Cadillac Fairview continues its important strategic shift with the start of construction of 365 housing units on the Carrefour Laval site.
This Monday, November 18, the managers of this real estate company inaugurated a vast 350,000 square foot project at the southwest end of the busiest shopping center in Quebec.
“This project is the result of our diversification and growth strategy, aimed at optimizing our existing land bank while embodying our vision as a community builder,” said Sal Lacono, president and CEO of Cadillac Fairview.
20 floors on the site of the former Sears
The 365 housing units announced will be distributed across two towers of 20 and 11 floors that will be connected by a 6-story basilar, which will accommodate common areas, including a swimming pool. The project also provides for the development of a public square accessible to all, future commercial spaces on the ground floor and two levels of underground parking.
The establishment of this residential complex, Cadillac Fairview has been working on it since the bankruptcy of Sears Canada which freed up large spaces in its shopping centers in 2018.
“In Pointe-Claire, we redeveloped the old store for the benefit of retail; in Laval, the opportunity was really to demolish the old building and build housing,” explains in an interview with Courier Laval Brian Salpeter, Executive Vice President of Development at Cadillac Fairview.
In this regard, he recalls that with its 266 stores, Carrefour Laval is already recognized as the most productive retail destination in Quebec.
Up to 3000 homes
Mr. Salpeter specifies that these two residential towers, whose delivery is scheduled for summer 2027, will pave the way for several other phases.
In fact, the Cadillac Fairview master plan ultimately projects the construction of 3,000 housing units around Carrefour Laval.
“We are already planning for future phases,” he said. The next residential towers will rise on the land located to the west of the shopping center, providing access to Carrefour and Daniel Johnson boulevards.
In order not to penalize the approximately 12 million visitors that Carrefour Laval welcomes annually, tiered parking lots will compensate for the loss of parking at ground level, assures Brian Salpeter.
“I have the impression that we will see each other again quite quickly for another inauguration,” said Mayor Stéphane Boyer, obviously “very happy” with this new investment that the promoter estimates at “a few hundred million dollars” .
All the more pleased that the Cadillac Fairview development plan fits perfectly into the vision of the special urban planning program (PPU) for downtown Laval, adopted in 2022, aimed at densification and optimization of the built environment. .
As for the regional minister and delegate for the economy, Christopher Skeete, he welcomed “the vision” of the leaders of this real estate company to invest in the residential rental sector and to fight, as a result, against the housing crisis which the Laval region is not spared.
2e project in Greater Montreal
Today’s announcement marks the 3e Cadillac Fairview’s largest rental residential development in the country, including the 2e in Greater Montreal.
Remember that in 2022, the real estate giant launched construction work on a 288-unit rental building integrated into the Rideau Center shopping center in Ottawa, and that on the same date last year, it announced the start of construction of 510 units on Peel Street, in downtown Montreal.
These three projects stem from an ambitious residential program valued at $4.7 billion, which could result in 7,000 rental units in 20 buildings within several commercial properties and mixed-use sites that Cadillac Fairview owns across Canada.
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