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News Update: Downsized Projet Griffintown to Proceed by ajkandy
February 18, 2009, 2:26 pm
Filed under: city council, developers, Devimco, economics, griffintown, news, press conference

Devimco’s Projet Griffintown will proceed in a greatly reduced and modified fashion, say spokespeople for the developer and the City of Montreal. According to information released at recent press events, a downsized Projet Griffintown will be built on approximately 30% of the originally planned surface area, starting in 2010, in stages.

The new project will abandon the high-profile shopping centre to focus on canalside residential and office developments, to be built on land already owned by Devimco south of Wellington Street. It’s not entirely clear, but it does appear that Devimco will release its options to purchase / expropriate land north of Wellington, which has land and property owners upset that their ability to sign new leases or develop their own properties was frozen by the city, with little to no compensation.

Linda Gyulai, reporting in The Gazette:

“The economic situation is difficult, and despite this we’re announcing we’re going ahead with our project,” Devimco spokesman André Bouthillier, said. “There aren’t many other developers announcing good news these days.”

Devimco will invest at least $300 million in the first phase of the project, beginning in 2010, he said. Meanwhile, Mayor Gérald Tremblay’s administration held a hastily organized news conference at city hall to deny the project has sunk.

“There’s no real change,” said city executive committee member Luis Miranda, who is responsible for major development projects. “The Griffintown project for us is not closed. It’s not a file we’re abandoning.”

Meanwhile, Benoit Labonté, opposition city councillor and borough mayor of Ville-Marie, blasted the Tremblay administration for its lack of long-term economic vision, and its willingness to put all its eggs in the baskets of real-estate megaprojects, in a press release:

“Alors que l’horizon économique s’assombrit, l’administration Tremblay demeure encore une fois impuissante à agir avec fermeté et audace, afin de préserver le développement de l’économie montréalaise, comme elle a été impuissante à la faire progresser au cours des sept dernières années”, a exprimé le maire Labonté. “Il est vrai que les conditions économiques actuelles rendent le développement de tels projets plus difficile. Cependant, une administration responsable, possédant un minimum de vision, aurait, depuis des mois, mis en place une stratégie de développement pouvant répondre efficacement à l’adversité et ne se serait pas uniquement fié aux grands projets immobiliers ou commerciaux”, a déclaré le chef de l’Opposition officielle.

More news and links, including some reaction from property owners:

Le Devoir: Un autre clou dans le cerceuil…
Journal de Montreal: Des propriétaires excédés
Journal de Montreal: Le mégaprojet se dégonfle
La Presse: Le projet Griffintown se fera par étapes
Radio-Canada: Griffintown: Comme un peau de chagrin

Devimco’s press release in French and English.


3 Comments

One upside of the downturn.

Comment by J.

yesterday the city of montreal council officially took off all the expropriation decree on 27 building lots in the griffintown ppu sector therefore officially lifting the ban on building permits …….proof even the city of montreal can realize its errors and correct them……this is a great day for griffintown

Comment by ELIZABETH

[…] February Downsized Projet Griffintown to Proceed Devimco’s Projet Griffintown will proceed in a greatly reduced and modified fashion, say […]

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