Game-changing investments in five different Montreal neighbourhoods are rejuvenating the face of Montreal.
So says Claude Marcotte, a partner and executive vice-president in Carbonleo Story Builders.
Despite what we hear and what we read in the paper about Montreal, the city is moving. There’s lots of action. This kind of intensity has never before happened in Montreal.”
The most exciting projects surround the Bell Centre, which has created a vibrant new entertainment district in the city.
The Bell Centre is one of the busiest arenas in North America,” says Marcotte. “On that same site, you have the Deloitte Tower, which is an office building where Rio Tinto and Deloitte will have their head offices here in Montreal.”
Residential towers in the area sold out soon after being announced. Le Tour des Canadiens, Montreal’s tallest residential building, sold out in a week. The developer of L’Avenue Condos, a fifty-storey tower due for completion at the end of the year, announced 58% sold so quickly that observers doubted the figure. Provigo rented space in the twin towered Roccabella Condos, which are also selling out.
Other developers hope for similar responses. Icône plans to build a condo tower on de la Montagne and René Lévesque. Samcon has a residential project on Drummond Street. Cadillac Fairview plans two more residential towers on the south side of St. Antoine.
Marcotte says public investment in the city has also rejuvenated the neighbourhoods surrounding two new hospitals and a cultural entertainment district known as the “quartier des spectacles.” A new symphony hall and improvements to Place des Arts set the scene. Angus will break ground for two mixed-used towers south of Ste. Catherine later this year, and the provincial government will be among its tenants. Canderel and FTQ will also build “more than million square feet of office” on Ste. Catherine between St. Urbain and Jeanne Mance.”
Marcotte’s favourite rejuvenation is a luxury shopping development his company has underway in the block between Ste. Catherine Street, Maisonneuve, de la Montagne and Crescent. The project will combine Olgivy, Holt Renfrew, upscale condos and a new hotel.
The hotel operator hasn’t been identified but I can tell you that it’s a major player in North America and the banner doesn’t yet exist in Montreal,” says Marcotte. “It will be very special. It’s going to be a jewel for Montreal.”
Note: This article appears on page 24 of the Spring 2014 issue of Canadian Real Estate Magazine.
Promoters are always keen on luxury properties which drive up property values in the surrounding areas. People think it’s a good thing for the value of their house to double, as in the last ten years in Montreal (unless they are on a fixed income and can’t pay the higher taxes/ afford to live there). But think about it: if the house is their main asset, and they are working to pay a mortgage, this only means that their work is worth half as much! It’s a 50% salary cut!
Hi Sonja, it’s true that increased property values challenge those on fixed or low incomes due to higher taxes and people trying to get into the market due to higher down-payment requirements. I don’t follow your second premise though. Market increases to the value of a neighbourhood means that all property owners get more equity automatically but their mortgages wouldn’t change. Even property owners with little paid off their mortgages would own a higher percentage of their properties after the switch.