MAESTRIA to be built on part on the former site of Le Spectrum de Montréal
MONTRÉAL, November 22, 2018 — Devimco Immobilier, the Fonds immobilier de solidarité FTQ and Fiera Properties are proud to announce a partnership to develop the largest mixed-use real estate project yet in Montréal’s Quartier des spectacles. MAESTRIA, with a projected cost of $700 million, will be the highest-profile developments of this type in Montréal.
Comprising two towers, 51 and 53 storeys high, this flagship project will have access points on Jeanne-Mance, De Bleury and Sainte-Catherine streets. Marketing of the approximately 1,000 condo properties and 500 rental units will begin in February 2019, and construction is due to start by the end of 2019.
“We are proud to be building a distinctive, avant-garde property that will help enhance the urban fabric of this booming arts and culture district,” said Devimco Immobilier President Serge Goulet. “With this landmark project, we intend to maintain the Devimco tradition of creating a living environment with mixed uses that will serve project residents as well as visitors to this highly popular part of Montréal,” he added.
Normand Bélanger, President and CEO of the Fonds immobilier de solidarité FTQ development capital fund, is pleased that this ambitious project, which promises to attract tens of thousands of Quebecers and tourists alike, is coming together on one of the most strategic sites of Montréal’s entertainment district: “We displayed vision in acquiring the former Spectrum land and other adjacent lots, and the outcome today is that we are part of another structure-enhancing project for Montréal that will help drive the local economy,” Mr. Bélanger said. “As a reminder of the glory days of the Spectrum, we plan to incorporate some commemorative items, including a collection from the legendary concert venue’s archives.”
Pierre Pelletier, Senior Vice‐President, Opportunity and Development Funds, Fiera Properties, remarked: “We are enthusiastic about our partnership in this major project, which promises to be a true masterpiece: an emblematic building complex in the Quartier des spectacles.”
Designed in collaboration with the architectural firm Lemay, MAESTRIA will be a prestigious project inspired by the arts and culture vibe of the Quartier des spectacles. Daniel Arbour, Senior Partner, Lemay, describes it as “a nod in the direction of the Quartier des spectacles, a project with a powerful identity and a unique signature, with the two tall towers seemingly in motion, like a pair of tango dancers.” He added: “The design includes, at the 25th-storey level of the towers, the highest walkway between two buildings ever to be built in Montréal, where residents will enjoy a prime view onto every major event held in the Place des Festivals below.”
The plans also call for a mini-plaza for adjacent retailers, which could be used to host cultural events.
Follow this link to download preliminary renderings of the project.
A contribution to the cultural life of Montréal
With this project, Devimco Immobilier, the Fonds immobilier de solidarité FTQ and Fiera Properties also seek to contribute, in their own way, to the cultural life of Montréal. “Discussions are under way with the Partenariat du Quartier des spectacles on how we can best meet the needs of the district,” Mr. Goulet explained. “For instance, rental spaces could be outfitted as recording studios or arts and culture presentation venues.”
A collaboration with artist Bernard Séguin Poirier celebrating children’s welfare
A majestic work measuring 12 feet by 40 feet titled Changer le monde, created in 2010 by 1,500 young people at the Centre jeunesse de Montréal along with artist Bernard Séguin Poirier, has been acquired especially for the project. “It will occupy a prominent location in the finished project,” Mr. Bélanger noted.
In addition, the partners in this real-estate project will acknowledge their social role by making donations totalling $100,000 to promote children’s welfare. In collaboration with Mr. Séguin Poirier, $75,000 will be donated to the Fondation du Centre jeunesse de Montréal to allow 1,000 young people to take art classes with the artist over the next three years. In the same vein, $25,000 will go to the organization Le Phare Enfants et Familles / The Lighthouse Children and Families, so that 250 children receiving palliative and pediatric care at its residential facility can also receive art education from Mr. Séguin Poirier.
Highlights of the MAESTRIA project
- 1,500 residential units, including approximately 1,000 prestigious condominiums and 500 rental units
- Units ranging from 300 to 2,500 square feet
- 512 interior parking spaces
- spaces developed to promote urban biodiversity
- A semi-Olympic indoor pool with swimming lanes
- An outdoor pool with spa
- A full Scandinavian thermal pool and spa circuit
- A superior-quality 4,800-square-foot fitness room
- Two Skylounges with terrasses, 25 stories up, providing access to the SkyBox, a first for downtown Montréal: a bona fide private loge with terrasse overlooking the entire Esplanade des Festivals / Place des Arts complex and connecting the two towers
- A virtual-golf room
- A games room for children
- A library and business centre
- A movie theatre, multipurpose room and games room
- Music rehearsal studios and creative studios
- A 51,000-square-foot lower extension (basilaire) with retail spaces
- Neighbourhood restaurants, cafés and shops
Prospective buyers are invited to visit www.maestriacondos.com.
About Devimco Immobilier
Devimco Immobilier is a Quebec real estate development leader that stands out for the creation and execution of large real estate projects, in particular lifestyle and TOD (transit-oriented development) complexes that combine commercial, business, leisure, and housing components. The company's real estate projects are noteworthy for producing unique living environments that take the needs of the people in the community into account. Devimco Immobilier was the first real estate company in the country to develop a lifestyle complex, with Quartier DIX30TM.
Since 2005 Devimco Immobilier has been developing District GriffinTM a vibrant area where a genuine community is taking root. Other projects include SOLAR UNIQUARTIERTM, the largest (TOD) project in Quebec, a $1.3 billion development that will become a South Shore hub at the northwest intersection of highways 10 and 30. Devimco Immobilier is also building Square Children'sTM, a new flagship project revitalizing the former site of the Montreal Children's Hospital and the entire neighbourhood. Devimco was selected by the City of Longueuil for a $500 million mixed-use project above the Longueuil–Université-de Sherbrooke métro station.
Devimco was a star performer in 2017, selling one-third of all new residential condos purchased in downtown Montreal in one of the most active real estate years in Montreal history. www.devimco.com
About Fiera Properties
Fiera Properties offers a complete range of investment strategies for its investors including an Opportunity and Development component whose mandate is to establish development partnerships with the largest Canadian promoters. As at September 30, 2018, Fiera Properties had $3.0B of assets under management, of which more than $600M are located in Quebec. The highly diverse nature of its portfolio – in terms of both geographies and types of properties – combined with a range of best-in-class strategies provides investors with exceptional opportunities to diversify their exposure within the real estate asset class. Through direct investments in high quality real estate assets across Canada, Fiera Properties offers strategies that deliver stable returns, growing revenues and capital appreciation.
Fiera Properties is wholly owned by Fiera Capital Corporation, a leading independent asset management firm with approximately C$143.5 billion in assets under management as of September 30, 2018. The Firm provides institutional, retail and private wealth clients with access to full-service integrated money management solutions across traditional and alternative asset classes. Clients and their portfolios derive benefit from Fiera Capital’s depth of expertise, diversified offerings and outstanding service. Fiera Capital trades under the ticker FSZ on the Toronto Stock Exchange. www.fieraproperties.com
About the Fonds immobilier 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. The Fonds immobilier backs residential, office, commercial, institutional and industrial projects of all sizes across Québec. At December 31, 2017, the Fonds immobilier had 47 projects in progress, 53 properties under management, 14 million square feet of land for development and $69 million allocated to affordable, social and community housing. The Fonds immobilier is a member of the Canada Green Building Council.
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