Keeping an Eye on the Horizon: A New Montreal Development in The Works
November 3, 2020
Rendering of the new development project
While the coronavirus pandemic has slowed down many activities in Canada, GWL Realty Advisors has been committed to moving forward with our development projects in a safe and measured manner.
One such project is the development of two residential towers onRené Lévesque Boulevard West in Montreal. Once complete, the project will be a best-in-class luxury rental asset in one of the most desirable locations in downtown Montreal. The development will bring 820 new rental units and 6,800 square feet of retail space to the area.
This project is being developed in two phases where Phase I involves the creation of a North Tower, a podium, and underground parking levels, and Phase II will see a South Tower built.
Construction began in September 2019 and site excavation finished in mid-July 2020. Progress continuedunabated into the summer, with all below grade levels being built and the north end of the site reaching streetlevel.
As a long-term owner,GWLRA is committed to environmental sustainability throughout the development process.The design of the building includes the implementation of energy saving technology throughout the building including a hybrid heat pump system and full LED lighting. As the project commenced, GWLRA alsocommitted to planting 420 new treesin northern Quebec to help replace the lost green space on the site.Once complete residents can also look forward to the use of the many amenities in the building.
Frank Vinodolac, Senior Director, Development explains ”We worked hard on developing an amenity package that would be unique to Montreal while also delivering value to the eventual residents. Those residents will be able to make use of the co-working space during the day, visit the pool and sundeck after work, and then enjoy the wine cellar and fireplace lounge in the evening. “
With construction on track, Phase I has an expected completion date of Summer 2022.
GWLRA’s Development Experience
Over the past ten years, GWLRA has earned a reputation as one of Canada’s premiere developers of commercial and residential real estate. We look for development opportunities that align well with the long-term interests of our clients and that add value to the communities where they are built. To achieve these goals our developments are technologically advanced, socially acceptable and environmentally responsible. Across Canada, GWLRA has completedover $6B in development projects and is currently managing a development pipeline of $1.8B representing projects that are actively under construction or in advanced planning.
GWL Realty Advisors
GWL Realty Advisors Inc. is a leading North American real estate investment advisor providing comprehensive asset management, property management, development and specialized real estate advisory services to pension funds and institutional clients. GWL Realty Advisors Inc. manages a diverse portfolio of office, industrial, retail and multi-residential assets as well as an active pipeline of new development projects. In the United States, the Company provides real estate advisory services through its wholly owned subsidiary, EverWest Real Estate Investors, headquartered in Denver, Colorado.