The acquisition of nearly 15 acres at Angrignon-West promises a rejuvenated commercial district and modern, transit-oriented urban living
The acquisition of just under 15 acres of commercial land in the central Montreal borough of Lasalle by Brivia Group opens up the possibility of an entire new neighbourhood adjacent to popular shopping and public transport hubs, and minutes from major highways, waterways and one of the region’s largest nature parks.
Earlier this month, the property known as the LaSalle Carnival Centre was acquired from RioCan and Harden Group.
Joe Rullier, vice-president with Colliers International — Capital Markets Division, the commercial broker facilitating the property’s development, believes this is one among many signs that Montreal boroughs are under increasing pressure to approve dense, multi-residential housing in order to meet surging demand and address the city’s housing crisis.
“It is deeply rewarding to see a neighbourhood about to come to life through a deal like this,” Rullier said. “Multi-residential and mixed-use developments are the future for our cities, and that is especially true when the location is perfectly equipped with modern transit infrastructure, nature and businesses.”
Building Montreal Up, Borough by Borough
The buyer, Brivia, purchased the land next to the Carrefour Angrignon for $70 million, an investment that Rullier says reflects the borough’s growing popularity.
“This strategic acquisition aims to develop into a TOD project, a real estate development structured around a major transit hub,” said Kheng Ly, President, Founder and CEO of Brivia Group. “We want to create a new mixed-use, intergenerational and human-scaled urban environment employing sustainable development practices, as well as offering a wide range of housing types adapted to different market segments.”
The 14.9-acre site is designated for high-density mixed use and perfectly positioned for immediate conversion. The site is zoned for up to 16 storeys and 2.3 million square feet of density, opening the door for family-sized condos, rental apartments and myriad commercial services.
“With the real estate boom not slowing down at all into the final months of 2021, we’re going to keep seeing surging property valuations for areas that can accommodate the extra-large multi-residential asset class,” Rullier added. “Central suburban areas like Lasalle are going to be very popular for both individual investors and institutions. Expect to see some exciting businesses popping up in ‘Downtown Lasalle’!”
It is yet another literal blockbuster deal for Rullier and his team who in February brokered the record $300 million sale of RAAMCO entire multi-residential housing stock in Montreal, acquired locally by Les Immeubles Banvest. The 2,242-unit multifamily residential portfolio consists of buildings in ten suburban locations in the greater Montreal area, including Parc-Extension, Lachine and Dollard-des-Ormeaux.
Deals like this, Rullier argued recently in a Montreal Gazette op-ed, is further evidence that urban development must go vertical in order to meet demand, and when cities throw up too many obstacles for developers, they look to the suburbs and outlying municipalities to do just that.
“In order to get more people into homes in the city as quickly as possible, and for everyone to benefit from the real estate boom, there is only one move: up,” added Rullier. “This trend in mixed-use development is no anomaly, and if our municipal leaders don’t wake up soon, Montreal could be left in the dust. It’s time to think of our future, and what the skyline of tomorrow will look like.”
About Colliers International
Colliers International Group Inc. (NASDAQ: CIGI;TSX: CIG) is a global leader in commercial real estate services with more than 16,300 professionals operating from 502 offices in 67 countries. With an enterprising culture and significant insider ownership, Colliers professionals provide a full range of services to real estate occupiers, owners and investors worldwide. Services include brokerage, global corporate solutions, investment sales and capital markets, project management and workplace solutions, property and asset management, consulting, valuation and appraisal services, and customized research and thought leadership. Colliers International has been ranked among the top 100 outsourcing firms by the International Association of Outsourcing Professionals‘ Global Outsourcing for 10 consecutive years, more than any other real estate services firm.