MONTRÉAL, Aug. 19, 2024 /CNW/ - Groupe HD, in partnership with Fondaction, announces the acquisition of a 72,000-square-foot property located at 1855 Dollard Avenue, near the intersection of Newman Boulevard in LaSalle. The aim of this transaction is to revitalize this former commercial site of a car dealership into a 155-unit multi-family residential project.

The project is in line with LaSalle borough's ecological transition objectives and meets a number of its criteria, such as enhanced site greening, sustainable  building and development, and eco-responsible parking management. The project is seeking LEED certification and energy performance 40% above the National Energy Code of Canada for Buildings (NECB) standard, guaranteeing a high level of efficiency that will provide a quality living environment for future residents.

The partners are committed to sustainable and social development, and have confirmed the inclusion of 16 affordable housing units in the project. To ensure diversity among the individuals and families who will benefit from these units, the project will include studio apartments, one-, two- and three-bedroom units, all offered at prices 20% to 30% below market value. This initiative aims to make a significant impact by meeting the pressing need for new, affordable, quality housing in LaSalle borough.

Thomas Dufour, Co-President, Groupe HD, explains: "This new project reflects our values of social responsibility and sustainable construction. By working with Fondaction, we are contributing to the common effort to provide more quality housing, including affordable units, during a time of shortage. This approach aligns with our vision of inclusive and sustainable urban development."

And Marc-André Binette, Deputy Chief Investment Officer, Fondaction, notes: " This project is consistent with Fondaction's strategy for sustainable real estate and adaptation to climate change, in particular through its energy efficiency and LEED certification. What's more, the transformation of this almost entirely paved site into green space will reduce heat islands while increasing the ratio of green space in an urban setting." 

Construction is scheduled to start in winter 2025. The five-floor building will feature two levels of underground parking, including electric charging stations, bicycle storage and a pet-cleaning bay, as well as a number of common areas comprising a very large lobby, a collaborative space, a lounge, a fitness room, a rooftop terrace with swimming pool and a landscaped courtyard.

Project overview

Investment: $55 million  
Developer: Groupe HD
Financial partner: Fondaction
Lender: Desjardins
General contractor: Construction Praxis
Architects: NEUF Architect(e)s
Landscaping design: BC2

About the partners

Groupe HD 
A Québec-based company, Groupe HD specializes in residential real estate investment, development, construction, and management. Its ambition is to redefine tomorrow's housing by designing and building large-scale real estate projects that meet the needs of communities and municipalities. To date, the company is involved in numerous developments totaling nearly 4,000 residential units, divided between condominiums and multi-tenant buildings, with a value exceeding 1.75 billion dollars. Groupe HD is constantly rethinking and adapting its methods to create integrated living spaces for today's and tomorrow's generations.

Fondaction 
A forerunner for over 25 years, Fondaction is the investment fund for individuals and companies that are mobilizing for the positive transformation of Québec's economy, making it more equitable, inclusive, green and successful. As a labour-sponsored fund created at the initiative of the CSN, Fondaction represents tens of thousands of savers and hundreds of companies committed to helping Québec progress. It manages more than $3.77 billion in net assets as at May 31, 2024, invested in hundreds of businesses and on the financial markets, prioritizing investments that generate positive economic, social and environmental spinoffs in addition to a financial return. Fondaction helps maintain and create jobs, reduce inequalities and combat climate change. For more information, visit fondaction.com or our LinkedIn page.

SOURCE Groupe HD