The largest ever residential development in Montreal is underway with developers breaking ground on the first of two towers which will rise 57 and 61 storeys.
The Maestria development on the site of the former legendary entertainment venue Spectrum de Montréal, will provide 1,750 new homes and is projected to cost more than $700 million.
Developers Devimco Immobilier, the Fonds immobilier de solidarité FTQ and Fiera Real Estate announced the project almost a year ago and 75% of the 438 condos in the first tower sold within months.
The second tower, which will house 611 condos and 340 rental units were launched for sale Thursday as developers broke ground on the first tower.
“The demand is there, and the real estate market is going strong, which is enabling us, with the help of our partners, to develop projects as distinctive and avant-garde as Maestria,” said Serge Goulet, President of Devimco Immobilier. “We are proud to be establishing a presence in this thriving artistic neighbourhood.”
Green and stylish
The development is aiming to achieve LEED green building certification and will provide green spaces, retail gallery, leisure areas and sports facilities. A small public plaza will be accessible to all. The partners are seeking to bring in select restaurants, entertainment venues and neighbourhood shops and services, as well as office space.
“We are excited to be playing a role in the accomplishment of this flagship project, with its hugely strategic site and spinoffs that will benefit the entire Québec economy,” added Normand Bélanger, President and CEO of the Fonds immobilier de solidarité FTQ. “The two towers will rise on the skyline and become an emblem for the city, a symbol of real pride for Montrealers.”
Image credit: Viviane Ross (RES PUBLICA)
Steve Randall has more than three decades of media experience encompassing online, newspapers, magazines, radio, and podcasts. He focuses on insights and news for professionals in finance, real estate, and legal services. Steve writes for multiple Key Media titles in Canada, United States, Australia, and New Zealand.
