MONTRÉAL, April 18, 2012 – Building on the success of phases I and II of its District Griffin project, Devimco today unveiled the highlights of Phase III, a $150 million project to be located on the east side of Peel Street, between Ottawa and Wellington streets.
To date, $750 million have been invested in the District Griffin project by its two partners, Devimco and Fonds immobilier de solidarité FTQ.
Phase III will encompass three 15-story condominium towers, two with 135 units each and one of 150 units. Condo sales officially began today for the first building, which will break ground towards the end of the year and which will be ready in spring 2015.
The average unit size in the first building will be 774 square feet, with 15% reserved for affordable housing. Some units will have two bedrooms and two bathrooms. A 32,000-ft2 Métro grocery store and a 6,100-ft2 Brunet drugstore will be among the tenants on the lower floors of a commercial mall, whose roof will be outfitted with an urban chalet and a spa. The second building will feature a rooftop pool.
This new investment was announced by Devimco president Serge Goulet at the District Griffin sales office, located at the corner of Peel and Wellington. Also on hand was 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 III model condos.
“Our project will help dramatically transform this partially abandoned industrial area by creating a pleasant, safe place to live, work and play, just steps from downtown, Old Montréal and a major gateway to the city,” said Mr. Goulet.
District Griffin is Montréal’s largest mixed-use real estate project in Montréal, incorporating residential, commercial, community and business functions.
Once completed, the first three phases will comprise 2,103 condominium units, including 315 affordable housing units, a 154-room ALT hotel, approximately 75,000 square feet of office space and over 328,000 square feet of commercial space. The social housing component is in keeping with Devimco’s pledge to comply with the City of Montréal’s Affordable Housing Inclusion Strategy.
Update on the first two phases
The District Griffin project will be built in several phases and is divided into the following blocks: Lachine Canal, St. Ann and Peel. The plan calls for a total of 15 residential buildings.
The Lachine Canal block ($475 million investment) is bound by Wellington Street to the north, Shannon Street to the east, the Lachine to the west, and Smith Street to the south, alongside a railway viaduct. Phase I, located between Wellington, Peel, Young and Smith streets, will consist of a 188-unit condominium building, which is 95% sold, a 154-room ALT hotel, shops, restaurants and more than 75,000 square feet of office space. Construction began in June 2011 and will be completed in summer 2013.
Five towers with a maximum height of 44 metres are planned for the St. Ann block ($131 million investment), bound by Basin Street to the south, du Séminaire Street to the west, Ottawa Street to the north and Rioux Street to the east. The occupants of the 768 residential units will be within walking distance of Gallery and Ste-Anne parks. The first building (114 units) of Phase II, which will break ground in a few weeks, is already 65% sold. Occupancy is slated for summer 2013.
About Devimco
Created in 1997, Devimco is a leading real estate developer in Québec. The privately owned company obtains financing for its projects from institutional partners, private partners and pension funds. Devimco sets itself apart by specializing in “lifestyle” type projects and was the first to build this type of shopping centre in Canada. The company has developed over 1.4 million square metres in Québec since its creation, notably Quartier DIX30 in Brossard, Méga-Centre Notre-Dame in Laval, Méga-Centre Lebourgneuf in Québec City, and Carrefour Champêtre in Bromont. It is currently working on the Cité DIX30 residential project in partnership with Groupe Cholette. www.districtgriffin.com
About Fonds immobilier de solidarité FTQ
Created in 1991 by the Fonds de solidarité FTQ, the Fonds immobilier de solidarité FTQ promotes economic growth and employment in Québec by strategically investing in profitable and socially responsible real estate projects, in partnership with other industry leaders. Over the last 20 years, the Fonds immobilier has invested upwards of $1 billion in 300 such projects, creating and preserving some 26,300 in Québec. For more information, visit www.fondsimmobilierftq.com
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Information:
André Bouthillier
(514) 849-4554
(514) 895-0127
andre.bouthillier@cominfrarouge.com