Friday, September 27, 2019

Construction Has Officially Begun On "Montreal's Largest-Ever" Luxury Condo Tower Project

Montreal's skyline is about to get a facelift thanks to an all-new luxury condo tower development that just began construction. Maestria, headed by Devimco Immobilier, the Fonds immobilier de solidarité FTQ, and Fiera Real Estate is going to be Montreal's largest-ever mixed-unit luxury tower development to date. 
Maestria will feature two towers of 57 and 61 storeys with a total of 1,750 residential units. The project is set to cost more than $700 million and will overlook the Quartier des Spectacles. 
When first announced in 2018, 75% of the condo units in the first tower were sold within a few months, according to a press release. The first tower will comprise 438 condominium units. At the groundbreaking this morning, developers announced that they've launched sales for the second tower, which will have 611 condos and 340 rental units. 
Maestria's stunning architecture is a tribute to the cultural vibrancy of the Quartier des Spectacles, according to developers. The two towers will be connected by an aerial walkway at the 26th and 27th floors.
"The real estate market is going strong, which is enabling us to develop projects as distinctive and avant-garde as Maestria," said Serge Goulet, President of Devimco. "We are proud to be establishing a presence in this thriving artistic neighbourhood."  
Maestria is set to be a LEED-certified building, applying sustainable practices and will be environmentally responsible. Residents will have access to green space and state of the art leisure facilities. 
There will also be retail spaces, restaurants, and a small public plaza that will be accessible to all. Units will range from 300 to 2,200 square feet. 
"This creative work goes beyond anything done before in the real estate market," said Marco Fontaine, Vice-President Development, Residential and Marketing, at Devimco.
Devmico invested nearly $2.4 billion on real estate projects in Montreal. Developers say that once all projects are completed, Devmico will have contributed 6,300 residential units on the island.
Maestria will have 1,750 units, making it the largest-ever luxury tower development in Montreal.
If Devimco sounds familiar to you, it's because they're the same company that scrapped an agreed-upon social housing development at the former site of the Montreal Children's Hospital.
Mayor Valérie Plante forced them to scale back the project after they reneged on their deal. 
While there are no details regarding social housing at Maestria, the development will include 340 rental
The project "will benefit the entire Québec economy," according to Normand Bélanger, President and CEO of the Fonds immobilier de solidarité FTQ.
"The two towers will rise on the skyline and become an emblem for the city, a symbol of real pride for Montrealers." 

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