Claridge and Prével join forces to revitalize the Seville Theatre block

MONTREAL, April 12 /CNW Telbec/ - Claridge and Prével have joined together to develop a residential complex of several hundred units of condominium apartments on the northern side of Ste. Catherine Street West, between Chomedey and Lambert-Closse. Développements Immobiliers Seville Inc., the business entity formed by the two partners, plans to invest more than 100 million dollars in downtown Montreal to build a quality, mixed-use development composed of affordably priced apartments, accessible to a large and diverse market, with commercial spaces integrated at street level.

"Over the years we spent a lot of time considering various potential projects for the Seville site," said Stephen Bronfman, Chairman of Claridge, "However, once we met the Prevel team we knew instantly that they were the ideal partner for us and the most capable group to transform one of Montreal's great neighbourhoods. We are very excited to be a part of this winning initiative and look forward to leading the redevelopment of Shaughnessy Village. "

The developer is currently finalizing the last details of the project. The partners are planning to present a work program to the Ville-Marie borough during the month of May, in order to obtain authorization to perform demolition work and get the site ready for construction. The construction work of "Le Seville" should begin during the fall of 2010 to allow for a first delivery in the spring of 2012. Développements Immobiliers Seville also plans to open a sales office this coming August.

"Our project will revive this part of downtown Montreal by offering quality products at an affordable price, as Prével has already demonstrated with its Lowney and Impérial projects. Le Seville will be a breath of fresh air in a sector that needs to be transformed. We can't wait to begin construction," commented Jacques Vincent, from Prével.

The details with respect to the evolution of the project will be available at the following address: leseville.ca.

About Claridge Investments

Claridge, a Montreal-based investment firm representing the interests of the Stephen R. Bronfman family, is actively involved in the management of a diverse portfolio of third-party managed investments, as well as direct interests in branded and private label food manufacturing businesses throughout Canada and the United States. In addition, Claridge actively evaluates opportunistic real estate investments with seasoned operators.

About Prével

With more than 30 years of experience, Prével is a property developer renowned for its ability to deliver innovative architectural solutions and projects with a unique character creating quality environments. Prével proudly built projects such as the Loft Impérial, the Quai de la Commune, Époques and the Lowney. An award winning company, Prével has among other distinctions been recently named Builder of the Year by the Association provinciale des constructeurs d'habitations du Québec (APCHQ).

For further information: Annie Paré, [phone] x 227