Sherbrooke, May 15, 2017 – As part of the development of Quartier Well Inc., the City of Sherbrooke has reached an exclusive agreement with a consortium consisting of the Fonds immobilier de solidarité FTQ, Groupe Custeau and SherWeb to conceptualize a turnkey real estate project on a strategic block of Wellington Street South, where the City of Sherbrooke has been purchasing properties since last October.
“The City’s interventions of the past few months in the Quartier have set the stage for private investment. The Fonds immobilier de solidarité FTQ, Groupe Custeau immobilier and SherWeb believe there are interesting business opportunities in the Quartier and have decided to pool their expertise as investors, developers and contractors to propose a turnkey project to the City that would meet municipal needs and create a ripple effect in the Quartier by creating a large number of jobs,” said Sherbrooke Mayor Bernard Sévigny.
The exclusive agreement between the City and the consortium is for a term of 6 months, with an optional extension of 90 days, to allow the consortium to conduct all the necessary analyses and come up with a concept for the estimated $50 million construction project. The agreement provides for the integration of some municipal work into the development of the project concept:
- A unique mixed-use (office, commercial, residential rental and public spaces) architectural concept;
- One or two 140,000 ft2 buildings, of which 70,000 square feet will be used for business development organizations. These spaces must be leased to a not-for-profit organization designated by the City to maintain a one-stop shop for entrepreneurs;
- A new underground parking garage with at least 280 spaces to meet current municipal needs;
- A public square of about 15,000 square feet with a view of the Dépôt station.
The agreement provides clear mechanisms for achieving the objectives of all the organizations concerned, including respect for the required public works and their cost.
“When the idea first came up for Quartier Well Inc., each one of our organizations saw business opportunities at the economic, social and employment levels. As business partners, we pooled our expertise and asked the City to give us a few months to develop a real estate concept for the downtown area, and more broadly for Sherbrooke. We are confident that our mutual strengths, networks and expertise will enable us to come up with a project that will satisfy the City’s needs and the consortium’s business objectives,” said Normand Bélanger, President and CEO of the Fonds immobiler et de solidarité FTQ.
Charles Custeau, President of Groupe Custeau immobilier, says: “We will use the next few months to come up with the best and most promising project for the Quartier’s development. We want this project to serve as a driver for the area and encourage other entrepreneurs or investors to develop projects in the heart of our city.”
In closing, SherWeb CEO Peter Cassar said: “We’ve been interested in Quartier Well Inc. ever since the idea first came up in October. We believe in the vision that all kinds of entrepreneurial projects can spring from Quartier Well Inc. It’s in this context, and because we strongly believe that this project creates wealth for everyone, that we want to contribute to the vitality of our city and make it a project worthy of Sherbrooke, by Sherbrookers and for Sherbrookers.”
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Communications Department / 819 560-8664