Devimco

That small-town feelModern life has all but abolished the sense of community that residents in many large urban areas crave. This Canadian superpower has drawn up some creative plans for a derelict downtown area. Kate Sawyer reports. Devimco, a commercial developer based in the province of Quebec, Canada, has taken on the biggest project in its historyÔÇöthe $1.3 billion restoration of Griffintown, the partially abandoned ÔÇ£old canalÔÇØ district of Montreal.  ÔÇ£We are offering Montrealers a unique urban project. So it is important to involve stakeholders from the City of Montreal and the Southwest borough in order to achieve the objectives of excellence and innovation in design, urban planning, and development that we seek,ÔÇØ said Serge Goulet, president of Devimco.Currently in the planning stages, Griffintown is expected to be more than a restoration project. It will be a self-sustaining community complete with its own transportation system, theater, and source of economic stability. Devimco aims to develop not only residential but retail and office space, covering an area of 1.1 million square feet. To create a new community that is both self-sustaining and alluring, Devimco has made arrangements for the creation of nearly 3,900 residential units that range in price, space, and luxury to attract a broad spectrum of residents, from young families to seniors to students.According to Jules Hurtubise, an economist and housing consultant who evaluated the projectÔÇÖs market potential, GriffintownÔÇÖs principle features are consistent with trends seen in major cities around the world that seek to revitalize old neighborhoods and increase land use in areas close to public transportation infrastructures. ÔÇ£The project is a response to downtown MontrealÔÇÖs large residential needs,ÔÇØ said Hurtubise. Devimco conducted extensive research around the world to find other shining examples of neighborhood ÔÇ£recreationÔÇØ, striking a balance between urban function, sustainable development, and urban heritage. Two such successful projects that provided inspiration were Brindley Place in Birmingham, England and The Oracle in Reading, England. What they learned is quite interesting. ItÔÇÖs not enough to build shops; one must build a sense of community. To that end, Devimco plans to build commercial space for services, shops, and restaurants. In addition, there will be a 2,000-seat theater, a movie theater complex, and two hotels. A network of public and green spaces will be created totaling more than 600,000 square feet.To maintain a local, sustainable feel and to encourage the use of public transportation, Devimco is working with Montreal Metro to possibly invest $10 million to implement a tram system on Peel Street, connecting Griffintown and the Old Port District. A bicycle path and walkways will be built along the Lachine Canal. There may also be an underground paid parking garage with space for 5,000 cars. Devimco plans to break ground on the first phase of the project by early 2009 and complete the first section by 2012. During construction, the project is expected to provide 4,330 jobs. As a result of the revitalized area, the City of Montreal stands to see an unprecedented boost in tax revenues to $33 million annually; annual tax revenues currently stand at $1.1 million. Several Montreal dignitaries have agreed to collaborate with Devimco to discuss the cultural, heritage, and tourism center that will be built to pay homage to the areaÔÇÖs interesting past. The areaÔÇÖs name was actually derived from Mary Griffin, the wife of a soap-factory owner who commissioned land surveyor Louis Charland to subdivide the land and plan streets for the area in 1804. The area was first settled by Irish immigrants in the early 1800s, largely unskilled laborers who helped to build nearby Lachine Canal. ÔÇ£Located across from the Peel Basin, this cultural and heritage island will strengthen the cultural offerings of the Southwest borough and will exercise its attraction within the Montreal area,ÔÇØ said Goulet. He also said that the area could include a theater, activity spaces on the border of the Peel Basin with restaurants and shops, a hotel, a marina, a museum, and artistsÔÇÖ studios.Devimco has been a leader in real estate development in Quebec since 1997. DevimcoÔÇÖs financial partners for the project are Beaudoin-Bombardier, Employee Pension Fund of Quebec City, and Employee Pension Fund of the Montreal Transit Corporation. The project is part of Le Havre, one of three major projects identified by the Mayor of Montreal as part of the Montreal 2025 vision. The other two projects are Quartier des Spectacles and Montreal Technopole.┬á