MACH has brought in a partnership of Devimco Immobilier and Fonds immobilier FTQ to develop 2,000 condominiums at the Quartier des lumières. (Courtesy MACH)
MACH is leading the QDL initiative, which is planned to feature about 4.5 million square feet of mixed-use development. The site will include multiresidential (rental and condos), office and and retail, plus community, cultural and public spaces and green space.
Tuesday’s announcement brings Devimco and the Fonds immobilier onboard to develop the condominiums, which will kick off with an initial phase of 270 units in nine- and 14-storey buildings. The condos will be located in the former parking area west of the former Maison de Radio-Canada building, at the corner of Wolfe Street and René-Lévesque Boulevard.
“MACH continues to show its commitment to projects that meet the needs of a diversified clientele,” MACH president Vincent Chiara said in a release Tuesday morning. “We chose Devimco Immobilier because of its indisputable expertise in condominium development and for the quality of what it has produced.
“Mixed-use and social diversity are the key pillars of this new district and MACH is proud to be managing the project in the very long term.”
The Quartier des lumières partners
This phase will be known by the name Auguste & Louis, a nod to the Lumière brothers, two French engineers who played major roles in the history of movies and photography.
The partners say the planned condos are permitted uses at the site and they plan to begin construction later in 2020. It will contain a mix from studios up through three-bedroom suites.
“Devimco Immobilier has enormous expertise in the construction of residential units in every category. In the last seven years, we have started work on a total of 6,300 residential units on the Island of Montréal alone, representing an investment of $2.4 billion,” Devimco Immobilier president Serge Goulet said, in the release.
“We are pleased to be developing a project for the first time in the Centre-Sud area, with its rich history and great symbolism for Montréal.”
The Devimco-Fonds immobilier partnership comes on the heels of several other collaborations between the two, including Solar Uniquartier and Maestria in Montréal. Their business relationship stretches back nearly a decade.
“Fonds immobilier de solidarité FTQ is proud to be continuing its business relationship with Devimco Immobilier, whose anchor projects are generating substantial benefits for the 700,000 shareholders/savers of the Fonds de solidarité FTQ,” said Normand Bélanger, president and CEO ofFonds immobilier, in the release.
“The condominium portion will include units for families, an excellent way to meet demand, particularly downtown.”
The condominium project
Auguste & Louis has been designed in collaboration with Provencher Roy architects.
The project’s architectural concept is designed to stand out “with its contrasts and plays of light.” It is rooted in the theme of the Quartier des lumières, paying tribute to the Lumière brothers.
Metal cladding on the upper floors and inside the courtyard will capture light and project it to the lower floors, contrasting with the masonry cladding. The double-height lobby will also pay tribute to art of cinema by immersing residents in an atmosphere recalling the black boxes of film projection.
On the roof, adjacent to the “urban chalet,” there will be a series of terraces and green spaces. The centrepiece will be an outdoor rooftop pool offering residents a view stretching from the Jacques-Cartier Bridge to the downtown core.
The development will also include a fitness centre and indoor parking.
The Quartier des lumières
The Quartier des lumières is a comprehensive project that fosters social diversity and mixed uses by creating public areas and establishing about 600 social housing units. Construction of these units is set to take place soon after Radio-Canada employees relocate.
The New York-based Center for Active Design has just awarded three-star Fitwel Community certification to the QDL development for quality of life in terms of well-being and overall health, a first in Canada.
For its master plan design, the Quartier des lumières has also obtained LEED Platinum Neighbourhood Development certification.
About MACH
MACH is one Canada’s biggest private property owners and developers. The company owns or manages nearly 35 million square feet of commercial, industrial or residential properties in Québec.
Since MACH was founded in 2000, its guiding philosophy has focused on permanent investment in communities and long-term property management. MACH’s integrated approach combines development, real estate services and construction,
Its property portfolio includes the Sun Life Building, CIBC Tower and Place Victoria in Montreal and the TELUS building in Québec City. In 2018, MACH received two INOVA Awards for the quality of its construction projects.
About Devimco Immobilier
Devimco Immobilier is a Québec real estate development firm focused on the creation and execution of large real estate projects, in particular lifestyle and TOD (transit-oriented development). Its complexes combine commercial, business, leisure, and housing components.
Since 2005 Devimco Immobilier has been developing District Griffin, and the $1.5 billion Solar Uniquartier between highways 10 and 30.
Devimco Immobilier is also building Square Children’s, a new flagship project revitalizing the former site of the Montréal Children’s Hospital and the entire neighbourhood.
The developer will also begin construction this year on the MAA Condominiums & Penthouses, on Peel Street in downtown Montréal.
About Fonds immobilier de solidarité FTQ
The Fonds immobilier de solidarité FTQ promotes economic growth and employment in Québec by investing in profitable and socially responsible real estate projects in partnership with other industry leaders.
The Fonds immobilier backs residential, office, commercial, institutional and industrial projects of all sizes across Québec.
As of Dec. 31, the Fonds immobilier had 56 projects worth $3.6 billion in progress, 74 properties under management, 1.3 million square feet of land and $90 million invested in social, community and affordable housing.
The Fonds immobilier is a member of the Québec division of Canada Green Building Council.
OAK STREET PARTNERS UNLOCKING OPPORTUNITIES FOR CANADIAN INVESTORS IN THE U.S. RENTAL HOUSING MARKET
Oak Street Partners is leading the way in cash-flow-focused U.S. affordable housing investments
TORONTO, ON | NOVEMBER 18, 2024 – With the Canadian real estate market facing challenges and declining opportunities for investors, Oak Street Partners, a Toronto-based private real estate investment firm, is offering a new avenue for Canadian investors to diversify into the U.S. rental housing market. Oak Street Partners enables investors to passively invest in U.S. affordable housing, providing them with stable, cash-flow-focused returns while helping meet the growing demand for quality, affordable housing in the United States.
“Market conditions in Canada have made it more difficult for investors to find reliable, income-generating opportunities,” says Parker Christie, Founder & CEO of Oak Street Partners. “By turning to the U.S. affordable housing market, we’ve been able to create consistent, cash-flowing investments that benefit both our investors and local communities.”
Building on this approach, Oak Street Partners facilitates investment by strategically acquiring and managing properties in the U.S., particularly in the Midwest and Southeast regions. Investors provide capital, while Oak Street handles all aspects of property ownership and management. Similar to a Real Estate Investment Trust (REIT), but privately structured, Oak Street ensures investors receive stable, cash-flow-driven returns without the need for direct involvement.
A key part of Oak Street’s approach is leveraging the Section 8 Housing Choice Voucher Program, America’s largest federal rental subsidy program that pays private landlords rent on behalf of low-income tenants. This guarantees a reliable, high cash flow income stream, even when real estate markets are challenged with high interest rate environments. By leveraging this program, Oak Street is not only able to provide consistent returns to its investors, but it also enhances lower-income communities, creating sustainable, quality homes for residents.
“It’s a win-win situation,” explains Trumbull Fisher, Director of Oak Street Partners. “Tenants are able to secure and enjoy quality, affordable housing, while investors benefit from reliable, government-backed rental payments that ensure steady cash flow.”
By investing in these properties, Oak Street is able to support the demand for affordable housing, while also contributing to the broader social good by addressing housing shortages and improving community infrastructure. This dual focus on financial return and social impact is what makes Oak Street’s approach stand out in today’s real estate investment landscape.
In its first year of operation, Oak Street has acquired over 100 units in Ohio. With $10 million in assets under management, the company has been able to offer its investors a 10 per cent cash dividend, which was distributed nine months into its operation. This is a rare milestone for companies in their first year, as many real estate investment firms operate at a loss in their early stages.
“As we look to the future, our goal is to expand Oak Street’s portfolio in high-demand areas across the Midwest and Southeast,” adds Christie. “Our focus will remain on sourcing properties that deliver strong, stable returns while positively impacting local communities.”
For more information on Oak Street Partners visit oakstreetgp.com/.
ABOUT OAK STREET PARTNERS
Oak Street Partners is a real estate investment firm focused on creating diversified and stable opportunities for investors in the U.S. rental housing market. We offer a unique pathway for investors to build and expand their portfolios by investing in affordable housing opportunities, improving the quality of life for tenants while delivering consistent returns for investors.
‘The Bidding War’ is a play skewering Toronto’s real estate market via a story about a one-day bidding war over the city’s last affordable home. The cast and crew say it exposes how the housing crisis brings out “the worst in people.” (Nov. 12, 2024)
TORONTO – The Toronto Regional Real Estate Board says home sales in October surged as buyers continued moving off the sidelines amid lower interest rates.
The board said 6,658 homes changed hands last month in the Greater Toronto Area, up 44.4 per cent compared with 4,611 in the same month last year. Sales were up 14 per cent from September on a seasonally adjusted basis.
The average selling price was up 1.1 per cent compared with a year earlier at $1,135,215. The composite benchmark price, meant to represent the typical home, was down 3.3 per cent year-over-year.
“While we are still early in the Bank of Canada’s rate cutting cycle, it definitely does appear that an increasing number of buyers moved off the sidelines and back into the marketplace in October,” said TRREB president Jennifer Pearce in a news release.
“The positive affordability picture brought about by lower borrowing costs and relatively flat home prices prompted this improvement in market activity.”
The Bank of Canada has slashed its key interest rate four times since June, including a half-percentage point cut on Oct. 23. The rate now stands at 3.75 per cent, down from the high of five per cent that deterred many would-be buyers from the housing market.
New listings last month totalled 15,328, up 4.3 per cent from a year earlier.
In the City of Toronto, there were 2,509 sales last month, a 37.6 per cent jump from October 2023. Throughout the rest of the GTA, home sales rose 48.9 per cent to 4,149.
The sales uptick is encouraging, said Cameron Forbes, general manager and broker for Re/Max Realtron Realty Inc., who added the figures for October were stronger than he anticipated.
“I thought they’d be up for sure, but not necessarily that much,” said Forbes.
“Obviously, the 50 basis points was certainly a great move in the right direction. I just thought it would take more to get things going.”
He said it shows confidence in the market is returning faster than expected, especially among existing homeowners looking for a new property.
“The average consumer who’s employed and may have been able to get some increases in their wages over the last little bit to make up some ground with inflation, I think they’re confident, so they’re looking in the market.
“The conditions are nice because you’ve got a little more time, you’ve got more choice, you’ve got fewer other buyers to compete against.”
All property types saw more sales in October compared with a year ago throughout the GTA.
Townhouses led the surge with 56.8 per cent more sales, followed by detached homes at 46.6 per cent and semi-detached homes at 44 per cent. There were 33.4 per cent more condos that changed hands year-over-year.
“Market conditions did tighten in October, but there is still a lot of inventory and therefore choice for homebuyers,” said TRREB chief market analyst Jason Mercer.
“This choice will keep home price growth moderate over the next few months. However, as inventory is absorbed and home construction continues to lag population growth, selling price growth will accelerate, likely as we move through the spring of 2025.”
This report by The Canadian Press was first published Nov. 6, 2024.
