At a time of imbalance between the home market supply and housing demand, Myson de Radio-Canada’s previous site in Montreal will accommodate 3,000 housing units in the coming years.
Builder Devimko began construction of the first phase on Wednesday. The first phase of the Auguste & Louis project consists of 265 segregated co-ownership units (condo) on sites 9 to 15. It stands at the corner of Rue Wolf and Boulevard Rene-Lewesk Est on the southeast of downtown.
There are accommodation types ranging from 335 sq ft studios to 1,155 sq ft to three bedroom units. Prices for a studio range from $ 165,000 to $ 230,000. The four-room unit sells for $ 400,000 to $ 620,000. About thirty units are considered affordable. 68 of the 265 in this building will be called family units. Architect Provencal Roy. The distribution of the first houses is planned for the summer of 2023.
“Nine out of ten units have been sold,” said James K. Lett, director of residential development and acquisition in Davykov. “This sector is a sign of moderation and the condo market is strong in Montreal.”
As a sign of the times, each of the 106 underground parking spaces will be fitted with an electric charging station as requested by its owner.
The second phase of 236 condos is currently on sale. It will rise to 65 meters. In comparison, the phase ends at 45 m.
In total, Devimco will build more than 2,000 condominiums on 10 towers in the public broadcaster’s former surface parking lot. The site will last for seven to eight years.
The department will take the name Quartier des Lumiere. Its designer is Mac, which bought the land in 2016 from Radio-Canada. It handed over the construction of the condo to Devimco, which took care of the rest. Following the agreement with the city of Montreal, Mac will build 1,000 rental units, including 482 community housing units and 245 affordable units.
Offices in Quarter des Lumire
Over the past four years, the growth of the Quartier des Lumiere has grown. Retail space has now been halved to 255,000 square feet. On the other hand, the office area has grown to approximately 1.5 million square feet, including the old 275,000-square-foot Radio-Canada tower.
“We do not believe the epidemic will affect the need for office space,” said Vincent Sierra, chairman of the group’s machine. Most have disappeared to make way for housing. Due to the strength of the circumstances, our site is believed to be exceptional for tenants looking east from downtown and looking for 400,000 square feet or more. “
Mac captures the tower in January 2023. Land has been allotted to accommodate a school. Parks will also be upgraded.
Fewer families due to city regulation
Devimco maintains that the zoning law, which is approved by the city of Montreal and restricts floor area to more than 750 square meters, reduces the likelihood of creating units designed for families.
“Here, we are in a field that allows us to create large divisions and bring families together,” said Serge Kalette, chairman of the Devimco Group, in the press next to the event. “But in an area of 750 square meters, including balconies (which applies from the 2nd phase of the Auguste & Louis project), you can not build large units. It would have been nice to welcome more families, but the rules prevent it,” he laments.
According to him, the shortage caused by these restrictions is generating an increase of $ 75,000 to $ 100,000 in the price of large two- and three-bedroom units.
Vincent Sierra, Group Mac President agrees. “The 750 square meter area is not enough for a fair development. The city promises to reconsider its position. [en lice pour la mairie] Review the regulation and see how to fix it to make it commercially viable. “
Serge Coult argues that there is no limit to this ground space anywhere else in Montreal.
With the exception of the first phase of Auguste & Louis, Mac and Devimco should seek exemption from zoning law for establishing large sites on high platforms.
These include 800,000 square feet of former Maison de Radio-Canada and 4 million square feet of residential, commercial and office buildings.
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