Smart Real Estate Investment Trust has entered into an equal joint venture with Canada-based developer Jadco Corporation to build two 15-storey towers in the Greater Montreal Area [pictured], Canada.
The two buildings will be constructed on SmartREIT's shopping centre lands at the corner of Boul. St-Martin and Boul. Daniel-Johnson in Laval.
The two towers will feature 330 residential units, retail space, and leisure amenities.
The $75M development will also include an underground parking. The upscale rental residences will be available under Jadco's Équinoxe Collection.
Jadco’s president André Doudak said: "Jadco is proud to partner with SmartREIT in the development of this Équinoxe project, which is ideally located in a vibrant, well established community with excellent access to public transit, retail and civic amenities."
SmartREIT CEO Huw Thomas said: "We are very pleased to continue our urban development program with this high-quality project in a strong rental market.
"With mixed-use developments such as SmartCentres Place at the Vaughan Metropolitan Centre, StudioCentre, Westside Mall and Highway 7 and Highway 400, all in the Greater Toronto area and now this project in the Montreal area, we are building an extensive pipeline of mixed-use projects to provide long term value for our unit holders."
Construction work will start in spring 2017, subject to approvals. Occupancy of the first tower is expected by mid-2018.
* For more information on the Canada construction market, visit the Construction Intelligence Center Report Store.
