Montréal, November 20, 2015 – The Fonds immobilier de solidarité FTQ and contractor Grilli Samuel Consortium immobilier are pleased to announce a partnership agreement for the acquisition of 4.3 million square feet of land in the City of Contrecoeur. The land, a portion of which lies along the St. Lawrence River and another close to Autoroute 30, will be used to develop two major industrial and commercial hubs. The latter will include a highway service centre.
“We feel that these sites are strategically located and that their development could fit in with Québec’s Maritime Strategy in which the Fonds de solidarité FTQ and the government support promising projects that will lead to the creation of logistical hubs. Besides boosting the regional economy, this mega project will help create about 1,600 jobs,” said Normand Bélanger, President and CEO of the Fonds immobilier de solidarité FTQ.
The project is evaluated at $200 million. The industrial hub — Technopole Contrecœur — will account for 40% of the project’s buildings and will be located along the St. Lawrence River, the CN rail line, the Gaz
Métro network and Route 132. It will consist of 2.3 million square feet divided into about 15 lots for the construction of, for example, value-added warehouses and distribution centres capable of handling large volumes. For its part, the commercial hub — Cité 3000 — will be located near Autoroute 30 and will consist of 2 million square feet of land on which commercial buildings will be erected along with a highway service centre.
“For both the industrial and commercial hubs, we’re hoping to attract big banners and businesses in the area. For the commercial hub, we’re thinking of a service station and fast food restaurants as well as a hotel. The only stop between Sorel-Tracy and Saint-Bruno-de-Montarville, Cité 3000 will accommodate drivers, truckers and tourists east of Montérégie. The highway service centre will be open 24/7,” said Yves Samuel, President of Grilli Samuel Consortium Immobilier.
“The City of Contrecoeur is in an ideal trade corridor, strategically located between the St. Lawrence Seaway and major roads and railways. I’m thrilled with today’s announcement by the new company formed by the Fonds immobilier de solidarité FTQ and Grilli Samuel consortium Immobilier. The latter is a partner with whom the City has been dealing since 2010. This deal will generate economic spinoffs in the form of job creation and investments that should be consistent with the Maritime Strategy. As a matter of fact, in June, the Québec government confirmed the creation of a logistical hub in Contrecoeur as the result of the expansion of the Port of Montréal in our region,” said Suzanne Dansereau, Mayor of Contrecoeur and reeve of the Margueurite D’Youville RCM.
The Fonds ventures into the spheres of logistical hubs and transportation
The Fonds de solidarité FTQ recently joined the consortium made up primarily of Québec firms and led by Montréal-based Fiera Axium Infrastructure for the acquisition of Montreal Gateway Terminals, a company specializing in the handling of maritime containers moving between international markets. The company runs two of the three Port of Montréal international terminals.
Since its creation, the Fonds and the Fonds régionaux de solidarité FTQ have invested $381 million in the transportation sector. The current portfolio in this sector represents total investments of $281 million in 17 projects involving 8,198 jobs in Québec.
The Fonds is also working with several ports in Québec. It has been a partner for over 20 years with the two largest haulers in Québec (Transforce and Groupe Robert), which are important links between port operations and customers. It also has interests in other companies in the sector.
About the Fonds immobilier de solidarité FTQ
Created in 1991, the Fonds immobilier de solidarité FTQ promotes economic growth and employment in Québec by strategically investing in profitable and socially responsible real estate projects in partnership with other industry leaders. The Fonds immobilier backs residential, office, commercial, institutional and industrial projects of all sizes across Québec. At May 31, 2015, the Fonds immobilier had 38 projects in progress valued at $1.8 billion, 38 properties under management, 18 million square feet of land and $54 million invested in affordable, social and community housing. The Fonds immobilier is a member of the Canada Green Building Council.