Posted at 6:00 AM
The real estate group building the controversial Royalmount project in Mount Royal is regaining control of the iconic “Lifestyle” shopping mall on Montreal’s south shore. The goal is to add 4,000 housing units to the DIX30 in the coming years.
As mentioned Journalism On April 28, Carbonleau, with the help of its Quebec partners, purchased the shares held by Oxford at the same time that it took over the management of the property. The deal was announced Thursday morning. Terms are not disclosed.
“DIX30 is a drug just over 15 years old that is ready to evolve and adapt to today’s realities,” said Nicolas Desordi, one of Carbonlio’s three partners, with Andrew Lutfe on the phone and Claude Marcotte. Mr. Desordy is a descendant of the famous family that built the city of Bromont.
Betting on rapid eye movement
“We intend to take advantage of the arrival of REM [Réseau express métropolitain] Turning property into a POD project [pedestrian-oriented development] ’ continues the Senior Vice President.
The goal is to transform the massive property of 276 stores, restaurants and 10,000 parking spaces into a POD complex, a sector whose development is focused on pedestrian access.
DIX30 will provide more office space and especially for more residential accommodation. The goal is to add 4,000 housing units within 5 to 10 years. Carbonleo is in discussions with the City of Brossard regarding DIX30 2.0. The company wants to be able to make public announcements about its vision in 12 to 18 months.
Carbonlio says the talks are still in their infancy. We emphasize that the first echoes of the city are rather positive.
But it is not automatic. In Pointe-Claire, there is a dispute between the owner of the Fairview Pointe-Claire and the city over the conversion of an underutilized parking lot near the future REM station. Cadillac Fairview wants to build a multi-purpose real estate project there with a residential component. The city does not want to know.
Effects on retailers
Whatever the case, this major shift will have an impact on DIX30’s retailers and on the mix of commercial tenants. Recently, DIX30 refused to renew the lease contract of the La Cage sports-brasserie restaurant, opening the door to the densification of the site with the addition of multiple apartment buildings. The facility will cross Interstate 10 to settle at Solar. Opening is scheduled for the fall.
Mr. Désourdy confirms that the business activities of the DIX30 are progressing well. Most businesses have their own entrance from the street or from the car park. They have done a good job during the pandemic. Sales for April 2022 are 11% higher than April 2019 sales, Mr. Desordi notes to support his statements.
“2021 was our record year for office rents,” he adds. The fashion for remote work has given impetus to branch offices located in the suburbs.
Oxford, a real estate subsidiary of the Ontario Municipal Employees Pension Fund, acquired half of the Quartier DIX30 stake in 2014 at an undisclosed price at the time. This is another disposal of assets in Quebec for this owner who has sold his last two office towers in downtown Montreal in recent years.
It was built on a plot of land of 850,000 square metres2 (9.15 million square feet), DIX30 has 260,000 square meters2 (2.8 million square feet) of leasable space. There are 316 tenants, including 46 occupants of offices, 205 shops, and 65 restaurants. The center also has 10,000 parking spaces, including 3,500 indoor spaces. More than 24 million visitors come here every year.
Carbonlio was born in 2012.
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