Sleep, live and work on a shopping center site. Will this possibility one day become a reality?
Posted at 5:00 am.
A mix of shops, affordable housing, condominiums, offices and green spaces, all interspersed with paths or bike paths that would cover the large asphalt areas of the parking lots. This image of the shopping center of the future has been presented in numerous projects in recent years. Was this wishful thinking or will they see the light of day?
Managers of the Cadillac Fairview Pointe-Claire shopping center want to carry out a development project with housing and a large public square around the future REM station. Further east, around the Galeries d’Anjou, with the extension of the blue line we want to develop a real city center where people can live, shop and have fun. Royalmount, a shopping center project at the corner of Highways 15 and 40, also envisions a mix of retailers, residential spaces and restaurants.
However, none of these novel malls have been able to welcome consumers as they have not yet seen the light of day. For what ?
The thing about real estate is that everything takes a very, very long time. It takes years: negotiating with cities, making plans, getting permits. For this reason, not much has developed in three years.
Nicholas Kassis, head of leasing in the DIX30 district
The Royalmount, a project he also worked on, is under construction, but as far as the condominiums and the residential component are concerned, the matter has still not been resolved with the city authorities.
“I am convinced that it will happen,” adds Jean-François Grenier, Senior Director of Altus Group, confidently of the numerous projects put on the table. “It’s definitely a longer process. Construction costs have skyrocketed. We are not in a good time. It is not so easy. »
In Quebec, at Place Fleur de Lys, renovation work has already begun. It will take ten years for the ten phases to come to fruition. However, the first residential units will be ready in 2025, the project sponsors William and Jonathan Trudel assured in June when they presented the project plans.
“I think there are several projects being explored. Unfortunately, we haven’t heard any official announcements in the last few months. But it is definitely a trend and I firmly believe in it,” says Johanne Marcotte, Executive Vice President, Portfolio Management, Retail, at JLL.
However, you need to be patient. The specialists interviewed hope that the landscape will change within five to ten years.