MONTREAL — Cadillac Fairview Corp. Ltd. says it will build a project in downtown Montreal as rental apartments, rather than its original plan for office space.
The developer says that 750 Peel, part of its much larger redevelopment in the city’s core, will have 510 rental units with a 2026 completion date.
It had previously said the development would consist of two towers offering 1.2 million square feet of office space, but now only says that it will have some co-working and meeting spaces along with the rental units.
The shift to rental construction comes as office vacancies hit all-time highs while housing options are critically short.
In November last year, the developer announced a $4.7-billion residential construction plan that it says could deliver 7,000 rental units across 20 buildings.
Cadillac Fairview, owned by the Ontario Teachers’ Pension Plan, recently started construction on its first rental building in CF Rideau Centre in Ottawa.
© 2023 The Canadian Press