Colonnade BridgePort and Claridge break ground on 22-storey RYSE tower in in Ottawa

Colonnade BridgePort, in partnership with Claridge Real Estate Investments, have officially broken ground on a new 22-storey purpose-built residential tower named RYSE, located at 1950 Scott Street in Ottawa’s Westboro neighbourhood. The project, backed by equity from the CBP Real Estate Fund and constructed in collaboration with long-time partner Morley Hoppner, will deliver 242 rental units across studio, one-, two-, and three-bedroom formats. With occupancy scheduled for Summer 2027, the project aims to strengthen Ottawa’s supply of high-quality, transit-oriented rental housing at a time when vacancy rates remain compressed.

RYSE represents the latest addition to Colonnade BridgePort’s C$2 billion multi-residential development pipeline and marks the second project to reach construction phase following the 2024 groundbreaking of Artefact on Argyle, a 12-storey, 127-unit development in Ottawa’s Centretown. This momentum signals growing institutional interest in strategically located, environmentally certified rental housing across Canadian secondary urban markets.

Why is Colonnade BridgePort’s RYSE project seen as a model for transit-connected, livable urban residential development in Ottawa?

Located steps from Ottawa’s transitway and within walking distance of key amenities, RYSE is designed to integrate directly into the surrounding urban environment of Westboro. The neighbourhood has emerged as one of Ottawa’s most desirable enclaves, offering retail, parks, and cultural infrastructure that appeal to a diverse renter demographic. The residential tower has been planned to contribute to this urban texture through ground-floor retail activation and high-end shared amenities.

Senior Vice President of Development at Colonnade BridgePort, Kelly Rhodenizer, stated that RYSE reflects the real estate investment firm’s strategy to deliver community-anchored, transit-accessible developments. According to Rhodenizer, the project is expected to improve rental supply while enhancing the overall livability of the area—an increasingly important metric for both residents and municipal planners as Ottawa intensifies around key corridors.

The 242-unit project will feature contemporary architectural finishes, as well as indoor and outdoor amenities that align with post-pandemic tenant preferences for hybrid, wellness-oriented living spaces. The design targets LEED Silver certification, highlighting Colonnade BridgePort’s alignment with energy efficiency and environmental performance benchmarks sought by many institutional investors.

What does the RYSE development signal about the direction of Colonnade BridgePort’s long-term urban strategy?

The RYSE project forms a critical component of Colonnade BridgePort’s multi-year growth strategy, which is underpinned by the CBP Real Estate Fund. The development marks a visible step in deploying capital into high-quality residential projects that meet both tenant demand and investor expectations. Analysts tracking Ottawa’s urban expansion have noted that development firms focusing on purpose-built rental properties—particularly in mid-sized cities with growing infrastructure—are gaining traction with institutional capital.

RYSE follows the launch of Artefact on Argyle, which broke ground in November 2024 and is currently under construction. Like RYSE, Artefact targets modern urban renters and contributes to Ottawa’s densification strategy through mixed-use, mid-rise formats. Both projects are being delivered under the governance and capital oversight of CBP Capital, the fund management division of Colonnade BridgePort.

CBP Capital manages private equity vehicles focused on real estate and is preparing to launch two additional funds targeting secondary markets across Canada. These funds are designed to allow private and institutional investors to gain exposure to institutional-grade real estate assets—a strategy that positions Colonnade BridgePort as a critical conduit between capital markets and physical urban development.

How is Claridge Real Estate Investments contributing to this institutional-grade rental housing strategy in Westboro?

Claridge Real Estate Investments, the Montreal-based investment firm representing the interests of the Stephen Bronfman family, is co-owner of the RYSE project. The firm has extensive exposure across sectors including real estate, food, energy, technology, and entertainment. Claridge’s presence in the RYSE partnership reinforces the project’s financial backing and credibility among long-term capital providers.

The firm’s involvement also aligns with its wider commitment to development models that deliver durable income-generating assets in high-demand locations. In Ottawa, where affordability constraints and strong demand have tightened rental supply, Claridge’s backing of new purpose-built rental developments positions it to benefit from structural tailwinds in the Canadian housing market.

This approach dovetails with Colonnade BridgePort’s operating model, which integrates asset development, leasing, property management, and fund-level capital stewardship into a vertically aligned platform.

How does the construction partner Morley Hoppner fit into Ottawa’s broader residential and commercial buildout?

Morley Hoppner, the Ottawa-based construction partner for RYSE, brings over 37 years of experience to the buildout. The firm has previously delivered complex projects ranging from multifamily housing to civic infrastructure and revitalization projects across central Ontario. Institutional investors view Morley Hoppner’s involvement as a risk mitigant, particularly in a macro environment where construction timelines and budgets are increasingly under scrutiny.

By partnering with a developer and builder that operate locally and are deeply embedded in the Ottawa market, Colonnade BridgePort and Claridge can retain project control and cost predictability—two key elements for fund investors seeking stable returns.

How are institutional investors evaluating the outlook for Ottawa’s rental housing market in 2025 and beyond?

Analysts and institutional investors have generally maintained a positive outlook on purpose-built rental developments in Ottawa and similar tier-two Canadian cities. With federal immigration targets remaining high and affordability challenges persisting in ownership markets, demand for quality rental housing is expected to remain robust through the decade.

According to investment managers tracking Canadian real estate allocations, projects like RYSE are especially attractive due to their transit adjacency, environmental certifications, and relatively moderate construction risk. Furthermore, Ottawa’s role as a government and technology hub creates a stable renter base that supports the viability of long-term asset performance.

In this context, Colonnade BridgePort’s strategy to cluster multiple projects under the CBP Real Estate Fund umbrella enables scale, capital discipline, and optionality for both equity investors and development partners.

What’s next for Colonnade BridgePort, CBP Capital, and their $2B pipeline?

With RYSE officially underway and Artefact on Argyle advancing through its construction phase, Colonnade BridgePort’s pipeline continues to gain momentum. In the coming months, CBP Capital is expected to announce additional fund launches that will broaden its institutional investor base and unlock further development sites across Canada’s secondary cities.

Future projects will likely continue the firm’s focus on transit-connected, sustainability-certified rental housing aimed at mid- to upper-tier renter cohorts. While exact locations have yet to be disclosed, investor communications suggest that Western Canada and select markets in Atlantic Canada may be included in upcoming capital deployments.

In the short term, RYSE will serve as a bellwether for Colonnade BridgePort’s approach—testing not only the viability of large-scale rental construction in infill urban nodes, but also the appeal of vertically integrated development and investment models in a maturing Canadian multifamily sector.