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The Mansfield Athletic Club property in Montreal, formerly known as the Loews Theatre, has been purchased by Kheng Ly and Brivia Group. (Google Street View)
A developer leading some of Montreal’s largest ongoing projects has added another property to its pipeline with the acquisition of the Mansfield Athletic Club site just off Ste-Catherine Street West in the downtown.
Kheng Ly and his Brivia Group made the announcement on Thursday morning, adding the former Loews Theatre property to its list of future redevelopment sites.
“We are extremely excited to continue our growth strategy with the acquisition of the Mansfield Athletic Club site which will allow us and our partners to grow our pipeline of projects in downtown Montreal,” said Ly, the president and CEO of Brivia, in the release.
“Already quite active in the downtown area with our projects such as YUL Phase 1 & 2, Quinzecent, Stanbrooke, Nest Condo and 1 Square Phillips, the addition of the Mansfield Athletic Club site will provide us with an opportunity to develop another important real estate project at prime location in downtown Montreal.”
The 50,000-square-foot property is located at 1230 Mansfield St., near landmarks such as Place Ville Marie, the Sun Life Building and the Dominion Square Building.
The purchase price is in excess of $20 million, according to a post by Gascon and Associates LLP. There is no immediate indication of Brivia’s redevelopment plans for the site.
Condo tower at Club Sportif MAA
It’s the second major Montreal fitness club to be involved in a real estate transaction in the past year after Devimco Immobilier bought air rights to the historic Club Sportif MAA (which was formerly known as the Montreal Amateur Athletic Association).
That deal will result in a $150-million, 31-storey condo tower growing out of the 138-year-old building. It is currently a four-storey structure.
The tower will contain 306 condo units and two levels of underground parking. Buyers will have access to the club’s pool, restaurant and other facilities.
As part of the transaction, Devimco has committed $20 million to extensively renovate the 45,000-square-foot club and its facilities.
Construction is slated to begin in late summer or early fall.
Loews Theatre history
The Loews Theatre was one of Montreal’s largest for decades, boasting 3,000 seats and hosting both live performances and film showings. In its later years, the Loews survived as a movie theatre, before briefly being utilized as an entertainment complex in the early 2000s.
It has been the home of the Mansfield Athletic Club since 2005, when it was purchased by Montreal fitness entrepreneur Leonard Schlemm.
The red brick theatre building was built in the early 1900s, but has since been divided into two separate properties.
Jones Lang LaSalle (JLL) and Fasken acted as advisors in the transaction.
About Brivia Group
Founded in Montreal in 2000, Brivia Group is a real estate development and investment company with a growing number of projects in the region.
Its subsidiary Brivia Management offers integrated professional services in development management. Its major projects include YUL Condominiums, Quinzecent, Stanbrooke and 1 Square Phillips.
RELATED ARTICLES:
* Devimco to build condos atop Montreal’s historic Sportif MAA
* Brivia plans Montreal’s tallest condo tower, 1 Phillips Square
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