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Cadillac Fairview unveils $2 billion downtown Montreal development
MONTREAL - Cadillac Fairview unveiled plans Friday to spend nearly $2 billion over 15 years to redevelop downtown land adjacent to the Bell Centre, home of the Montreal Canadiens.
The developers, who are part of a consortium that will also construct the city's tallest residential building over the arena — the proposed 50-storey Tour des Canadiens — say they plan several office, residential and retail buildings on lands they acquired in 2009, including the Windsor train station.
The buildings will contain five million square feet (450,000 square metres) of space.
A commercial high-rise to be called The Deloitte Tower is expected to open in the summer of 2015 just east of the Bell Centre. Cadillac Fairview said it will be Montreal's first privately owned commercial office tower to be built in more than 20 years.
Lands will also be developed south of the arena.
Cadillac Fairview said the mixed-use project reinforces its strategy of "expanding our core property assets, office and retail, in key urban markets."
The Cadillac Fairview Corp. Ltd., 100 per cent owned by the Ontario Teachers' Pension Plan, is one of North America's largest developers and managers of office and shopping centres in Canada and the United States.
Its portfolio is valued at more than $21 billion and, with affiliates, owns and manages nearly 4.1 million square metres of leasable space at 79 properties. These include landmark properties such as Toronto's Eaton Centre and four large shopping centres in Montreal's suburbs.
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