Société de Transport de Montréal (STM) is branching out into real estate development, via its business subsidiary, Transgesco, and the Société d’habitation et de Développement de Montréal (SHDM). Montreal city recently approved STM’s plans to construct an ambitious 300 unit housing project near Frontenac métro station. The site will be located adjacent to the metro subway and the Maison de la Culture Frontenac, near De Havre, La Fontaine, and Frontenac.
According to the STM’s release, the complex will be spread over 4 buildings, ranging from 2 to 12 stories, on a 54,200-square-foot parking lot owned by the STM. It has been classified as a mixed use real estate project following the new trend of “transit-oriented development.”
Frontenac complex plans to offer residential units for people from different income levels, while being well integrated with the transit system. It will include 60 subsidized units for low-income residents, 109 units designated as “Affordable Access Condos”, 129 market-price condos and a two-storey office building for the STM.
- 45% of the units will have 2 bedrooms
- 35% will have 1 bedroom
- 12-22% will have 3 bedrooms
According to a statement from Acces Condos, the architectural concept will be developed by Lemay Design and will be built by developers at Cosoltec Inc.
Construction will start in the summer of 2019 and be completed in 24 months, said STM spokesperson Amélie Régis.
Philippe Schnobb, Chairman of the STM Board of Directors wrote in his statement: “The STM is especially proud of this project, which is a first step in developing its real estate assets. Prepared in partnership with the SHDM, the project contributes to revitalization of the Sainte-Marie neighbourhood and enhancement of the housing stock, in line with the STM’s sustainable development vision, greater accessibility of public transit and elimination of a heat island. It’s a positive initiative in a number of ways, and we hope to repeat it.
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