Développement FSTB L.P. and the Fonds immobilier de solidarité FTQ have launched the second phase of their Mon Symposium apartment development project in Quebec City.

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.