MONTREAL, Oct. 13, 2014 /CNW Telbec/ - Thanks to the recent takeover by the Quadrax group, the LE VICTOIRE condo tower development on Square Victoria in downtown Montreal will be built as planned and buyers will be able to take possession of their units.
The President of Quadrax & Associates, Simon Pierre Labelle, has confirmed that he is finalizing project financing and that work on the tower is continuing.
"After acting as a consultant at the planning stage in 2012, Quadrax took a minority stake in the project. The group then acquired a greater equity share, and finally became the only shareholder on September 6 of this year."
"Since the start of the construction work, all of the funds provided by investors and buyers have been allocated in full to the project. Quadrax also injected new funding and has become one of main sources of financing. To help ensure the viability of the project, the group has not been paid any fees in the past two years, and it has been able to count on the outstanding support of all of its subcontractors," explained Mr. Labelle.
The construction delay is strictly attributable to the work involved in shoring up the excavation walls, which requires a special technique to protect the adjacent century-old buildings from vibrations resulting from the construction work.
Once the shoring work has been completed, a new timeline for occupancy will be announced.
Le Victoire on Square Victoria is an elegant and luminous 25-storey, 56-unit condo tower, in an exceptional location. Its façade is designed to integrate architecturally with its turn-of-the-century neighbours.
For further information: Jean Maurice Duddin, Astérisme relations publiques et communication, Tel.: 514 771-5777 , [email protected]