In a $309 million deal, Quebec group Douville, Moffet et Associés (DMA) is joining forces with Ivanhoé Cambridge to buy 50% of Laurier Quebec for a $1 billion project over 10 years.
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The face of the Laurier Québec shopping center will change. Yesterday’s real estate deal is likely the largest in the Quebec region in 2022, estimates the DMA president, who is “very proud” of his acquisition and has great ambitions for this highest value building. Québec city score list.
For Pierre Moffet, Laurier Québec is the Holy Grail. “You can’t have a better investment than this. Strategically located next to CHUL, the interregional hospital, Laval University, the head of the bridges and on the route of the future tram, it has a lot of room for development.
Pierre Moffet and his partners Guillaume Bard and François Moffet intend to take advantage of this to densify by building towers on the sites currently occupied by surface parking at the four corners of an existing building that has just been refurbished.
“City within a City”
“We want to make a city within a city,” the promoter dreams. “We want people to be born at CHUL, move to Laurier, grow up there, work there, age there, have fun there and shop there,” he explains.
Because in the DMA project all this can be done.
Photo by QMI, René Baillardjohn
Guillaume Bard, VP Operations, Pierre Moffet, President, and François Moffet, VP Development Douville, Moffet et Associés (left to right).
Housing, student residences, senior residences, kindergartens, hotels, offices, theaters, clinics, restaurants, among others, are part of the plan. The promoter ensures that the number of parking spaces remains sufficient: they will be mostly underground.
Buyers predict the building will triple in size in a decade. It will increase from 1.3 million square feet to 3.5 million. The first tower will rise in the next few years in the northeast sector, in the parking lot at the corner of Hochelaga and Jean de Queuin streets.
On the southeast corner, the La Baie store, which has announced its closure, will be demolished to make way for a tall building. To the northwest, the tower will rise above the existing multi-storey concrete car park.
DMA remains a partner of Ivanhoé Cambridge. The latter will participate in the financing of the development project. The DMA will have carte blanche to manage the building, explains Pierre Moffet. “We were born in Quebec and grew up there. For us it is a great pride. »
“Through this partnership with DMA, Ivanhoé Cambridge is joining forces with a leading player in Quebec, with whom it shares a vision to revive Quebec’s iconic shopping center,” said Julie Bourgon, Head of Commercial at Ivanhoé.
“In an effort to make a real impact in Quebec, Ivanhoé Cambridge is happy to be part of the development of a local entrepreneur who at the same time is expanding into new niches. »
The $309 million deal is based on a $200.8 million loan from Desjardins and a $108.1 million down payment from DMA and Ivanhoé Cambridge.
The DMA 50% acquisition includes the Frontenac and Champlain towers already on site.
Ivanhoé Cambridge, a subsidiary of Caisse depot et Placement du Québec, which has owned 100% of the property since 2000, retains 50% of the mall.
LAURIER, BRIEFLY ABOUT THE PROJECT
Investment tripled in 10 years to reach $1 billion
- 4 news towers around the existing building:
- to the northeast : 400 housing units
- northwest : rental of property
- In the southeast: residence for the elderly 600 units.
- in the South-West: hotels, condominiums
17 floors on Laurier Boulevard, 13 floors on Ochelaga Boulevard (zoning allowed)
The real estate redevelopment potential is over 2 million square feet, equivalent to over 2,000 homes.
11 million visitors per year in Laurier in 2019
WHO IS DMA?
- Promoter, developer and real estate manager in the Quebec region
- $1.125 billion properties directly owned, jointly owned or under construction
- Developed Quartier QB (684 units), La Suite (500 units), Le WOW (234 units), Le Divin (285 units)
- Also owns buildings in Ottawa.
- In 2021, acquired Oxford Properties residential property portfolio (526 units).