Octodev has stated publicly that it purchased a 465,000-square-foot multi-family real estate development site in Laval, Que., for $17.9 million.

The development site comprises an existing parking lot next to the Place Laval office complex.

According to a published report that quoted company Co-founder Nathaniel Devine, Montreal-based Oktodev plans to build about 1,700 residential units and commercial space on the site in multiple phases.

Poirier had acquired Place Laval — a five-building mixed-use office complex with more than 853,000 square feet of gross leasable space — from Cominar for $72 million in June, before selling the parking-lot portion to Octodev.

Avison Young brokered the initial transaction.

Oktodev owns and develops commercial real estate across Canada, prioritizing Quebec assets, with a large focus on the multi-family sector.

Pictured: Place Laval office complex in Laval, Que.

Photo: Courtesy of Avison Young