Edmonton-based Saroukian Group says the time is right to develop land it owns in Laval, Que., which it has kept untouched for more than two decades.
The property development firm is developing Central Parc Laval, a six-tower development that will contain 1,400 high-end residential rental units, a luxury hotel and retail space. It will be built on a 10-acre parcel of land with 1.2 million square feet of livable space.
“We’ve been fortunate enough to believe in Laval,” said George Saroukian, the president and general manager of Saroukian Group. “Laval has been on our mind for the last 20 years.”
Saroukian was one of the speakers discussing new real estate projects during the Forum immobilier de Laval (4th Laval Real Estate Forum) on Nov. 20.
Founded in 1989, Saroukian Group is a residential, industrial and commercial property development firm with construction and property management divisions. Its developments include the South Boulevard Shops on Gateway Boulevard in Edmonton.
Laval “ready” for Central Parc
Now is a good time to develop the company’s land in Laval because the city is growing, family-oriented and has a stable economy, Saroukian said.
Laval is one of the fastest-growing communities in Quebec and research showed “there was no other city in Canada that had the demographics and underlying opportunity,” he said. “Quebec is ready for (Central Parc Laval).”
Located on Le Carrefour Boulevard near CF Carrefour Laval and the heart of downtown Laval, Central Parc Laval will include six buildings of 15 to 22 storeys. The first building in the transit-oriented development, now under construction, will contain 22 storeys with 198 units and is slated for delivery next July.
Construction of the final building is scheduled to wrap up in 2023.
Marketed as “the new art of living in Laval,” each building will be surrounded by about one acre of pedestrian-only green spaces which are being preserved.
Amenities will include an infinity pool, floor-to-ceiling windows, high ceilings, high-end stainless appliances and a concierge service.
A number of other new developments in Laval were discussed at the real estate forum. Among them:
Groupe Maurice seniors residence
Groupe Maurice has twice as many seniors units on the island of Montreal as any other competitor, but until now has not ventured across the river into Laval, notes Luc Maurice, president and founder of Groupe Maurice.
However, that situation is about to change in a big way, Maurice says. He expects to build three to five more projects in Laval in the next seven years
The 10-storey Résidence IVVI will be located near Saint-Martin West and Daniel-Johnson Boulevards, facing the Centropolis retail development. There will be 399 apartments with high-quality finishes, including 74 care units.
Rentals will range from $1,374 for a 441-square-foot studio to $2,936 for a 1,479-square-foot 5-1/2 (equivalent to a two-bedroom).
Maurice says 40 per cent of the units were reserved in the first month following the project’s announcement.
With people having fewer children, “the question of isolation will become critical” and the communities developed in seniors residences like IVVI will help fill the void, he says.
Hotel Times Laval
Laval will also become home to a New York City-inspired hotel known as Hôtel Times Laval.
Construction of the $65 million project will begin in February and last 18 months. It will feature two buildings, the first of which will have 143 rooms and meeting rooms on the top floor. The second building will have more than 160 rooms and the two buildings will be linked by a central pavilion.
The Grand Times Hotel chain has hotels in downtown Quebec City, near the Quebec City airport, Sherbrooke and Drummondville. The 12-storey, 140-room Drummondville hotel is one of the tallest towers between Montreal and Quebec City.
Each hotel features “a very urban, very downtown” design, says Jean Audet, president Grand Times Hotel. Audet, a Quebec City-based real estate developer, was formerly a political strategist for ex-Quebec premier Robert Bourassa.
As part of the chain’s tribute to New York City, meeting rooms have names like the Big Apple, Central Park, Union Square and Lower East Side. Many guest rooms contain a black and white image of the iconic 1930s scene Men at Lunch, showing construction workers perched on a steel beam during the construction of Rockefeller Center.
Audet says the company chose Laval for its newest hotel project because “there is momentum in the economy. It’s the time to develop.”