Broccolini buys $100M slice of downtown Montreal
Published on: January 19, 2018 | Last Updated: January 19, 2018 6:29 PM EST
Construction and real estate development firm Broccolini has acquired more than 135,000 square feet of property in the heart of Montreal.
Construction and real-estate development firm Broccolini announced Friday it has acquired more than 135,000 square feet of property in the heart of Montreal in a $100-million deal the firm says gives it the largest plot of developable real estate in the downtown area.
"It is exciting, there's no two ways about it. There's many things that you can do on that site," said Roger Plamondon, the president of Real Estate Development and Acquisitions at Broccolini.
The area — covered now by parking lots, framed by Robert-Bourassa Blvd. (formerly University St.) and St-Jacques, Notre-Dame and Gauvin Sts. — is slated for office, residential and commercial development.
"You'll find all the uses. I don't think the site will be dedicated to just one use," Plamondon said.
However, he said it was too early to talk about what any potential development would look like.
"This is Step 1, getting and securing the site. And then Step 2 is to put our collective heads together and put something together, that will be fun," Plamondon said. "At the end, the market will dictate where everything is going to go."
He said the company plans to meet with city staff early next week to discuss plans.
Kirkland-based Broccolini already has projects in the area. This month, the company plans to break ground on a 35-storey residential development on the other side of Gauvin St.
Plamondon said high sales of units in that project, 628 Saint-Jacques, reinforced Broccolini's interest in the neighbouring site.
Farther west, a 50-storey development is planned near the Bell Centre. Broccolini is also owner and builder of the new Radio-Canada complex at René-Lévesque Blvd. and Papineau St. All of these projects are in the Ville-Marie borough.
"We have a track record with the borough. We've had excellent co-operation with the borough staff," he said.
While Plamondon said the high price tag of the land has raised some questions, he expects the transaction to be profitable.
"If you look at the density factor that's permitted on that site, we can build about 1.5 to 1.6 million square feet of space on that site, so when you factor that back into the equation, the transaction is priced at a very competitive rate in the marketplace and therefore we are very confident that it will be profitable," Plamondon said.
"We're very bullish on Montreal," Plamondon said. "We think Montreal has amazing qualities and attributes to bring to the party."
With a file from Presse Canadienne
