One of Ottawa's Biggest Downtown Properties Has a New Owner
Ottawa's real estate world is buzzing after the massive former Hudson's Bay Company location at Rideau Centre was quietly acquired by a company with ties to Claridge Homes, one of the capital's most recognizable developers.
The 335,000 square foot property — a landmark anchor in one of downtown Ottawa's busiest retail corridors — had been listed for sale since late 2025, just months after HBC filed for creditor protection in a move that sent shockwaves through Canadian retail.
The End of an Era at Rideau Centre
For decades, the Hudson's Bay Company store at Rideau Centre was a fixture in Ottawa's downtown shopping scene. When HBC announced it was seeking creditor protection, it marked the beginning of the end for the department store giant's presence in the capital — and left one of the largest blocks of retail real estate in the city sitting vacant.
At 335,000 square feet, the former HBC space isn't just big — it's enormous by Ottawa standards. To put it in perspective, that's roughly the size of six Canadian Tire stores stacked together. Finding the right buyer and the right vision for a space that size is no small feat.
Claridge Homes Connection
Claridge Homes is no stranger to shaping Ottawa's skyline. The company has developed some of the city's most prominent condo towers and mixed-use projects over the years, with a particular track record in urban intensification — turning underused properties into dense, liveable communities.
While the specific plans for the former HBC space have not yet been publicly disclosed, the Claridge connection signals that redevelopment of some kind is likely on the horizon. Mixed-use projects that blend residential, retail, and commercial space have become the go-to model for large downtown sites in cities across Canada, and Ottawa is no exception.
What This Means for Downtown Ottawa
The acquisition is significant for Ottawa's downtown core, which has been working hard to rebuild foot traffic and vibrancy in the post-pandemic years. A 335,000 square foot space sitting empty in the heart of the city is a drag on the surrounding area — both economically and in terms of energy and streetlife.
How the new owners ultimately decide to use the space will have real implications for Rideau Centre's future as a shopping destination, and for the broader Rideau Street corridor. Will it be redeveloped into condos with ground-floor retail? Converted into office space? Reimagined as something entirely new?
For now, Ottawans will have to wait for more details to emerge. But the fact that a well-capitalized local developer with deep roots in the city has stepped in suggests the site won't sit dormant for long.
Source: Ottawa Citizen
