Developer Dream has announced the start of construction of a new project in downtown Ottawa.

Named Odenak, after the Algonquin Anishinàbe word for "community", the project is located in the LeBreton Flats neighbourhood, and is a partnership between Dream Unlimited Corp, Dream Impact Trust, and Multifaith Housing Initiative, a non-profit housing provider.

Located at 665 Albert Street, the project will include two residential towers with 608 rental units, 251 of which will be dedicated to affordable housing.

The development is also planned to be one of Canada's largest residential zero carbon building certified developments, and is expected to be completed by the winter of 2027.

Dream says Odenak will integrate affordable housing, green building practices, and comprehensive social programming. The project has also been designed to LEED Gold standards, and is targeting an energy reduction of 45% compared to typical buildings that meet building code.

"We are proud to work with the federal government, the City of Ottawa and MHI to create an innovative financing model that will increase the number of affordable housing units from 20% to 41% through a combination of Affordable Housing Fund and Apartment Construction Loan Program financing," said Michael Cooper, President and Chief Responsible Officer of Dream. "We are also proud to begin construction on this landmark project that will foster a culture of belonging and provide a sense of safety and community for over 1,200 people thanks to funding from the Dream Community Foundation."

Odenak will also honour the natural and cultural heritage of the Algonquin Anishinàbe people. The development will include a circular outdoor gathering space and other design elements inspired by Algonquin culture, with Indigenous signage and architectural details incorporated throughout.

"This project is an important milestone for the Building LeBreton plan, as we see the National Capital Commission's vision for a vibrant and sustainable mixed-use community in the heart of the nation's Capital coming to life," said Tobi Nussbaum, CEO of the National Capital Commission. "With our partners, we are proud to contribute significantly to the Government of Canada's efforts to tackle the housing crisis."