NEW GLASGOW, N.S. — Crombie Real Estate Investment Trust based in New Glasgow, N.S. recently announced it has entered into two joint venture partnerships that are working on major mixed-use developments in Montreal and Oakville, Ont. respectively.
The partnerships are with an affiliate of Place Doree and Groupe Canvar operating as Prince Developments or PrinceDev, a recent media statement said.
Crombie’s partnership with Place Doree results in Crombie becoming a 50 per cent partner in the new Le Duke mixed-use development at 297 Rue Duke in Montreal adjacent to the new Bonaventure Greenway in Old Montreal.
The $127-million project, which broke ground in 2017 and is targeted for completion in 2020, consists of a 25-storey mixed-use tower with 390 residential rental units above a 25,000-square-foot IGA-branded Sobeys grocery store, 1,000 square feet of retail space with frontage on William Street and 300 underground parking stalls.
The new building will retain the existing heritage building currently on site, integrating the two-storey facade and structure into the new development.
The second partnership results in PrinceDev becoming a 50 per cent partner in Crombie’s estimated $275-million Bronte Village mixed-use development in Oakville.
The project is being developed as a residential rental development, replacing the existing Bronte Village Mall with 480 units of upscale rental units, the statement indicates.
Bronte Village will feature two residential rental towers of 14 and 10 storeys, 800 underground parking spaces and 17,500 square feet of new retail space.
The existing 30,000-square-foot Sobeys is expected to remain operational during the redevelopment.
Construction on Bronte Village is expected to commence in 2018 with completion estimated in 2020.
Both projects are in the early development stages with certain outstanding approvals and financing still to be completed, said Crombie.
Commented Don Clow, Crombie’s president and CEO, in the statement, “We are delighted to be working with PrinceDev, an excellent Canadian urban developer, to develop these two exciting projects.It results in Crombie adding an exciting Montreal mixed-use development site to our current active projects in Vancouver, Oakville, Victoria (Langford) and St John’s.”
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