Fonds immobilier de solidarité FTQ and MONTONI become equal-share owners of former Molson brewery site
Canadian Manufacturing
In 2019, the partners' acquisition of the site was the subject of an agreement between the consortium at the time.
(CNW Group/Fonds de solidarité FTQ)
MONTRÉAL — As part of the legal process led by PwC as the monitor overseeing the restructuring of Groupe Sélection, on August 30 the Fonds immobilier de solidarité FTQ concluded the transaction to acquire Groupe Sélection’s full interest in the redevelopment project of the former Molson brewery site in Montréal.
Following that transaction, the Fonds immobilier de solidarité FTQ sold a portion of its stake to MONTONI, thus re-establishing their equal joint ownership of the property.
The redevelopment of one of Montréal’s heritage sites and strategic properties is now being led by two partners committed to creating a sustainable project.
In 2019, the partners’ acquisition of the site was the subject of an agreement between the consortium at the time and the City of Montréal for the integration of a new park, the transfer of a lot to the Société d’habitation et de développement de Montréal (SHDM) for the construction of affordable housing units, and the creation of an economic hub and a civic hub.
“It was important for us to acquire Groupe Sélection’s interest to show how much we believe in the site’s development potential. In keeping with our business model of being equal partners with our developer-partners, we are pleased and proud to look to a trusted ally in MONTONI to complete this large-scale live/work/play project for the benefit of Montrealers,” said Martin Raymond, President and CEO, Fonds immobilier de solidarité FTQ.
“The planned construction of nearly 5,000 residential units, including affordable, social and family housing, will help alleviate the current housing shortage. We already make a strong team with MONTONI based on the pooling of our complementary expertise. We are committed to developing an innovative mixed-use neighbourhood that will help reduce the carbon footprint downtown, and we will do this in collaboration with neighbouring stakeholders with an eye to serving the needs of all types of clients.”
