Quebec’s Fonds immobilier de solidarité FTQ has increased its stake in the multi-phased Espace Montmorency development in Laval to 50 per cent, taking over a portion of the project formerly owned by Groupe Sélection which is in restructuring proceedings.
Fonds FTQ made the announcement Monday morning in the wake of a Superior Court of Québec authorizing court-appointed monitor PwC sell Groupe Sélection’s interest in the project.
Fonds joins Groupe Montoni as the lead partners in Espace Montmorency, for which construction kicked off in 2019. It is the largest mixed-use development ever in Laval, which is part of Greater Montréal.
Financial details have not been released, but the entire project was value at over $450 million when construction began.
Groupe Sélection had been developing the residential portion of the project, which was designed to comprise over 700 apartments aimed at a variety of different demographic groups including seniors, young households, professionals and families, as well as millennials.
Cogir Immobilier to manage residential development
Management of the residential portion of the development will be assumed by Cogir Immobilier. The transition period for tenants could extend up to a maximum of 30 days following the transaction closing date (May 12) according to the announcement this morning.
The development includes four towers plus ancillary space. Two of the towers are devoted to residential uses, with the third tower containing a Courtyard by Marriott Hotel with 188 rooms.
The fourth tower is a 16-storey office building with 350,000 square feet of space. The original plan was to move the head offices of both Montoni and Sélection into the tower, which was to take up about 50,000 square feet of the space.
The Sid Lee Architecture-designed project will have over 1.3 million square feet of rental space. About 500,000 square feet is devoted to the office and commercial uses (including retail space), and a 60,000-square-foot inner courtyard.
There is a full slate of amenities for the residents, including rooftop terraces, public green spaces covering 50,000 square feet, underground vehicle and bicycle parking, EV charging stations, an app to optimize concierge and building services and more.
On the environmental front, the project has been awarded LEED V4 Gold certification for Neighbourhood Development; and the project targets LEED V4 Platinum certification for both Core and Shell Development, office tower, as well as the residential towers and hotel.
It has also been awarded WiredScore Silver certification for the office tower.
About Fonds FTQ
The Fonds immobilier de solidarité FTQ invests 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.
As of December 31, 2022, it had 43 projects worth $4.8 billion in development or construction, 65 portfolio properties under management, 3.7 million square feet of land for development and a cumulative total of $291 million invested in social and community projects.
The Fonds immobilier is a member of Bâtiment durable Québec.