Groupe HD, Kastello Immobilier and Société Financière Bourgie have formed a joint venture to acquire and redevelop the Fortier Ford commercial site in the Greater Montreal community of Anjou with a multi-tower project containing nearly 1,000 new homes plus commercial space.
The property is located at 7000 Boulevard Louis-H.-La Fontaine, along Highway 25 and just 250 metres from the terminus of Montreal’s Blue-Line transit extension which is currently under construction.
“The boom in the Anjou area, driven particularly by the extension of the Montreal metro’s Blue Line, is a huge asset for the development of a new TOD-type residential neighbourhood,” Thomas Dufour, the co-president of Groupe HD, said in the announcement.
Financial details for the acquisition and the partnership were not released.
The three companies are all well-known players in Montreal’s development industry.
“We are very pleased to be joining forces with the teams at Groupe HD and Kastello to plan the development of this innovative residential project that enjoys a strategic location on the Island of Montreal.” Pierre Bourgie, the president of Société Financière Bourgie, said in the announcement.
Development proposal for Anjou property
A development proposal submitted to the city in the fall of 2023 shows plans for three residential towers on the property, ranging from 12 to 20 storeys and comprising a total of 859 homes.
They are surrounded by a series of paths and greenspaces, and border Boulevard des Roseraies and Rue Saint-Zotique East.
A commercial building comprising two-storey and four-storey segments sits between the residential towers and Highway 25 on about 118,400 square feet of the property.
In addition to the coming transit station, the property is also close to local retail outlets and other services.
The property is currently zoned for employment uses, but the partners are commencing the process to have it rezoned to allow for the residential development.
“Kastello Immobilier is delighted to be teaming up with Groupe HD and Société Financière Bourgie and helping revitalize a district where demand is currently high,” said Mathieu Collette, partner and vice-president, real estate, for Kastello Immobilier, in the announcement.
“With the coming opening of the Anjou metro station, residents will enjoy access to an efficient, environmentally friendly underground transit system connecting the borough of Anjou to downtown Montreal.”
About the partners
Groupe HD is a Quebec-based company specializing in real estate investment, development, construction and management. To date, the company is involved in a dozen projects totalling over 3,500 residential units, divided between condominiums and multi-tenant buildings.
Kastello is a family-owned investment company with expertise in real estate development founded in 2018 by the Fortin family, also known for its involvement in Couche-Tard.
Its subsidiary Kastello Immobilier Inc. specializes in residential real estate investment and particularly in the acquisition and management of residential rental properties and their development in partnership with other companies.
Its real estate portfolio is primarily made up of residential rental properties with a long-term holding objective.
Société Financière Bourgie (SFB) is a family office private wealth management firm founded by businessman Pierre Bourgie with the mission of managing a diversified investment portfolio. SFB is involved in both private equity and real estate investment.