Chinese-focused real estate firm takes stake in Ottawa commuter rail plan

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OTTAWA, Ontario — A Canadian real estate company with expertise in securing Chinese capital dollars is taking a stake in a proposed Ottawa-area commuter rail plan, The Globe and Mail reports.

The company, LeMine Investment Group, has committed to investing $5 million on a 120-day feasibility study of a proposed 248-mile commuter railroad that would be privately operated. The Toronto-based real estate company has experience in developing condominiums in Toronto and Ajax, Ontario.

Executives from the real estate company say a regional commuter rail service would boost property values as commuter stations are built in suburban areas. Project leaders at Moose Consortium, the group proposing the rail service, anticipate investments from international capital groups if the study yields encouraging results.

The proposal calls for six rail lines that would converge west of downtown Ottawa at the Prince of Wales Bridge. In Ontario, a western rail line would operate toward Arnprior, Ont., a southern corridor would head toward Smith Falls, Ont., and an eastern rail line would operate to Alexandria, Ont. In Quebec, the proposal includes rail lines west to Bristol, north to Wakefield, and east to Montebello. All of the lines would include periodic stops along the way to serve other communities.

Project leaders are asking for the federal government’s endorsement, but are not yet requesting any public funds for the project.

The original story did not indicate when the study would be completed and how it would evaluate the benefits of the proposed rail plan.

See the original story online.

NEWSWIRETrains News Wire

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