Image source: The Montreal Gazette
WHAT WAS THE CHALLENGE?
Once home to the Montreal Chest Institute, the property had been vacant since 2015 since the Institute was integrated into the McGill University Health Centre’s Glen site. The property had no zoning in place, therefore it was up to the purchaser to propose acceptable redevelopment of the site and get approval from the borough for the project.
Joe and his team came up with a winning strategy to address the complex zoning requirements. By hiring architects and urban planners that were previously employed by the municipality, Joe used their detailed knowledge of by-laws and regulations to develop a feasible development strategy that conforms with the limitations imposed by the city and at the same time meets the goals of the developers.
Complying with a rule that stipulates that 20% of new downtown housing developments must include social housing could prove to be a sticking point for some developers but Joe saw an opportunity to use a smaller parcel of land across the street.
THE RESULT?
By separating the two types of housing and using the smaller lot that was included in the sale Joe was able to make the deal happen for a calculating buyer that seized the opportunity at 17.5$ million. The current plan for the site is to offer student housing in the heart of downtown Montreal.