Meeting of the minds
Launching condo project a natural for old friends
John Bassi and Mark Farrell are taking advantage of the situation. Both local boys who became buddies while studying business at the University of Ottawa in the late ’80s, they went their separate ways for many years.
Bassi took over the family company (Bassi Construction) and grew it into a local construction management empire, while Farrell tried his hand in a few fields, building a portfolio of real estate holdings along the way.
Nine years ago, Farrell saw an opportunity when plans first emerged to create the Ottawa Trainyards as a destination spot on the east side of the city. Taking a look around, he snapped up a rental apartment building on the edge of Alta Vista, just a stone’s throw from the shopping district, and bided his time.
Now the two friends, both 44, are joining forces, drawn by mutual respect, friendship and complementary skill sets, to wade into the condo development arena and launch a new company with a flagship project called Gateway on Coronation.
“We both have the same ethics and you do a deal on a handshake,” says Bassi. “To have the opportunity to be able to work with him on this project and see him after all these years, it’s fun. It’s always an informal meeting.”
Trust is important, adds Farrell, as is having the confidence that his business partner, who will act as the construction manager, has the experience to contain building costs.
“I’ve known him for a long time and he’s got a great reputation and has done some very, very substantial projects very successfully.” Those include acting as the builder for Mastercraft Starwood’s SoHo condos.