It’s a good time to be selling real estate in downtown Montreal.
It’s been confirmed that Broccolini, the family-owned builder and developer that’s based in Kirkland, paid $93.9 million for the 70,000-square-foot Golden Square Mile lot on which it plans to build an as-yet unspecified “flagship” project, the Montreal Gazette has learned. That’s more than double the latest municipal valuation of $42.1 million. The deal was announced Tuesday.
Kirkland-based Broccolini acquired the property at the corner of Guy and Sherbrooke from a unit of Montreal real estate manager Monit. The tax bill on the lot amounted to about $1.3 million this year, city data show.
Located close to Guy-Concordia métro station and Concordia University, the site currently features an office tower known as the Medical Arts Building and a parking lot. Several possible development scenarios are currently under consideration, Broccolini said this week without elaborating.
Broccolini is involved in more than $1.5 billion worth of projects under construction in downtown Montreal. The list includes National Bank of Canada’s future headquarters, which are projected to be ready in 2023 and estimated to cost about $500 million; the new Maison de Radio-Canada, which is scheduled to open next year; and the Victoria sur le Parc multi-use project, which will feature commercial and office space and a 58-storey luxury condo tower.