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.
TORONTO – One expert predicts Ottawa‘s changes to mortgage rules will help spur demand among potential homebuyers but says policies aimed at driving new supply are needed to address the “core issues” facing the market.
The federal government’s changes, set to come into force mid-December, include a higher price cap for insured mortgages to allow more people to qualify for a mortgage with less than a 20 per cent down payment.
The government will also expand its 30-year mortgage amortization to include first-time homebuyers buying any type of home, as well as anybody buying a newly built home.
CIBC Capital Markets deputy chief economist Benjamin Tal calls it a “significant” move likely to accelerate the recovery of the housing market, a process already underway as interest rates have begun to fall.
However, he says in a note that policymakers should aim to “prevent that from becoming too much of a good thing” through policies geared toward the supply side.
Tal says the main issue is the lack of supply available to respond to Canada’s rapidly increasing population, particularly in major cities.
This report by The Canadian Press was first published Sept. 17,2024.
OTTAWA – The Canadian Real Estate Association says the number of homes sold in August fell compared with a year ago as the market remained largely stuck in a holding pattern despite borrowing costs beginning to come down.
The association says the number of homes sold in August fell 2.1 per cent compared with the same month last year.
On a seasonally adjusted month-over-month basis, national home sales edged up 1.3 per cent from July.
CREA senior economist Shaun Cathcart says that with forecasts of lower interest rates throughout the rest of this year and into 2025, “it makes sense that prospective buyers might continue to hold off for improved affordability, especially since prices are still well behaved in most of the country.”
The national average sale price for August amounted to $649,100, a 0.1 per cent increase compared with a year earlier.
The number of newly listed properties was up 1.1 per cent month-over-month.
This report by The Canadian Press was first published Sept. 16, 2024.
MONTREAL – Two Quebec real estate brokers are facing fines and years-long suspensions for submitting bogus offers on homes to drive up prices during the COVID-19 pandemic.
Christine Girouard has been suspended for 14 years and her business partner, Jonathan Dauphinais-Fortin, has been suspended for nine years after Quebec’s authority of real estate brokerage found they used fake bids to get buyers to raise their offers.
Girouard is a well-known broker who previously starred on a Quebec reality show that follows top real estate agents in the province.
She is facing a fine of $50,000, while Dauphinais-Fortin has been fined $10,000.
The two brokers were suspended in May 2023 after La Presse published an article about their practices.
One buyer ended up paying $40,000 more than his initial offer in 2022 after Girouard and Dauphinais-Fortin concocted a second bid on the house he wanted to buy.
This report by The Canadian Press was first published Sept. 11, 2024.
