Groupe HD and Fondaction have acquired a former Montreal automobile dealership and plan to convert it into a $55-million multi-residential project, the companies announced.

The 72,000-square-foot property is located at 1855 Dollard Avenue in the LaSaalle borough. Plans call for a 155-unit multi-family project to be built.

Groupe HD and Fondaction plan to seek an unspecified LEED certification and energy performance 40% above the National Energy Code of Canada for Buildings (NECB) standard to guarantee “a high level of efficiency that will provide a quality living environment for future residents,” the partners said in a news release.

Sixteen affordable housing units will be included and comprise studio apartments and one-, two- and three-bedroom units, all offered at prices 20% to 30% below market value.

“This new project reflects our values of social responsibility and sustainable construction,” said Thomas Dufour, a Groupe HD co-president. “By working with Fondaction, we are contributing to the common effort to provide more quality housing, including affordable units, during a time of shortage. This approach aligns with our vision of inclusive and sustainable urban development.”

The almost entirely paved site will be transformed into green space that will reduce heat islands and increase the amount of green space in an urban setting, said Fondaction Deputy Chief Investment Officer Marc-André Binette.

Plans call for the five-storey building to feature two levels of underground parking, including electric-vehicle charging stations; bicycle storage and a pet-cleaning bay. Other amenities are slate to include number of common areas comprising a very large lobby, a collaborative space, a lounge, a fitness room, a rooftop terrace with a swimming pool and a landscaped courtyard.

“This project is consistent with Fondaction’s strategy for sustainable real estate and adaptation to climate change, in particular through its energy efficiency and LEED certification,” said Binette.

Desjardins is serving as the project’s lender, while Construction Praxis is the general contractor and NEUF Architects designed the proposed building and BC2 is co-ordinating the landscape design.

If all goes according to schedule, construction will begin in winter 2025.

Rendering: CNW Group/Groupe HD