Ontario Construction Report staff writer
Ottawa-based TCU Development Corporation is partnering with Fiera Real Estate to construct a 21-storey, purpose-built rental tower in the city’s rapidly growing Cyrville neighbourhood.
The partnership, announced in late April, will see the development of SOUL, a 271-unit apartment complex slated for construction in May. The project marks the inaugural investment for Fiera Real Estate’s Canadian Built Opportunities Fund (CBOF).
While recent project announcements focused solely on the 21-storey tower, municipal planning documents indicate the building is actually the first phase of a larger, multi-tower master plan for the consolidated site at 1137 and 1151 Ogilvie Rd., and 1111 Cummings Ave.
According to a site plan approval report signed by the City of Ottawa in March 2026, this initial phase features a four-storey podium, ground-floor commercial space, and a temporary privately owned public space (POPS). A future Phase 2 will introduce a second tower and complete the finalized public park area. A previous zoning bylaw amendment, passed in 2025, approved heights of up to 30 storeys for the 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, said 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 is designed to address a need for modern accommodations in an area where much of the existing apartment stock is aging, according to the Real Estate News Exchange (RENX). The site sits a block from the St. Laurent Shopping Centre, providing future tenants with close proximity to transit networks and employment hubs.
For the local construction sector, the project brings a commitment to domestic, organized labour. Pierre Pelletier, senior managing director and head of development and debt at Fiera Real Estate, noted the importance of union involvement in the 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 said 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.”
The property is the former home of the Mandarin Ogilvie restaurant, which closed in 2024 after a 36-year run, according to the Ottawa Business Journal.
Occupancy for the building is expected to begin in approximately two years.
TCU Development Corporation, founded in 2010, focuses on Class A purpose-built rental housing and has developed a significant multifamily portfolio in Ottawa. Fiera Real Estate, a wholly owned subsidiary of Fiera Capital, manages over $11.9 billion of commercial real estate globally.