Devimco Immobilier, the Fonds immobilier de solidarité FTQ and Fiera Real Estate have initiated construction for the $700 million-plus Maestria project in Montréal.
Located in the heart of the Quartier des Spectacles, the first of the project’s two towers, 57 and 61 storeys high with a total of 1,750 residential units, will rise on the site of the former Spectrum de Montréal.
Since its announcement in November 2018, 75 per cent of the 438 condominium units in the first tower sold in just a few months. Sales have recently begun for the second tower, which includes 611 condos and 340 rental units.
“The demand is there, and the real estate market is going strong, which is enabling us, with the help of our partners, to develop projects as distinctive and avant-garde as Maestria,” said Serge Goulet, President of Devimco Immobilier. “We are proud to be establishing a presence in this thriving artistic neighbourhood.”
The two asymmetrical towers are designed in collaboration with Lemay and its architecture reflects the Quartier des Spectacles cultural district.
Maestria is the largest mixed-used residential project ever built in Montréal, according to developers, featuring units ranging from 300 to 2,200 square feet, a retail gallery covering nearly 50,000 square feet, and two Skylounges with terraces on the 26th and 27th floors.
“We are excited to be playing a role in the accomplishment of this flagship project, with its hugely strategic site and spinoffs that will benefit the entire Québec economy,” said 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.”
To obtain LEED certification, the project will apply best practices in sustainable development and environmental responsibility. Maestria’s green spaces, leisure areas and sports facilities will also provide its residents with a stylish and elegant living environment.
The partners are additionally seeking to bring in select restaurants, entertainment venues and neighbourhood shops and services, as well as office space.
“We are pleased to be taking part in this extraordinary project, which honours the area where it will stand. Montréal’s cultural wealth is reflected in its design, and this is what makes it a one-of-a-kind development,” said Pierre Pelletier, Fund Manager and Senior Vice-President, Opportunity and Development, at Fiera Real Estate.