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District Griffin Multi-Use Real Estate Project Increases Investment
August 31, 2011
Phases II and III of the District Griffin project in Montreal recently received increased investments from $475 million to $736 million. Devimco, Groupe Cholette and the Fonds immobilier de solidarite FTQ recently announced the additional investment.
Devimco President, Serge Goulet said, “The largest multi-use real estate project in Montreal, which will incorporate residential, commercial, community and business functions on the same site, will transform much of Griffintown for the better.”
The first three phases of District Griffin, when complete, will encompass 2,103 condominium units, which includes 331 affordable housing units. As well as the living spaces, the project includes a 154-room hotel, more than 229,000 square feet of office space and 328,000 square feet of commercial space.
“We are keeping our promise to create a whole new living environment. It will be a pleasant and safe area, making it possible to live, work and play close to downtown and Old Montreal in what will be an important gateway to Montreal,” noted Mr. Goulet.
Phase I of District Griffin will consist of four city blocks bound by Wellington Street on the north, Shannon Street on the east, the Lachine Canal on the west and Smith Street on the south. The first block will include a tower with 188 condominium units, 78 per cent of which have already been sold. Work recently began and is anticipated to be complete in July 2013.
“Each phase of District Griffin will provide additional residential products ranging from luxury units to condos for young couples and self-employed people,” said President of Group Cholette, Michel Cholette. “Following the success of the sale of units in the first block of Phase I, we decided to begin the pre-sale of the first round of Phase II, which will contain 121 units. Construction will begin in November.”
Phase II is called St. Ann and will consist of five towers and 768 planned residential units. Phase III will have 277 residential units in one tower as well as office spaces and commercial spaces. Construction will begin in the spring of 2012.
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