$350M Quebec Lifestyle Center Nears Completion
- Feb 26, 2008
Canada’s first lifestyle center, Quartier DIX30 in Brossard, Quebec, nears completion as developer RioCan Real Estate Investment Trust announced the closing of the last originally contemplated phase of the $350 million project. The fourth phase of the development will leave the mixed-use property with 1.9 million square feet of retail space. In its final state, the shopping and entertainment center will feature over 155 stores, restaurants, a Germain Group-designed boutique hotel, a 900-seat theatre and concert hall and parking facilities to accommodate 5,000 vehicles. Occupying land on the south shore of Montreal, Quartier is sprouting up on land that had been a Greenfield site. It was in in 2005 that RioCan signed on to be equal partners with Devimco Inc. in the development of the project. Once RioCan and Devimco complete the development process, RioCan will continue to serve as owner of half of the property, leaving the remaining stake to three other entities. The Fonds de placement immobilier BB owns 25 percent of the project, the Societe de transport de Montreal Employees Pension Fund owns 15 percent, and the City of Quebec Employees Pension Fund claims a 10 percent stake. Defying the challenging credit market, RioCan managed to close long-term fininacing deals for Quartier totaling more than $191 million, with $107 million of the total having been orchestrated in December of last year.