Mixed Use JVs for 2020………

Crombie REIT has entered into two joint venture partnerships with Montreal-based Prince Developments in which one partnership results in Crombie becoming a 50 percent partner in the new Le Duke mixed use development at 297 Rue Duke in Montreal adjacent to the new Bonaventure Greenway in Old Montreal consisting of a 25 storey mixed use tower with 390 residential rental units above a 25,000 square foot IGA branded Sobeys grocery store and 1000 square feet of retail space with frontage on William St.  The new building will retain the existing heritage building currently on site, integrating the two storey façade and structure into the new development.  The development start is scheduled for late 2017 for an estimated 2020 completion.  The second partnership results in Prince Developments becoming a 50 percent partner in Crombie's Bronte Village mixed use development in Oakville which is being developed as a residential rental development, replacing the existing Bronte Village Mall.  Bronte Village will feature two residential rental towers with 480 residential units in the 14 and 10-storey towers, underground parking spaces and 17,500 square feet of new retail space. The existing 30,000 square foot Sobeys supermarket is expected to remain operational during the redevelopment. Bronte Village is expected to commence construction in 2018 with completion estimated in 2020. Both projects are in early development stages with certain outstanding approvals and financing still to be completed.  Prince Developments is a real estate development and management firm that was formed in 2009 as a joint venture between Place Dorée and Groupe Canvar.

 

 

Crombie REIT, 610 East River Rd., Suite 200, New Glasgow, Nova Scotia B2H 3S2 (902/755-8100)