Cadillac Fairview’s Shift: Downtown Montreal’s New Residential Focus
Cadillac Fairview (CF), long recognized as a leading owner and manager of commercial properties like shopping malls and office buildings – including Carrefour Laval and Gare Windsor in the Montreal area – is making a significant move into the residential real estate market. This shift, exemplified by the recent grand opening of Carré Windsor, signals a strategic response to evolving urban needs and the rise of remote work.
Responding to a Changing Landscape
The decision to diversify into residential development came in the wake of the pandemic and the subsequent increase in remote work. Sal Iacono, President and CEO of Cadillac Fairview, described the move as “a return to our roots,” noting that the company originally began with residential construction in 1953.
Carré Windsor, a 35-story building located at 1114 Saint-Antoine West, represents CF’s debut in the residential rental space, launched with a program initiated in 2022. The company has also recently sold off two significant assets – Promenades Saint-Bruno and the Deloitte Tower – to facilitate this transition.
Carré Windsor: A New Urban Hub
The 512-unit rental building offers a range of apartment sizes, from studios to two-bedroom units, with a focus on modern living. Apartments range in size from 386 to 1220 square feet. Rents start at $1895 for a studio and $2840 for a two-bedroom apartment. The property boasts extensive amenities, including a rooftop garden, a thermotherapy spa, a podcast studio, kids’ play areas, co-working spaces, a pet-grooming area, and a fitness center.
Leslie Roberts, a Montreal city councillor, highlighted the project’s positive impact, stating that the area is “a neighbourhood that is regaining momentum.” The location, near the Centre Bell and with access to the Réseau express métropolitain (REM), is seen as a key advantage, attracting both downtown workers and those seeking a central urban lifestyle.
Expansion Plans and Future Outlook
Cadillac Fairview aims to develop 7000 residential units across Canada over the next fifteen years. A second residential project is already underway at CF Carrefour Laval, slated for completion in 2027. Iacono indicated that a second phase of development at Carré Windsor is possible, contingent on market conditions and construction costs.
The Carré Windsor project was delivered within its initial budget, estimated at over $300 million in 2023. It’s important to note that the project did not include social housing components, as permits were obtained before the implementation of the “20-20-20” regulation in April 2021.
The Rise of Mixed-Use Developments
Cadillac Fairview’s strategic shift reflects a broader trend in urban development: the increasing demand for mixed-use spaces. Traditionally, downtown cores were primarily focused on commercial activity. However, the rise of remote work and changing lifestyle preferences have created a need for more diverse and integrated communities.
Benefits of Mixed-Use Developments
- Increased Vibrancy: Residential components bring life to downtown areas, even outside of traditional business hours.
- Reduced Commuting: Living close to work reduces commute times and promotes a better work-life balance.
- Enhanced Property Values: Mixed-use developments often experience higher property values due to their convenience and desirability.
- Sustainable Urban Planning: Integrating residential, commercial, and recreational spaces promotes more sustainable and efficient land use.
Challenges and Considerations
While mixed-use developments offer numerous benefits, they also present challenges. These include navigating zoning regulations, managing diverse stakeholder interests, and ensuring that the development complements the existing character of the neighborhood.
FAQ
What is Cadillac Fairview’s long-term goal with its residential program?
Cadillac Fairview aims to develop 7000 residential units across Canada over the next fifteen years.
What amenities does Carré Windsor offer?
Carré Windsor offers a rooftop garden, a thermotherapy spa, a podcast studio, kids’ play areas, co-working spaces, a pet-grooming area, and a fitness center.
What is the range of rental costs at Carré Windsor?
Studios start at $1895 per month, while two-bedroom apartments begin at $2840 per month.
Why is Cadillac Fairview shifting towards residential development?
The shift is a response to the rise of remote work and changing urban needs, aiming to create more vibrant and integrated communities.
Did you understand? Cadillac Fairview was originally founded on residential construction in 1953.
Pro Tip: When considering a rental property, always factor in the cost of amenities and proximity to public transportation.
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