Panellists at Thursday’s Ottawa Real Estate Forum argued that office-to-residential conversions could play a key role in helping solve the city’s escalating housing crisis. Already an Insider? Log in Get Instant Access to This Article Become an Ottawa Business Journal Insider and get immediate access to all of our Insider-only content and much more. Learn More and Become an Insider Critical Ottawa business news and analysis updated daily. Immediate access to all Insider-only content on our website. 4 issues per year of the Ottawa Business Journal magazine. Special bonus issues like the Ottawa Book of Lists. Discounted registration for OBJ’s in-person events. Click here to purchase a paywall bypass link for this article.
As more developers look to transform empty downtown office towers into residential complexes, real estate executives are calling on governments to subsidize conversion projects they say
Former Ottawa business lawyer Koby Smutylo was one of many entrepreneurs prepared for that auspicious day on Oct. 17, 2018, when it became legal to sell recreational marijuana in Canada.
Highly knowledgeable and experienced in the budding industry, he raised millions of dollars through investors. He began leasing downtown storefronts, hiring staff – only to have his plans for his cannabis startup, Ouid, stubbed out when the Ontario government changed the rules. It temporarily capped the number of stores that could open and introduced a controversial lottery system that saw licenses awarded to 25 outlets across the province.
Ouid wasn’t one of them. But it was far from the end of the rollercoaster ride for Smutylo, his partners and countless other retail entrepreneurs keen to jump into the emerging sector.