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Crombie Real Estate Investment Trust (CRR-UN-T) says it has entered into joint ventures on mixed-use projects in Montreal and Oakville valued at $402 million, with Quebec-based Prince Developments (PrinceDev).
Artists rendering of Bronte Village in Oakville (Image courtesy Crombie REIT)
“We are delighted to be working with PrinceDev, an excellent Canadian urban developer, to develop these two exciting projects,” said Crombie president and CEO Don Clow in a release. “It results in Crombie adding an exciting Montreal mixed-use development site to our current active projects in Vancouver, Oakville, Victoria (Langford), and St John’s.”
Le Duke in Old Montreal
One partnership results in Crombie becoming a 50 per cent partner in the new Le Duke development at 297 Rue Duke, adjacent to the new Bonaventure Greenway in Old Montreal.
The project is a $127-million investment to construct a 25-storey mixed-use tower with 390 residential rental units, above a 25,000-square-foot IGA-branded Sobeys (EMP-A-T) grocery store, 1,000 square feet of retail space with frontage on William Street and 300 underground parking stalls.
The new building will retain the existing heritage building currently on site, integrating the two-storey facade and structure into the new development.
Le Duke is a new development pipeline property for Crombie, enhancing its existing development pipeline. Development of Le Duke commenced in late 2017 with completion estimated in 2020.
Bronte Village mixed-use project
The second partnership results in PrinceDev becoming a 50 per cent partner in Crombie’s estimated $275 million Oakville Bronte Village mixed-use development.
This is a mainly residential rental development, replacing the existing Bronte Village Mall with 480 units of refined rental living. Bronte Village will feature residential rental towers of 14 and 10 storeys, respectively, 800 underground parking spaces and 17,500 square feet of new complimentary retail space.
The existing 30,000-square-foot Sobeys is expected to remain operational during the redevelopment.
Bronte Village is expected to commence construction in 2018 with completion estimated in 2020.
Crombie said in the release both projects are in early development stages with some outstanding approvals and financing still to be completed.
About Prince Developments, Crombie REIT
Prince Developments was formed in 2009 as a joint venture between Place Dorée and Groupe Canvar and has since completed numerous successful projects in Quebec and Ontario. Headquartered in Montreal, PrinceDev specializes in residential, hotel, and mixed use developments.
Crombie REIT is an open-ended real estate investment trust. Established in 2006, Crombie is a leading national retail property landlord with a strategy focused on owning, operating and developing grocery- and drug store-anchored shopping centres, freestanding stores, and mixed use developments primarily in Canada’s top urban and suburban markets.
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