Devimco keeps its promise to deliver a multipurpose project in Griffintown
MONTREAL, April 18, 2012 /CNW Telbec/ - Building on the success of Phases I and II of its District Griffin project, Devimco today announced the highlights of Phase III, a $150-million investment that will be built on the east side of Peel Street between Ottawa and Wellington streets.
The District Griffin project now represents an overall investment of $750 million. The project's financial partners are Devimco and Fonds immobilier de solidarité FTQ.
Phase III will encompass three 15-storey condominium towers, two of them with 135 units each and the third with 150 units. Construction of the first tower will begin late in 2012, with the sale of units beginning officially today and occupation planned for the spring of 2015.
The first tower in Phase III will offer condo units with an average area of 774 square feet. Fully 15% of these will be affordable housing units. Some units will have two bedrooms and two bathrooms. A 32,000-square-foot Metro food store and a 6,100-square-foot Brunet pharmacy will be among the businesses occupying the lower floors of a commercial mall. An urban cottage with a spa will be built on the roof of this mall and a pool on the roof of the second building.
This new investment was announced by Devimco President Serge Goulet at the District Griffin sales office at the corner of Peel and Wellington streets. He was accompanied by Normand Bélanger, President and CEO of project partner Fonds immobilier de solidarité FTQ. The sales office is one of the largest of its kind in Canada and includes Phase II and Phase III model condos.
"Our project is helping to radically transform a partly abandoned industrial area, creating a pleasant and safe new living environment where people can live, work and have fun close to downtown, Old Montréal and a major gateway to the city," Mr. Goulet noted.
District Griffin is Montréal's largest multipurpose real estate project, featuring residential, retail, community and business functions.
When the first three phases of District Griffin are completed, they will comprise 2,103 condominium units, including 315 affordable housing units, a 154-room ALT hotel, about 75,000 square feet of office space and more than 328,000 square feet of retail space. As regards social housing, Devimco has pledged to comply with the "Affordable Housing Inclusion Strategy" of the Ville de Montréal.
Update on the first two phases
The District Griffin project is being built in several phases, divided into the following blocks: Lachine Canal, St. Ann and Peel. A total of 15 residential buildings are planned.
The Lachine Canal block (a $475-million investment) is bound by Wellington Street on the north, Shannon Street on the east, the Lachine Canal on the west and Smith Street on the south, alongside the railway viaduct. Phase I of District Griffin, located between Wellington, Peel, Young and Smith streets, will include a 188-unit condominium tower, with 95% of the units already sold, a 154-room ALT hotel, retail stores, restaurants and more than 75,000 square feet of office space. Work began in June 2011 and the first tower will be completed in the summer of 2013.
The St. Ann block ($131-million investment) will have five towers with a maximum height of 44 metres in the space bound by Basin Street on the south, du Séminaire Street on the west, Ottawa Street on the north and Rioux Street on the east. The occupants of the 768 planned residential units will live near Gallery and St. Ann parks. Work on the initial 114-unit condo building (District Griffin Phase II) is starting in a few weeks. Nearly 65% of the units have already been sold, with occupancy planned for the summer of 2013.
Devimco has been the leading real estate developer in Québec since 1997. A private company, it benefits from the financial support of institutional and private partners as well as pension funds, standing out with the development of lifestyle-type projects. It was the first real estate company to develop a lifestyle shopping centre in Canada. Since its beginnings, Devimco has developed more than 1.4 million square metres in Québec. Its main projects are the Quartier DIX30 in Brossard, the Méga-Centre Notre-Dame in Laval, the Méga-Centre Lebourgneuf in Québec City and the Carrefour Champêtre in Bromont. In association with Groupe Cholette, it is currently developing the Cité DIX30 residential project.
About Fonds immobilier solidarité FTQ
Fonds immobilier de solidarité FTQ is a fund manager created in October 1991 by Fonds de solidarité FTQ. Its mission is to develop and build profitable, job-creating real estate projects with sustainable development as a goal, working with strategic partners in the field. Helping to stimulate the economy, it focuses on the construction of retail, office, industrial, institutional and residential properties. Projects authorized by the Fonds immobilier, as of May 31, 2011, will create or maintain 12,000 jobs in Québec.
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