Since the early 2000s, the Devimco group has multiplied real estate projects in the greater Montreal area, where it has been involved in the successive construction of the Quartier DIX30 in Brossard, the transformation of the Griffintown neighborhood in Montreal, the erection of the Maestria towers in the Quartier des Spectacles and the Solar project in Brossard. Serge Goulet, founding CEO of the group, gives an update on Devimco and outlines the next ongoing projects.
Posted at 7:00 am
After making his mark in commercial real estate in Quebec in the 1990s with the construction of three major shopping malls, Serge Goulet, founder of the Devimco Group and proud of Beauceron origins, relocated to Montreal to tackle the construction of Quartier DIX30 to take Brossard.
“I wanted to boost Devimco’s commercial expansion and after building a shopping center in Sainte-Dorothée, the DIX30 project seemed to me to be the most innovative. Imagine setting up 250 stores with shop windows and underground parking in a neighborhood with two hotels and a performance hall that was new in Quebec,” Serge Goulet points out.
In parallel with the construction of DIX30, Devimco began development of the Griffintown neighborhood in southwest Montreal in 2005, but the 2008 recession delayed the start of work until 2010.
“We could see that Montreal was significantly behind in housing compared to the rest of Canada and that the major retailers were pretty much finished expanding. We have therefore embarked on a change in housing and developed a mix of condominiums and rental apartments,” says the CEO.
In about 10 years, Devimco built 12,000 residential units with office buildings, shops and a hotel in Griffintown with a total value of more than 2 billion.
“We were the first to offer a mix of condominiums and rentals. It is important to offer both options and to be able to adapt to the cycles. With rising interest rates, many prefer to rent for a few years,” observes Serge Goulet.
Solar Project and South Shore
From 2013 to 2017, the CEO of Devimco and his teams worked on the Solar Uniquartier project in Brossard, right next to the Metropolitan Express Network (REM) Quartier station.
“We knew there would be either a bus station for the new Champlain Bridge or a train station for the REM. We are the greatest TOD today [transit-oriented development] near one of the 26 REM stations,” says Serge Goulet.
The solar project, which is 45% complete, includes land totaling 7 million square feet. After all, 6,000 residential units (condominiums and apartments) are to be built there in addition to office towers and commercial space.
Devimco’s presence in mixed-use residential buildings in Brossard will not be limited to just the 6,000 units of the solar project. The group acquired an adjacent property of 450,000 square meters.2 where 2,000 additional housing units will be built.
The developer is also finalizing the purchase of land near Panama REM Station, home to a former loblaw that will house 1,500 mixed-use residential units.
“We will have a TOD at Quartier station, another at Panama station and we will soon start construction of another TOD above Longueuil metro station, where we will build 4 towers with 1500 additional units,” summarizes Serge Goulet.
“We’re reducing urban sprawl, we’re reducing the impact on climate change, and we’re responding to the housing crisis,” the CEO notes.
Peel Basin and Financial Partners
Devimco Group also plans to finally start its real estate development project in Peel Basin next year, where it is the primary owner of land — along with Canada Lands Company, a federal Crown Corporation.
“We own 700,000 square meters.2 and we are the ones who will transform Silo 5. We have partnered with Cycle Capital to create a clean technology center on site. We want to build a campus with a strong component of residential units and premises for clean technology companies. »
We have partnered with McGill, Concordia and ÉTS to create this center and we want to be recognized as an innovation zone.
Serge Goulet
Devimco relies on long-standing financial partners to carry out its projects, namely the FTQ Real Estate Fund, the Société de transport de Montréal Retirement Fund, Fiera Capital and Fondaction.
Headquartered in Brossard, the company employs 450 people in three business areas: development, engineering and management.
“We are currently working on setting up a long-term holding fund to buy back the projects we have been running. We cannot do it alone with our current partners, we need international investors because we will raise 500 million. One is visiting our properties while we are talking,” says Serge Goulet.
Serge Goulet, majority shareholder of Devimco, is preparing to transfer ownership of the company to his 27-year-old partner Mathieu Jobin and, as of 2020, two new partners: his nephew James Goulet and 35-year-old Laurent Messier.
“I am 59 years old and I wanted to ensure the sustainability of Devimco. My partners will buy my shares within three to five years and I will no longer be involved in the day-to-day activities of the company, although I will remain an investor in certain projects,” explains Serge Goulet.
One thing is certain, there will be no shortage of work. Devimco currently has 6,000 housing units to build and 500,000 m².2 Office and commercial space in 13 towers in the Montreal area. A well-oiled construction machine.
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