SmartREIT announced that it has entered into a letter of intent for a 50/50 joint-venture with Jadco Corporation, a Montreal-based residential developer, to build two new rental towers on a portion of SmartREIT’s shopping centre lands at the corner of boulevard St-Martin and boulevard Daniel-Johnson in Laval.
The two new rental towers will contain a total of 330 units connected to a common podium structure that will contain streetfront retail units as well as service and leisure amenities for the residents. Total investment will exceed $75 million and, subject to normal approvals, construction will begin in spring 2017 with occupancy of the first tower in summer 2018.
Under Jadco’s “Équinoxe Collection” banner, these upscale rental towers will offer superior tenant amenities, with underground parking, spacious floor layouts, designer interiors and quality materials in a vibrant, urban setting where entertainment, commercial and residential addresses come together.
This follows SmartREIT’s announcement last week concerning its first high-rise residential development in the Vaughan Metropolitan Centre and is part of SmartREIT’s overall strategic plan to maximize the value of its major-market urban centres by introducing mixed-use development that builds on superior access to public transit and the regional highway network.
“Jadco is proud to partner with SmartREIT in the development of this Équinoxe project which is ideally located in a vibrant, well established community with excellent access to public transit, retail and civic amenities,” said André Doudak, President of Jadco Corporation.
“We are very pleased to continue our urban development program with this high quality project in a strong rental market,” noted Huw Thomas, Chief Executive Officer of SmartREIT. “With mixed-use developments such as SmartCentres Place at the Vaughan Metropolitan Centre, StudioCentre, Westside Mall and Highway 7 and Highway 400, all in the Greater Toronto area and now this project in the Montreal area, we are building an extensive pipeline of mixed-use projects to provide long term value for our unitholders,” added Thomas.