Riocon’s property in Kirkland is set to undergo major redevelopment in 2024, following the arrival of the Metropolitan Express Network (REM) in the West Island.
The two partners officially announced their deal on Tuesday before the markets opened. “This is a long-term commitment for Broccoli, which will ensure project design and construction, while at the same time uming the office space management and marketing of the residential offer. Its partner Riocon will take over the retail space management,” the Montreal company said in a press release.
A Kaisse de Depot electric train station serves directly the vast property owned by Riocon and the Montreal developer Broccoli.
The goal is to turn the commercial property into a multi-purpose complex based on the results of consultations with the city and citizens.
The site, Broccoli real estate group president Roger Plamondon explains, is adjacent to an existing low-density residential sector and the development takes this neighborhood into consideration. The density increases towards the Trans-Canada Highway. “The future redevelopment will have to take into account the comments we receive from citizens when considering the presence of the REM station, which is conducive to the density of the sector,” he said. Tap In an interview.
The project is expected to serve as an example of the impact of the REM arrival on real estate development in the Montreal area. REM will come and change the situation.
Roger Plamondon, president of Broccoli Real Estate Group
The joint project between Broccoli and Riocon will provide approximately 240,000 square feet of office space and 135,000 square feet of commercial space, including residential space.
An integrated real estate company, Broccoli is currently building National Bank’s new headquarters in downtown Montreal. Its real estate division currently owns and operates a portfolio of over 40 million square feet of 40 properties.
This multi-stage project will be developed in close collaboration with the community and Kirkland city authorities, Ensuring Broccoli. “Accepting a comprehensive plan for the summer of 2021 is a game plan,” Mr. Plamondon said. For now, two scenarios are on the table, tear everything down and start from scratch or, after discussing with the city and citizens, put up some built items.
According to current instructions, REM’s Kirkland station will be operational from 2023-2024.