A large redevelopment site in Montreal’s Saint‑Michel neighbourhood traded hands last year, clearing the way for a mixed‑use rental project planned near public transit and major employment centres.
Transport Rosemont sold the 5.96‑acre property at 2601 Jarry Street East to a joint venture comprising Groupe HD, Kastello Immobilier and CPD Immobilier for $23.5 million, according to CoStar data.
The buyers plan to redevelop the former industrial site into a six‑storey mixed‑use complex with about 380 rental apartments, nearly 40 of which would be affordable housing units, and more than 20,000 square feet of commercial space.
The site near Frédéric‑Back Park, the Cirque du Soleil headquarters and the Saint‑Michel metro station offers access to public transit and nearby amenities. Construction is expected to begin this year by Construction Praxis, the construction division of Groupe HD.
To support the project, the joint venture secured $138.6 million in financing. Total investment in the development is expected to reach approximately $150 million.
About the project: The redevelopment aligns with borough planning priorities that call for higher residential density, mixed‑use development and reinvestment in the Saint‑Michel neighbourhood.
In recognition of the scale of the project, its location and the long‑term planning behind the redevelopment, the redevelopment earned a CoStar Impact Award for sale/acquisition of the year for Montreal as judged by a group of real estate professionals familiar with the region.
What the judges said: “I selected the Jarry transaction because the project’s long‑term vision has the potential to redefine the sector, and delivering a development of this scale and ambition required exceptional foresight, strategic planning and conviction,” said Christophe Robidas, a principal with KW Commercial.
“This is a great development in a central location,” noted Étienne Marcoux, senior vice president with Colliers.
“A major land play with densification upside in a strategic neighbourhood,” added Laurence Binette, director of leasing and real estate broker with Le Groupe ALFID.
They made it happen
Paul-Éric Poitras, managing partner and DA Chartered Real Estate Broker, and Serge Marcotte, senior vice president and broker with NAI Terramont Commercial, represented both sides in the transaction.