- What A 210,000 sq ft residential development site traded in east-end Montréal for $57m
- Why Groupe HD and Fondaction plan to build 1,200 residential units, including 15% affordable, aiming for LEED Gold
- What next Construction Praxis to deliver project in two phases, with NEUF Architect(e)s and BC2 on design
Groupe HD and Fondaction have closed on the $57m acquisition of a 210,000 sq ft parcel in Montréal’s Mercier–Hochelaga–Maisonneuve district, Green Street News can reveal.
The transaction, which closed on May 29, sets the stage for a major residential build at 5600 Sherbrooke Street East, in the city’s east end. The project, valued at $425m, will be constructed over two main phases and is designed to meet LEED Gold standards.
The partners intend to develop the site into a 1,200-unit residential complex, with approximately 180 units earmarked as affordable housing. Plans call for a mix of building types and green spaces, consistent with the city’s Assomption Nord urban plan.
Construction Praxis, Groupe HD’s contracting division, will oversee the build. NEUF Architect(e)s and BC2 have been retained for architecture and landscape design, respectively. The project is being financed by Desjardins Real Estate Financing Group.
Thomas Dufour, co-president of Groupe HD, described the acquisition as one of the firm’s most significant, pointing to the backing from Fondaction as key to advancing such a large-scale scheme. Chad Ruel, senior director of real estate investments at Fondaction, said the project fits the fund’s mandate for sustainable, inclusive urban growth.
Groupe HD is based in Québec and manages a $3bn portfolio with over 7,000 residential units delivered or underway.
Fondaction, a labour-sponsored investment fund, manages $3.99bn in net assets with a focus on projects that deliver economic, social and environmental returns.
