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The development of a project of establishment of a school always changes the face of a district

The development of a project of establishment of a school always changes the face of a district

Good news for the owners of the district ? The APQ believes it is. This project of great scale, more than 140 million divided between the two levels of government and the City of Montreal, includes an increased presence of public transport, green space and it promises to modify to a significant degree certain installations to increase their habitability.

 Usually, a project of such a dimension is also involving much questioning for the real-estate owners. What will be the consequences on taxation and on the value of the building ? Which type of customers is taken in by the installations ?

 In this case, as it is a university which will replace industrial space, one deals with a notable improvement of the habitability and the infrastructures. Such a change of vocation for the marshalling yard will involve several consequences : an increased influx into the district (students, professors, employees of the university) and thus an increase in the services in the vicinity, whether those will be included in the project or not. Inevitably, several businesses will come to establish themselves and to serve the new occupying population. The presence of students will imply an increase in the vacancy rate of the residences as well as a rise of the commercial value of the rental buildings which are located in the surroundings. One speaks thus about an increased profitability for the owners since demand will increase, just like the price of the long-term rents, because of a new orientation for the life of this district.

 It must also should be stressed that the study of the project has revealed that the sporting installations and the parks of Park Extension were sometimes insufficient for the population. The project plans to rectify this situation with the creation of new parks, canine parks, community gardens and of sporting spaces for the youth. Those will add up to 15% of the total surface of the project, i.e. nearly 4,8 hectares of terrain.

 From a general point of view, the installation of the project Campus Outremont falls under a normal cycle of urban development which allows to fill in certain gaps caused by the presence of an industrial terrain in the middle of the island of Montreal and to set up a more ecological vision, centered on the institutional and real-estate development. A revalorization of the district will radiate on the neighbouring districts (Rosemont, St-Michel, Villeray, Ville Mont-Royal) and can only contribute to the economic and social advancement of Montreal.


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Québec Landlords Association (1)

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