Devimco Immobilier is Still Awaiting the City of Montréal's Response to its Offer to Contribute to the Development of a New REM Station in the Peel Basin Français
Serge Goulet will propose to the mayor a partnership project to aid downtown recovery
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MONTRÉAL, Dec. 7, 2020 /CNW Telbec/ - On the heels of Montréal Mayor Valérie Plante's announcement last week of the second phase of the recovery plan aimed among others at developing the Peel Basin district, Devimco Immobilier reiterates its offer to contribute to building a Réseau express métropolitain (REM) station in the sector. This proposal, which was originally made two years ago, was intended to accelerate the expansion of this still underdeveloped strategic area, located at the gateway to downtown.
Now faced with the pandemic and the urgency to act, Devimco Immobilier will propose a partnership project (in the form of a "New Deal") to the mayor of Montréal to contribute to the revitalization of the downtown core, which has been hard hit by the effects of the pandemic.
This is what Serge Goulet, President of Devimco Immobilier, announced at a news conference today, adding that Devimco plans to develop a large-scale, multifunctional real estate project at the Peel Basin, including creating an innovative employment hub that will comprise cultural, recreational, tourism and heritage ventures that are fully in line with the recovery plan made public last week by the mayor of the City of Montréal.
On Wednesday, Mr. Goulet will take part in a panel discussion at the Chamber of Commerce of Metropolitan Montréal's Strategic Forum on the Downtown Area. He will take this opportunity to highlight new examples of the private sector's contribution to the creation or improvement of public infrastructure. With this "New Deal" proposal, he wants to join the City of Montréal, the Government of Québec and the federal government in contributing to the revival of the downtown economy, which has been severely impacted by the effects of the pandemic.
Mr. Goulet wonders about the City of Montréal's disquieting silence regarding the addition of a new REM station. "The city has been analyzing this request for more than two years, even though the mobility problem in the area is already real and recognized by everyone. According to our information, the city is considering paying for the construction of this new station by itself, thereby increasing the burden on taxpayers. Every month that passes will increase the costs of building this station. The city has to make its decision before the REM begins operating. The issue is dragging on. It's time for action," he stressed.
The president of Devimco Immobilier believes this new station will help improve mobility in the area and reduce issues caused by automobile traffic, particularly regarding noise and air quality, for the benefit of current and future residents. Moreover, the economic spinoffs from this station for the neighbourhood represent several billion dollars. In fact, this station would accelerate the development of the Peel Basin and the entire Bridge-Bonaventure sector, which is the largest territory in Montréal slated for rezoning.
"This station would be the most profitable in the entire REM network," Mr. Goulet pointed out. "It would be a driver for the exceptional development of the Bridge-Bonaventure sector, which covers an area of 2.3 square kilometres. And the transportation dues (estimated at $200 million) collected from developers by the Caisse de dépôt et placement du Québec would be the most substantial in this rail network," he added.
Mr. Goulet recalled that the City of Montréal had established a first station (Bernard-Landry station) in Griffintown in an area that is already developed and therefore will not generate any dues.
Mr. Goulet sees this as an ideal opportunity to create a true transit-oriented development (TOD) neighbourhood that is right in line with the orientations of the Communauté métropolitaine de Montréal's Plan métropolitain d'aménagement et de développement (metropolitan land-use and development plan, better known by its French acronym PMAD).
Mixed-use project and innovation zone
In 2016, the City of Montréal tabled its Downtown Strategy, whose goal was "to direct urban growth toward the heart of the metropolitan region by prioritizing greater density downtown," which encompasses the northern part of the Bridge-Bonaventure sector.
"The mayor said she would like to see a mixed-use project and an employment hub in the Peel Basin. That is exactly our intention and we hope to be able to work with her administration to complete our project," said Mr. Goulet, adding that the enhancement of this unique gateway to Montréal would help regenerate the downtown core.
Devimco wants to develop a truly mixed-use project (residential, cultural, recreational, tourism, heritage, institutional and commercial) that would completely transform this former industrial neighbourhood into a multifunctional district, fully consistent with the City of Montréal's Downtown Strategy and the recommendations of the Office de consultation publique de Montréal regarding the Bridge-Bonaventure sector.
Covering approximately five million square feet and valued at $2.5 billion, Devimco's project would stand out by, among other features, establishing an employment hub—an innovation zone for the development and commercialization of clean technology companies. For the creation of this innovation zone, Devimco Immobilier is among the partners of iCycle, an NPO founded by Cycle Capital Management, Canada's largest private cleantech venture capital investment firm.
On this topic, Mr. Goulet said he was enthusiastic about the mayor of Montréal's decision to locate an innovation zone in the Peel Basin.
About Devimco Immobilier
Devimco Immobilier is a Québec real estate development leader that stands out for the execution of large real estate projects, in particular lifestyle and TOD (transit-oriented development) complexes that combine commercial, business, leisure, and housing components. Combining innovation and creativity, Devimco Immobilier participates in enhancing the environments it creates and the communities it integrates for the benefit of its occupants and visitors. Devimco recently became the first member of the Next-Generation Cities Institute of Concordia University.
Since 2005, Devimco Immobilier has been developing District Griffin® a vibrant area where a genuine community is taking root. Another of its projects is SOLAR UniquartierTM, Québec's largest TOD project. Devimco Immobilier is also building Square Children'sTM, a new flagship project that is revitalizing the former site of the Montréal Children's Hospital and the entire neighbourhood. The developer will also begin construction this year on the MAA Condominiums & PenthousesTM on Peel Street in downtown Montréal, a project as rich as the history of the MAA Sports Club, whose revitalization will be part of it. Maestria CondominiumsTM, the largest mixed-use residential project ever built in Montréal in the heart of the Quartier des Spectacles, was also launched in late 2019. It was followed, in 2020, by the launch of Auguste & Louis CondominiumsTM, a unique project that is serving as the first phase of the Quartier des lumières, located on the site of the former Maison Radio-Canada building.
SOURCE Devimco Immobilier
Information: Caroline Des Rosiers, 514 880-2881, [email protected]
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