For Approval: $400M Project by Devimco – Former Montreal Children’s Hospital

Things are moving fast the former Montreal children’s hospital site.

Just last week, Devimco Immobilier submitted to the city of Montreal its plan for the new development project. 

ambitious $400 Million mixed-use project

The project presented, and to be approved, includes six towers of 20 to 32 stories that will include 1400 residential units (condos, rentals, and social housing) with commercial spaces on the ground floors, office space, and a hotel. Plus a community center (Peter McGill Centre) and lots of green space.

The project is estimated at $400 million, to be built in partnerships with FTQ Fonds immobilier de solidarité and Fiera Private Lending.

The approval meeting is today. If it passes, then it will be submitted to the Office de consultation publique de Montréal (OCPM), with public hearing starting in early 2017, according to this source.

Verbatim:

“Devimco Immobilier has been working in close collaboration with the City of Montreal on this project, the Borough of Ville-Marie and local citizens’ organizations.”

These are exciting times in downtown Montreal since we have now two multi-million mixed-use projects in the works: the $200 Million project Humaniti by Cogir (which looks a lot smaller now by comparison) and now this mega $400M project by Devimco.

Will the big players leave any room for smaller downtown projects?
What’s your take on this?