2023-05-21 10:00:09
Abandoned for nearly 20 years, the site of the former Ciné-Parc Laval bordering Highway 15 at Boulevard Dagenais will be the scene of industrial development.
The result of a new partnership between the Montoni Group and the Fonds immobilier de solidarité FTQ, this development might start in the fall with the start of the first of four phases.
This first industrial building would be located in the southern portion of the site, in the extension of rue Jules-Brillant.
Strategically located on the western edge of Highway 15, this 3.9 million square foot lot is equivalent to an area of 50 soccer fields, essentially zoned industrial.
In fact, the western part of the site located in the axis of boulevard Chomedey, in a residential zone, will host a residential project.
64,4 M$
To succeed in laying the foundations of this future Laval V Corporate Center, the Fonds immobilier de solidarité FTQ had to loosen the purse strings.
This development capital company has in fact invested $64.4 million in the acquisition of the shares held by Montoni’s former partners, ie 60% of the lots that make up the approximately 4 million square feet to be developed. Among them, a numbered company administered by the brothers Gabriel and Michel Bitton, whose family is particularly known for having created the popular clothing brand Buffalo Jeans in the early 1970s.
It was in 2005, the year following the closure of the drive-in theater, that Montoni and an investment company belonging to the Bitton family acquired the 3 lots of Cineplex Odeon for the sum of $2,850,000, recalls Alexandra Cordisco-Moreau, advisor in Public Affairs and Communications for the Montoni Group.
A long-time partner with Montoni, the Fonds FTQ had been coveting this site for a few years, recognizes Josée Lagacé, vice-president of communications, marketing and investor relations. Especially since the Fund invests “more and more in the industrial sector”, continues the one who quotes in passing the land acquired in Contrecour in the wake of the expansion project of the Port of Montreal.
In Laval, the Fonds immobilier de solidarité FTQ also owns the INDUSTRIA 440 business park, very close to Highway 13, where it has more than half a million square feet to develop.
Permitted uses
The zoning in effect on the site of the former drive-in theater allows, among other uses, the operation of activities related to light industries, warehousing, distribution centers and wholesale businesses.
“This transaction comes at a time when the scarcity of land for industrial use is increasing and when the commercial sector is experiencing a shortfall of several million square feet in the greater Montreal area,” reads a press release co-signed by business partners, who plan to complete this industrial park in a three to five year time frame.
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