MONTRÉAL, Oct. 25, 2024 /CNW/ - The Government of Canada, the City of Montréal, L'UTILE and its financial partners are proud to announce the construction of Le Méridien, a building with 168 affordable student apartments in downtown Montréal. The project, located on the corner of Ontario Street and Saint-Laurent Boulevard, is UTILE's third project in Montréal. The very first group of students is expected to move in by the start of the 2026 academic year.
The announcement was made at the Le Méridien project site in Montréal by the Honourable Steven Guilbeault, Minister of Environment and Climate Change and Member of Parliament for Laurier–Sainte-Marie, on behalf of the Honourable Sean Fraser, Minister of Housing, Infrastructure and Communities; as well as Valérie Plante, Mayor of Montréal; Laurent Levesque, Co-Founder and CEO of UTILE; and Mariane Duguay, Senior Vice-President, Social, Community and Affordable Housing, the Fonds immobilier de solidarité FTQ.
The Le Méridien project is being made possible by a $46.8-million investment from the Canada Mortgage and Housing Corporation's (CMHC) Affordable Housing Fund (AHF) and a $6.3 million contribution from the City of Montréal, for a total investment of $53.1 million. A $1.5 million donation by the Students' Society of McGill University (SSMU) to the Popular University Student Housing (PUSH) Fund is also supporting the project. In addition, the project also received a $9-million loan from the Fonds immobilier de solidarité FTQ to finance the land purchase.
The project will welcome about 280 tenants and includes social and study areas, a roof terrace and bicycle parking. Le Méridien tenants will benefit from the vibrant cultural and commercial landscape downtown and the proximity of public transit.
"Everyone deserves a home, and the Affordable Housing Fund is one way we're making that vision a reality for Canadians. We'll continue investing in affordable housing projects, like the one announced today, and working with partners across the country to end the housing crisis."
The Honourable Sean Fraser, Minister of Housing, Infrastructure and Communities
"Every Quebecer deserves a safe and affordable place to call home. The Government of Canada is proud to contribute to the creation of 168 new affordable student housing units in downtown Montréal. This demonstrates our unwavering commitment to ensuring that no one in Montréal is left behind."
The Honourable Steven Guilbeault, Minister of Environment and Climate Change and Member of Parliament for Laurier–Sainte-Marie
""These student housing units join the many initiatives currently underway in the heart of the Latin Quarter and will contribute directly to its vitality. This project will enable us to house more students in safe conditions, close to shops, services, and academic institutions, reinforcing Montreal's status as one of North America's top university cities. The success of this project demonstrates that when government partners, non-profit real estate developers and universities get involved, we're able to get projects off the ground. With the series of Loger+ measures we have implemented to reduce permit wait times, Montréal has given itself additional means to build more projects like this everywhere, and faster."
Valérie Plante, Mayor of Montréal
"Our role as a responsible investor means choosing projects that provide all communities with access to decent, accessible and affordable housing. UTILE created a unique model that we believed in from the start, and we're proud to continue our partnership with the team. Le Méridien will help address the housing shortage by providing quality apartments while freeing up units for other types of households."
Marianne Duguay, Senior Vice-President, Social, Community and Affordable Housing, Fonds immobilier de solidarité FTQ
"Le Méridien marks the start of a construction marathon for UTILE in Montréal. By 2027, construction will begin on more than 1,000 apartments across six different projects for Montréal's student population. By building a high volume of non-profit student apartments, we will help maintain Montréal's status as an affordable university city."
Laurent Levesque, Co-Founder and CEO of UTILE
Visit Canada.ca/housing for the most requested Government of Canada housing information.
As Canada's authority on housing, CMHC contributes to the stability of the housing market and financial system, provides support for Canadians in housing need, and offers unbiased housing research and advice to all levels of Canadian government, consumers and the housing industry. CMHC's aim is that everyone in Canada has a home they can afford, and that meets their needs. For more information, follow us on Twitter, Instagram, YouTube, LinkedIn and Facebook.
Preferred partner of several municipalities, the higher education community, Canada Mortgage and Housing Corporation and the Government of Quebec, UTILE is a non-profit building owner that develops and manages a proven model of student apartments. UTILE is striving to build 1,500 new housing units by 2027, adding to their portfolio of 600 already occupied apartments. The UTILE team is made up of over 40 building development and management professionals. Together, its member organizations represent the interests of more than 300,000 young people across Quebec.
SOURCE Canada Mortgage and Housing Corporation (CMHC)
Information: Sofia Ouslis, Office of the Minister of Housing, Infrastructure and Communities, [email protected]; Media Relations, Canada Mortgage and Housing Corporation, [email protected]; Catherine Cadotte, Senior Press Officer, Office of the Mayor, City of Montréal, 514-465-2591; Public Affairs and Protocol, City of Montréal, [email protected]; Maya Labrosse, Public Relations Advisor, UTILE, 438-407-8877, [email protected]
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