$1 billion investment: Laurier will triple its floor space

In a $309 million transaction, 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. The real estate deal concluded yesterday is probably the biggest in the Quebec region in 2022, according to the president of the DMA, which is “very proud” of its acquisition and has great ambitions for this building, which has the highest value. assessment list of the city of Quebec.

For Pierre Moffe, Laurier Québec is the “holy grail”. “You can’t have a better investment than this. Strategically located near CHUL, the supra-regional hospital, Université Laval, the head of the bridges and on the route of the future tramway, it has a lot of room for development.

Pierre Moffet and his partners Guillaume Bard and François Moffet intend to take advantage of this densification advantage by building towers on the spaces currently occupied by surface parking, at the four corners of the existing building, which has just been renovated.

“A city within a city”

“We want to make a city within a city,” dreams the promoter. “We want people to be born at the CHUL Mother and Child Centre, move to Laurier, grow up there, work there, grow old there, play there and shop there,” he explains.

Because all this will be possible in the DMA project.


Guillaume Bard, Vice President of Operations, Pierre Moffet, President, and Francois Moffet, Vice President of Development of Douville, Moffet et Associés (left to right).

Photo by QMI Agency, René Bailarjon

Guillaume Bard, Vice President of Operations, Pierre Moffet, President, and Francois Moffet, Vice President of Development of Douville, Moffet et Associés (left to right).

Housing, student dormitories, residences for the elderly, kindergartens, hotels, offices, theaters, clinics, restaurants are among other parts of the plan. The promoter assures that the number of parking spaces will remain sufficient: they will be mostly underground.

In ten years, the building will triple in size, the buyers predict. It will increase from 1.3 million square feet to 3.5 million. The first tower will appear in the next few years in the northeast sector, in the parking lot at the corner of Hochelaga and Jean-De Quen.

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-story concrete parking lot.

Partners

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. This is a great pride for us. »

“Through this partnership with DMA, Ivanhoé Cambridge joins forces with a leading Quebec player with whom it shares a common vision to revitalize an iconic shopping center in Quebec,” said Julie Bourgon, Head of Commercial Centers at Ivanhoé.

“In an effort to make a real impact in Quebec, Ivanhoe Cambridge is pleased to be involved in the development of a local entrepreneur who, at the same time, is expanding into new niches. »

Desjardins loan

The $309 million transaction is backed by a $200.8 million loan from Desjardins and a $108.1 million down payment from DMA and Ivanhoé Cambridge.

DMA’s 50% acquisition includes the Frontenac and Champlain towers already on the site.

Ivanhoé Cambridge, a wholly owned subsidiary of Caisse de depot et placement du Québec since 2000, retains 50% of the mall.

LAURIE, BRIEFLY ABOUT THE PROJECT

Investments tripled in 10 years and reached $1 billion

  • 4 news towers around the existing building:
  • northeast : 400 units
  • northwest : housing rent
  • In the southeast: home for the elderly 600 units
  • in the southwest: hotels, apartments

17 floors along Laurier Boulevard, 13 floors along Hochelaga Boulevard (zoning permitted)

The property has over 2 million square feet of redevelopment potential, equivalent to over 2,000 homes

11 million visitors per year at Laurier in 2019

WHO IS DMA?

  • Real estate developer, developer and manager in the Quebec region
  • 1.125 billion dollars real estate assets held directly, jointly or under development
  • 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 the residential real estate portfolio of Oxford Properties (526 units)

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