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West-Island shows new life  & a 20 Year Lease for 5 Saisons

West-Island shows new life

Class 'A' tower first multi-tenant development in two decades

 

The West Island will have its first new, multi-tenant development in over 20-years with a 6-storey 112,000 square foot offering by Triad Capital.

6500 Trans-Canada will form part of an existing mixed-use complex, anchored by a new lead tenant, Investor's Group, which will occupy 30,000 square feet. The project is slated to be completed in Spring 2011.

"This is an exciting new development for our suburban markets," said Louis Burgos, Senior Managing Director of Cushman & Wakefield which is representing the building. "New buildings with modern amenities provide greater choice and new options previously unavailable for tenants wanting to be in the suburbs."

The building at the intersection of Autoroute 40 and St-Jean's boulevard, is designed by leading Montreal architectural firm, DCYSA, and features a modern and sleek design and the latest in building features and technology. The building contains many sustainable design elements and state-of-the-art energy systems.

Montreal's West Island has long been an area where innovation and growth have congregated, taking advantage of an educated and bilingual employment pool, good access to public transport, easy access to the airport and very competitive rents and operating costs.

20 Year Lease for 5 Saisons

The Westmount 5 Saisons grocery store (owned by Metro Inc.) announced this past Monday that it had signed a new 20-year lease with RAMCO. RAMCO is the owner of the building on Greene and de Maisonneuve where the store currently resides.

This comes despite an announcement last October that 5 Saisons lease would not be renewed as it no longer fit into the long-term plans of RAMCO. RAMCO had plans for a residential development instead.
Then in November, RAMCO announced that it would give 5 Saisons a 6 month extension on their lease as they pondered options for the site. As part of this week’s announcement, RAMCO unveiled its plans for a six-storey condominium building with 25 residential units and some commercial space. The 5 Saisons space will be integrated within this development and will occupy about 10,000 square feet of the ground floor. In addition, the building's terrace will be converted into a public square which will be leased to the city of Westmount for $1 a year. The city will manage the square.

"The current square is essentially a parking lot, which over the years transmodified itself into a public square," Westmount Mayor Peter Trent said. "It was not designed as such, so what we'll be doing is turning it into a proper square with landscaping, trees and maybe a fountain so people can sit down and meet their neighbours."
RAMCO Group president Jacob Attias said that it was Westmount’s Mayor Trent that persuaded him to change his mind.

"When I was elected last April, I was immediately bombarded with emails asking me to step in and keep the store alive," Trent said. The plan calls for the demolition of the building by December 2011. The store will be closed during the work on the building for approximately 16 months.