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Construction has begun on a 35-storey mixed use building in Montreal’s Quartier International, it has been reported.
Kevric Real Estate Corporation announced earlier this week that work had begun on the Altoria project, which will have ten stories of office space and 25 stories of condos, measuring from 600 to 6,100 square feet.
The ten stories of offices will provide 230,000 square feet of office space.
The USD 100 million project is Montreal’s first privately funded downtown office space to be built since the 1990s.
Currently the vacancy rate of Montreal’s Class A office space is falling rapidly, and it is expected that the new building will be ready in time to meet a growing demand.
The building is stated to be ready for office occupancy by 2013 for occupancy of the condos by the first half of 2014.
“Our decision to invest at this time is motivated primarily by the lack of Class A office space in Montreal,” said Kevric president Richard Hylands.
“Analysts estimate that in the next three years, the shortage of space offering more than 50,000 square feet will continue to grow.”
According to Kevric Real Estate more than 50 percent of the condos have already been sold.
Lloyd Cooper, senior vice-president of office leasing at Cushman & Wakefield, Quebec, was quoted in the Montreal Gazette commenting: “Now he’s [Richard Hylands] the first tower out.
“For him, it’s a competitive advantage because there’s pent-up demand in the market. There’s a shortage of contiguous blocks of space.”
The entire building is to be LEED certified.
A recent survey of entrepreneurs in Canada found that they were feeling more upbeat about the Canadian economy and their own prospects in general.
The survey from the Ivey Entrepreneurs Index found 92 percent of the entrepreneurs surveyed expected their revenues to increase this year.