Fonds immobilier de solidarité FTQ and MONTONI Become Equal-Share Co-Owners of Former Molson Brewery Site
Montréal, September 13th, 2023 – As part of the legal process led by PwC as the monitor overseeing the restructuring of Groupe Sélection, on August 30 the Fonds immobilier de solidarité FTQ concluded the transaction to acquire Groupe Sélection’s full interest in the redevelopment project of the former Molson brewery site in Montréal. Following that transaction, the Fonds immobilier de solidarité FTQ sold a portion of its stake to MONTONI, thus re-establishing their equal joint ownership of the property.
The redevelopment of one of Montréal’s most important heritage sites and strategic properties is now being led by two partners committed to creating a transformative, sustainable project that will form a complete neighbourhood of which Montrealers can be proud.
In 2019, the partners’ acquisition of the site was the subject of an agreement between the consortium at the time and the City of Montréal for the integration of a new park, the transfer of a lot to the Société d’habitation et de développement de Montréal (SHDM) for the construction of affordable housing units, and the creation of an economic hub and a civic hub.
“It was important for us to acquire Groupe Sélection’s interest to show how much we believe in the site’s development potential. In keeping with our business model of being equal partners with our developer-partners, we are pleased and proud to look to a trusted ally in MONTONI to complete this large-scale live/work/play project for the benefit of Montrealers. The planned construction of nearly 5,000 residential units, including affordable, social and family housing, will help alleviate the current housing shortage. We already make a strong team with MONTONI based on the pooling of our complementary expertise. We are committed to developing an innovative mixed-use neighbourhood that will help reduce the carbon footprint downtown, and we will do this in collaboration with neighbouring stakeholders with an eye to serving the needs of all types of clients.”
– Martin Raymond, President and CEO,
Fonds immobilier de solidarité FTQ
“The redevelopment of the former Molson brewery is an iconic project in terms of its history, its place in the Montréal landscape, its size and most importantly its potential. We are honoured to be giving Montrealers access to this one-of-a-kind site, reconnecting it to the surrounding districts, and creating spectacular visual openings onto the St. Lawrence River. We want to create a vibrant neighbourhood on a human scale while leveraging our leading-edge expertise in sustainable development.”
– Dario Montoni, President,
Overview of the future site
- 1 million square feet of land;
- Potential to build nearly 6 million square feet of space;
- A vast, mixed-use project centred around neighbourhood life and active mobility:
- Nearly 5,000 residential units, including affordable, social and family housing;
- An economic and business hub mainly centred on innovation;
- A civic hub;
- 200,000 square feet for local stores;
- Tourist attractions including a museum and brewery experience;
- A central park overlooking the St. Lawrence River;
- A school.
- Recognition of the heritage of Îlot des Voltigeurs in the first phase of the project:
- Incorporation of iconic elements of the former brewery into the development concept: the brewery clock, the Molson sign, the chimney, the Molson Coors administrative offices, the carriage entrance, and beer tanks, including the oldest one.
- Sharing of the role of Molson’s in the history of Montréal.
Work in progress
Work to dismantle the beer tanks, which began in 2022, has been completed and work to clear the industrial buildings’ interiors is ongoing. This portion of the site will be home to the future Montréal offices of Molson Coors and the Molson Family Foundation, as well as a space for culture, history and entertainment.
About the Fonds immobilier de solidarité FTQ
The Fonds immobilier de solidarité FTQ drives economic growth and employment in Québec by strategically investing in profitable and socially responsible real estate projects in partnership with leading industry players. The Fonds immobilier supports projects across Québec in the residential, office, commercial, institutional and industrial sectors, in particular those that consider ESG (environmental, social, governance) factors with a view to developing sustainable properties. As at June 30, 2023, the Fonds immobilier had 47 projects with a combined value of $6.2 billion in development or construction, 70 portfolio properties under management, 3.7 million square feet of land for development and a cumulative total of $337 million invested in social and community projects. The Fonds immobilier is a member of the Canada Green Building Council — Québec division.
A leader in real estate development in Québec, MONTONI has a portfolio of close to 500 projects representing more than 20 million square feet of industrial, commercial, institutional and residential construction, 30 head offices and another 22 million square feet under development. A proud holder of the title of one of Canada’s Best-Managed Companies for more than 20 years, Montoni Group has secured itself a prime position, holding large land portfolios across the Greater Montréal area. The company stands out for its full range of services covering development, construction—from excavation to interior design—and property management.
A LEED-accredited member of the Canada Green Building Council, MONTONI is committed to building a sustainable heritage based on leading-edge expertise. The Group has committed to making environmental, social and governance (ESG) criteria a permanent strategic reflex. It has completed more than 4.2 million square feet of LEED-certified buildings. Among projects under way, it is also targeting LEED certification for close to 7 million square feet, and net-zero-carbon accreditation for nearly 2 million square feet.
The developer’s most recent achievements include Écoparc, a major project in Saint-Bruno. This next-generation industrial campus is targeting two certifications: LEED (Leadership in Energy and Environmental Design) v4 Gold Core & Shell and Zero-Carbon Building (ZCB) from the Canada Green Building Council. The complex is strategically located near Highway 30 and Route 116, two key road links in the North American logistics chain.
For more information, visit www.groupemontoni.com.
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Fonds de solidarité FTQ
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