District Griffin, First Multiple-Use Residential Project in Montreal, Launches at Cost of $475 Million
September 9, 2010
Valued at $475 Million, Phase 1 of the ‘District Griffin’ project will be the first development in Montreal that integrates residential, commercial community and business functions on the same site. The work will begin in a few months.
Devimco, le Fonds immobilier de solidarité FTQ and Groupe Cholette recently inaugurated the sales office, which will be constructed in a partially abandoned area in Griffintown.
As part of a development agreement between the City of Montreal and Devimco, the City will invest close to $30 million in the development of parks and public spaces, as well as infrastructure rehabilitation.
Phase 1 of District Griffin will feature 1,375 residential units, including affordable social and family housing, as well as a 150-room hotel, 200,000 square feet of office space and 130,000 square feet of business space.
“We are creating an all-new, pleasant and safe living environment where residents can live, work and be entertained close to downtown, Old Montreal and an important new gateway to Montreal,” says Serge Goulet, President of Devimco.
The work will begin on a block formed by Wellington, Young, Peel and Smith Streets where the 19-storey residential tower and the hotel will be built. The first two floors of the two buildings will house local businesses, a daycare centre, restaurants, a spa and a fitness centre. The residential building will offer 166 condominiums, including affordable housing, shared over 17 floors, with a rooftop recreation area that includes a swimming pool.
“Our residential project will be of interest to young people and families who will appreciate living close to the Lachine Canal, the prestigious future entrance to the Quarter Bonaventure, downtown and old Montreal,” says Michel Cholette, President of Groupe Cholette. “We will offer 3.5, 4.5 and 5.5 units at varying prices between $250,000 and $750,000.”
The project will provide over 275 social and community housing units and 206 affordable housing units, totaling just over 37 per cent of the total number of residential units – going beyond the City’s affordable housing strategy which requires a proportion of 30 per cent of these two types of housing.
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