Brivia Group has extended a partnership with fellow Québec real estate investor IPSO FACTO Investissement Immobilier for Phase 2 of its 1 Square Phillips development in Montréal and has finalized construction financing for the project’s first phase.
IPSO FACTO had already joined Brivia in 2021 as a partner in the first phase, which is under construction and includes the project’s centrepiece, a 61-storey luxury condo and rental apartment tower.
"We are proud to strengthen our partnership with IPSO FACTO for Phase 2 of 1 Square Phillips. Already a partner for Phase 1, IPSO FACTO is renewing its commitment and confidence in the vision and value of this emblematic project,” Kheng Ly, president and CEO of Brivia Group, said in the announcement Thursday morning.
“Backed by a banking syndicate led by BMO for the project's construction financing, this new strategic agreement testifies to our partners' confidence in Montréal's long-term real estate market and our collective determination to raise the standards of residential excellence in our dynamic city.”
Financial terms of the partnership were not disclosed, though Brivia had previously valued the entire development at $560 million.
Updating the Square Phillips development
The development is located between Place Phillips and Saint-Alexandre, in an area bounded by Sainte-Catherine Street and René-Lévesque Boulevard. It’s at the edge of the broader Quartier des Spectacles district.
Phase 2 of the project includes a 21-storey tower which will be added to the perimeter of the main 61-storey tower. The smaller building is to contain 324 new condominiums.
Brivia said the second phase will have “its own identity within the overall project” and be designed to blend the history of the area with modern features. MSDL Architects is leading the design of the second phase.
"During Phase 1 of 1 Square Phillips project, we discovered that Brivia Group's committed, experienced and visionary professionals favoured a flexible and dynamic approach that was entirely compatible with our own," Éric C. de Léry, co-president of IPSO FACTO, said in the announcement.
“(The) Brivia Group team stands out not only in the way it manages its projects, but also in the way it respects the communities in which they take shape."
Phase 2 was launched in 2022 and Brivia reports “sales have continued to progress in line with the company's objectives.”
In addition to the tower, it features an interior courtyard and terrace with an urban chalet overlooking the Montréal skyline between Mount Royal and Old Montreal.
Main Phase 1 tower topped-off
Construction of the 61-storey tower recently reached a milestone, with the topping-off of the building. The company said this means it remains on track to deliver the first housing units in spring 2024.
It will reach a height of approximately 763 feet (in relation to the level of the St. Lawrence River) and contains over 500 residential units (including 498 condos).
In total, the Square Phillips development is slated for over a million square feet of floor space in three phases.
Brivia had acquired the site in 2018 from Canderel Group.
This is the second significant announcement for Brivia in the past two weeks.
It recently decided to put its 22-storey Stirlyng condo development on Peel Street north of du Maisonneuve Boulevard on pause after it had started excavation work.
Brivia's chief investment officer and development officer Vincent Kou cited a slowdown in the Montréal condo market for the decision, noting the firm wants to focus on optimizing Phase 2 at Square Phillips and its Mansfield condo project.
“Activity is still going on, just at a slower pace, because we want to make sure that we don't advance too far while waiting for the sales to catch up," Kou told RENX.
About Brivia Group and IPSO FACTO
Brivia Group is a real estate promoter and investor with a growing portfolio of dozens of projects in Montréal, Québec City, the Greater Toronto Area and Vancouver.
Founded in 2000, Brivia continues to develop projects including 1 Square Phillips, Mansfield, YUL, QuinzeCent and CURV.
IPSO FACTO is a Montréal-based private investment group focused on real estate development projects.
Founded in 2000, IPSO FACTO offers its expertise and financial resources to real estate developers, entrepreneurs and property managers in Quebec metropolitan areas.