A shift several years ago to a rental-only residential development model by Jadco Group has paid off with the Montreal developer announcing its latest major multifamily project, Equinoxe Bois-Franc.

The more-than-$225-million development at 5335 and 5355 Henri-Bourassa Blvd. W. in the Montreal borough of Saint-Laurent will have about 525 residential units in two 10-storey buildings. Phase 1 is slated for completion in spring 2026 and Phase 2 in 2028.

Jadco made the shift to be a vertically integrated firm with long-term holdings well before the condo market declined, says Mathieu Melançon, director of development at Jadco

But although “the condo market isn’t very good these days, we’re open to building condos in the future,” he says.

Equinoxe Bois-Franc is aiming for LEED, BOMA and Zero Carbon Building Performance Standard certifications. The development will include a dual-energy mechanical system, 340 bicycle storage spaces and green roofs.

CMHC funding for Phase 1 at Equinoxe Bois-Franc

Jadco has tapped into the CMHC for Phase 1 funding and 10 per cent of the units will be affordable.

Melançon expects the development will have a mix of residents, including professionals, seniors and empty nesters. 

It will be a five-minute walk from the Bois-Franc REM light-rail station, scheduled to open this fall.

The borough of Saint-Laurent will hold a public meeting on July 17 about the project’s plan to have a minimum of 0.5 and maximum of one parking spot per unit and to allow heat pumps on exterior balconies.

Melançon says a preferred ratio of one parking spot per unit is needed despite the development’s proximity to public transit because of its location in a heavy traffic zone outside the downtown area. Heat pumps are needed on balconies to accommodate the green roofs. 

Jadco has several other multifamily developments under the Equinoxe banner in Laval and Côte Saint-Luc.

In a 2023 interview with RENX, Jadco president and CEO André Doudak noted that Jadco prefers rental developments because “we’re not merchant developers; we’re an investment company. Our model is the long-term value creation model, the investment model, and we build to own.”

Upcoming Halles d'Anjou development

Among Jadco’s other upcoming residential projects is the Halles d’Anjou in the Montreal borough of Anjou. The densification project would be built on the site of the Halles d’Anjou shopping centre at 7500 des Galeries d'Anjou Blvd.

Plans call for several hundred rental units in two 19-storey towers and a low-rise building. Amenities would include a pool, rooftop terraces, gym, and reception room.

“It will be a residential development on a commercial development,” Melançon says, that will eliminate a parking lot and heat island. It will be linked to the extension of the Blue Line of the Metro and have subway access. 

Jadco is also in discussions with the city of Montreal to acquire a parcel of land in downtown Montreal that would connect with land that Jadco already owns at Montfort and St. Jacques streets near the former Dow Planetarium.

The acquisition would help pave the way for development of Le Montfort, a two-tower highrise residential complex with almost 700 units. Construction would hopefully begin in 2026 with completion in 2029, he says.

Westpark apartments now being leased

Jadco is currently renting Westpark, a newly built 11-storey multifamily building at 265 Brunswick Blvd. in Pointe-Claire in the West Island. It’s offering new tenants a $2,400 credit on a 12-month lease and $4,500 credit on an 18-month lease, as well as free storage space and a YMCA membership.

In Ottawa, Jadco is in the planning stages to build over 300 multifamily units at 150 Laurier Ave. W. It would be about five minutes away from the developer’s other major Ottawa project, the 303-unit The Met multiresidential development at 180 Metcalfe St. in downtown Ottawa.

“One of our great strengths is that we manage projects from A to Z,” from acquisitions and development to construction and operations, Melançon says.

Founded in 1987, Jadco and its institutional partners have more than $2 billion in investments in Quebec. Aside from its residential developments, Jadco is developing Inspire Bio Innovations, a new life sciences hub in the downtown Montreal area.