MONTREAL—Quebec’s labour investment fund the Fonds immobilier de solidarité FTQ has announced details of three new projects slated for 2016 and 2017 completions in Montreal, Quebec City and Sainte-Thérèse, Que.
Viva-Cité Sainte-Thérèse is a residential rental development currently under construction in the downtown of Sainte-Thérèse. The build, a joint venture from partners the Fonds and Habitations Trigone, will be done in two phases, according to a media statement issued Feb. 4.
The first, due for completion in July, will feature 132 apartments and the second, expected to be wrapped up in 2017, will consist of 132 units. The ground floor is designed to house 11 retail stores and two levels of underground parking. Both buildings will be seven storeys.
Viva-Cité Sainte-Thérèse is designed for the 55-plus population and will feature an outdoor pool with terrace, a fitness room, a pool room, a multipurpose room, a library and a reception room.
The project is part of Espace Sainte-Thérèse, a mixed-use real estate development consisting of several condominium buildings, also built by Habitations Trigone.
Another partnership involving the Fonds and Habitations Trigone, Le Namur is a new 10-storey rental project slated for a spring 2016 completion in the Le Triangle district of Montreal, near the Namur and De la Savane metro stations. Construction on the 175-unit building began last spring.
Le Namur is said by the Fonds to be the first residential rental building built in the Côte-des-Neiges area in over a decade. Valued at $35 million, the construction project is creating over 200 jobs, according to a Fonds media statement released Jan. 27, and will feature studios and one- and two-bedroom units intended to serve a diverse clientele composed of students, young professionals, single people and young families.
A third Fonds project, announced Feb. 3, is the Campari, a residential and commercial rental development to be located in the centre of Québec City’s Sainte-Foy-Sillery-Cap-Rouge borough.
The 10-storey building will consist of 117 high-end apartments and a commercial section on the ground floor. One-, two- and three-bedroom units will be available. Construction started in October, with completion slated for spring 2017. Among of the Fonds’ partners in the project is Iceberg Capital.
"The Campari project meets a growing demand for new, high-end residential rental buildings, demand that has picked up momentum in recent years," said Normand Bélanger, president and CEO of the Fonds. "Besides contributing to the local economy, this project will create about 230 jobs."
The Fonds, the real estate arm of the Fonds de solidarité FTQ, invests in projects with the goal of providing a return for its investors and also creating construction jobs, according to Fonds spokespeople.
As of Dec. 31, 2015 the Fonds had 37 joint-venture real estate projects underway, valued at $1.9 billion and representing 16,300 construction jobs.
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