Galeries Laval passes into the hands of Jadco Corporation, a major real estate developer to whom we owe several residential towers in Laval territory.
On December 4, the FTQ Real Estate Solidarity Fund sold this shopping center located in the heart of downtown at a cost of $126 million. “A win-win transaction,” said the Courier Laval the Fund’s vice-president of communications, marketing and investor relations, Josée Lagacé. On the market for “several months”, the building had been the subject of “several offers”, she specifies.
At the time of going online, Jadco’s president and CEO, André Doudak, had not returned our call yesterday afternoon.
Three buildings in one
This mega-transaction includes three buildings in one, namely Galeries Laval and the 50 commercial premises they house, the building occupied by Rona+ (formerly Réno-Dépôt) and the five-story office building located on the corner boulevards Le Corbusier and Saint-Martin.
It is a huge 1.8 million square feet of concrete and asphalt, the size of 24 soccer fields.
To the new assessment roll which will come into force on 1is Next January, the property value of these buildings and land amounts to exactly $118,227,600.
According to our calculations, the new buyer will have to pay the City the tidy sum of some $3.8 million in real estate transfer tax, commonly known as the welcome tax.
A happy mayor
“I am delighted with this news, which confirms the current excitement around our vision for a dynamic Laval city center,” Mayor Stéphane Boyer reacted this morning in a statement sent by email. We want to create more housing and green spaces for Laval residents, and this is what we can do in collaboration with the developer.”
Mr. Boyer already sees the real estate redevelopment that will benefit this key area neighboring the Montmorency metro station.
In interview at The Pressthe developer André Doudak says he wants to develop housing on the site while maintaining a commercial vocation, which fits perfectly with the vision of the Special town planning program (PPU) of downtown Laval, adopted in 2022, aiming to densify and green the built environment.
Upcoming residential towers
Like Cadillac-Fairview, which plans to build 3,000 housing units around Carrefour Laval, it is a safe bet that Jadco will increase the number of residential towers on the Galeries Laval site in the coming years.
Should we remember that in Laval, the new owner already has to his credit 6 towers of 16 to 27 floors totaling some 1,200 housing units and that 7e project is currently under construction along the Rivière des Prairies, in Chomedey.
The requalification of this highly mineralized site, which will border the possible linear park of Souvenir which must connect the Trait-Carré woods to the future carbon-neutral district of Carré Laval by means of a slab-park spanning highway 15, will have to devote 25 % of the surface area to be greened, as provided for in the Urban Planning Code adopted by the City in 2022.
With this transaction, Jadco joins the large landowners Cadillac Fairview (Carrefour Laval), Cominar (Quartier Laval and Centropolis), SmartCentres REIT (Quartier Saint-Martin) and the BMTC Group (owner of land neighboring Quartier Laval in the metro sector Montmorency), who were already planning to build some 17,000 housing units in the city center.
Also read: Downtown Laval in full swing
Downtown Laval in full swing
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