The building will be located in the Neufchâtel-Est-Lebourgneuf district and built by L’ancienne Lorette, Que.-based Dinamo Construction. The structure will contain 166 units on six floors and be ready for occupancy in 2024, Fonds said in a news release.
“Ultimately, this project will have more than 700 residential rental units, symbolizing a firm commitment to economic development,” said Martin Raymond, president and CEO of Montreal-based Fonds, in the news release. “It is also perfectly in line with our goal to help ease the housing crunch.”
A rental office has already opened. Quebec City-based Gestipro will manage the property, while Royal Lepage Blanc et Noir is handling leasing services.
Fonds is one of Canada’s largest institutional investors with 47 projects worth $6.2 billion in development or construction and 70 portfolio properties under management.
Monte Stewart serves as Content Director - Canada for Connect Commercial Real Estate.
Based in Vancouver, British Columbia, Monte provides daily news coverage of major Canadian commercial real estate markets, including Vancouver, Toronto, Montreal and Calgary. He has written about the real estate sector for various media outlets and Avison Young since the early 2000s.
In addition, he has covered sports, general news and business for several leading wire services and publications, including The Canadian Press, The Associated Press, The Calgary Herald, The Globe and Mail, Research Money, The Daily Oil Bulletin, Natural Gas World and The Toronto Star.
Monte is active in his community as a youth basketball coach and raises funds for such charitable causes as Movember.