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PRESTON CAPITALIZING ON SMALL VILLAGE ATMOSHPERE
Ottawa Business Journal - July 6, 2005 - Improvements executed to restore the efficiency of a malfunctioning perimeter heating system at the Commerce Plaza office building here not only paid for themselves through energy savings in less than two months, but also dramatically improved occupant comfort.
The Preston Street area, at the heart of Ottawa's Little Italy, has seen a flurry of development with new restaurants, renovations and a larger home for Adobe Systems pointing towards a revitalized business district.
"The area is really growing up," says Lori Mellor, executive director of the Preston Street BIA, which represents 148 businesses. "We have a real mix of restaurants, some retail, offices and professional services representing about $75 million a year in sales."
Ms. Mellor also points to a turnover in the residential population, with many of the children of the Italian immigrants who moved out to the suburbs in the 60s and 70s coming back and taking over their parents' businesses. She says this influx of innovative ideas and approaches has led to some of the older restaurants bringing in new chefs and creating new menus.
"We're seeing a lot of maturing of these businesses, which attracts a broader crowd," she explains. "The addition of the new Adobe building will also provide a key service to us."
Developer Sakto Corp. announced in March plans to build an 11-storey office tower fronting onto Preston Street. Six floors of the new building will initially be leased to Adobe Systems, who will re-locate from its nearby offices on Carling Avenue.
One of the restaurants hoping to benefit from this new customer base is Johnny Guido's, which opened nine months ago at 354 Preston St., directly across from the office tower site.
"We knew that the Sakto development was happening, so we wanted to take advantage of that," says Joe Guido, who co-owns the establishment with Johnny Bannatyne. "We're unique because we're a fresh Italian to-go eatery, not a sit down restaurant. We're also both young guys who wanted to start the new Italian generation on the street."
Sakto's 221,000 square feet of office space is expected to be completed towards the end of 2006 and will be linked with a 100,000-square-foot four-storey mixed-use retail complex.
Ms Mellor says she is excited about this addition of retail businesses to the area. "What we're definitely lacking is retail and services," she says. "We have a vibrant residential neighbourhood that needs services, as well as a 9-to-5 population that likes to get their errands done on their lunch time."
Ms Mellor says while she is seeing a few service stores establish themselves, such as Rapt, a new card and gift store, the street still doesn't have a pharmacy, post office, liquor store or access to fresh produce.
She says she would like to see the more than 50 restaurants, delis and cafes, as well as the professional businesses in Little Italy, augmented by more service ventures that would create an environment where the needs of residents, high tech workers and business people are all met within the neighbourhood.
"There are all kinds of opportunities on Preston Street and rents are still pretty reasonable," says Ms Mellor. "One of our goals is to attract 'owner-in-store' businesses who become a part of the community, are active in the neighbourhood and know their customers by name."
For more information on Sakto or this Press Coverage, please email info@sakto.com.
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