Developer unveils $2B plans for downtown Montreal
Cadillac Fairview planning "new vibrant downtown neighbourhood"
One of North America's largest property developers has unveiled a multi-billion dollar project to redevelop its vast holdings around Montreal's Bell Centre, including Windsor Station.
Cadillac Fairview says people should expect:
- Two towers "organized in an urban campus layout"
- Two office towers near the intersection of Peel and Saint-Antoine streets
- Approximately 93,000 square metres of commercial space
On Friday, Cadillac Fairview said it plans to invest $2 billion in the project over the next 15 years.
Various commercial and residential spaces are to be built on the property, which was acquired in 2009.
Cadillac Fairview said the multi-phase project will take up approximately 450,000 square metres of space.
In a news release, the developer says the project will "rest on three pillars."
- The Tour des Canadiens, a 48-storey condominium tower directly beside the Bell Centre – which serves as home ice for the Montreal Canadiens.
- The Deloitte Tower, a privately-owned commercial officer tower set to open its doors in 2015. This building will be located to the east of the Bell Centre and will have 26 storeys.
- Development of the area south of Saint-Antoine Street, which will entail "a mix of uses including office, residential and retail upwards of five million square feet [approximately 465,000 square metres] which will contribute to creating a new vibrant downtown neighbourhood."
The Tour des Canadiens' 534 units are already on sale and set to open in 2015.
Michel Leblanc, president of the Montreal Chamber of Commerce, said he welcomes the developer's plans.
"Montreal is a North American metropolis in development," he said.
Cadillac Fairview's net worth is estimated at $21 billion.
The company owns nearly 4.1 million square metres of space in 79 different properties, including the Toronto Eaton Centre and shopping malls such as Carrefour Laval, Galeries d'Anjou, Promenades St-Bruno and Fairview Pointe-Claire.