Cloriacité and the Fonds immobilier de solidarité FTQ are close to completing their 10-storey Pôle Léo apartment project in the Montreal region.

Located in Sainte-Catherine, Que., the 140-unit building will be ready for occupancy in July, the Fonds announced.

“Considering the housing shortage in Quebec, the delivery of these units couldn’t come at a better time,” said Martin Raymond, the Fonds’ president and CEO.

Montreal apartment-construction starts fell 35% in 2023, according to a recently released Canada Mortgage and Housing Corporation report. The situation in Montreal contrasted with a surge in overall Canadian apartment starts that prevented a decline in total new-home construction.

Plans call for Pôle Léo to be the first of a five-phase development that could create as many as 400 residential units along with retail spaces.

Pôle Léo sits on Léo Street at the intersection of Route 132. The building’s amenities include co-working space, a gym, a secure space for parcel delivery, EV charging stations and a rooftop terrace, which helps reduce heat islands, said Maxime Camerlain a Cloriacité co-president.

Montreal-based Fonds ranks among Quebec’s largest institutional investors with $18.9 billion in net assets. Cloriacité, based in the Montreal suburb of Saint-Lambert, Que., is a property developer and manager.