;Composite=(type=URL,url=https://images.radio-canada.ca/v1/assets/elements/16x9/outdated-content-2015.png),gravity=SouthEast,placement=Over,location=(0,0),scale=1 "The “Quinze40” will be a mega entertainment center")
The organizers officially present the Royalmount project. It is a $1.7 billion multi-functional urban center in the heart of the island of Montreal, referred to by some as “Quinze40.” According to Radio-Canada’s findings, one of the shareholders of Carbonleo, the company behind Royalmount, has acquired several properties in the last five years. And the project may not be what we originally envisioned.
Since 2007, businessman Andrew Lutfy has purchased a large amount of land in Mount Royal, representing 10% of its industrial estate. However, it is not the industrial activity that interests him. The owner of the Garage and Dynamite group wants to invest in entertainment, which requires commercial zoning.
The map above shows the numerous notarized purchases made through numbered companies owned by Andrew Lutfy. All are industrial areas. And just recently he added a very important piece to the puzzle.
Last February, the entrepreneur purchased the large property at the corner of Highways 15 and 40. If the entire site changes its zoning, it could become a good business.
If we can increase density or usage [d’un terrain]If we can move from industrial zoning to commercial zoning, we can go from simply to tripling the property value.
Carbonleo is discreet
Mount Royal Mayor Philippe Roy and his group were entitled to a private presentation of the project last November. The mayor was delighted.
It’s an entertainment center, it’s theater. There is a water park component, a cinema component and restaurants. It is very entertainment focused and cannot be compared to Dix30.
Carbonleo refused to grant an interview to Radio-Canada. In a statement dated May 5, the company specified: “The public unveiling by the organizer is expected to take place in a few weeks.” » How can we explain this silence until the official announcement?
According to Sylvain Savignac, chartered appraiser at Devimo Inc., this caveat would help avoid speculation or outbidding. “It is important to be discreet and enter into confidentiality agreements with potential sellers,” he says.
This project has attracted a lot of attention since its announcement. Some traders fear not only competition but also traffic congestion in what is already a busy sector.
Still, Mont-Royal remains optimistic, promising that there will be two public consultations before the groundbreaking, including one by the developer itself.
“It is a project that will create jobs. We’re talking about $2 billion in private investment. Yes, it is a great project,” argues Philippe Roy.
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