeking reliable, above-market returns.
Launched in October 2015, we now
operate homes in New York City,
Chicago, Los Angeles, San
Francisco, Oakland,
Seattle, and Washington, D.C. and receive over 3,000 new
member applications per week. For more information, visit
www.common.com or visit our real estate page to partner
with us. Follow us on Instagram @hi.common.
Media Contacts
Molly
Graizzaro: molly.graizzaro@common.com
Matt Lawyue:
matt.lawyue@berlinrosen.com
Kimberly Lefever:
KLefever@dream.ca
SOURCE Common