To mark the next phase in its Canadian residential rental program, Cadillac Fairview is pleased to announce the construction of 510 units at 750 Peel Street in Montreal, part of the company’s Quad Windsor district which includes Gare Windsor, Tour Deloitte and Tour des Canadiens condominiums.

The 750 Peel Street development marks the second project of CF’s $4.7 billion residential program, launched in November 2022, which has the potential to deliver 7,000 rental units in 20 buildings within several of the company’s retail properties and mixed-use sites across Canada. The first phase is the construction of 288 units currently underway in CF Rideau Centre in Ottawa.

In addition to the new rental residences at 750 Peel, the project comprises 207 underground parking stalls and features a unique European-style courtyard, extensive wellness amenities, coworking and meeting spaces along with significant landscape and public realm improvements. 750 Peel will be the only residential rental building in Montreal with a direct connection to the city’s underground network.

According to Cadillac Fairview President & CEO Sal Iacono, the phased strategy of entering the residential sector is familiar territory for CF.

“It was in 1953 that our company was founded by meeting the need for housing during the post-war baby boom,” said Mr. Iacono. “We revolutionized the design of apartment buildings, introducing features that are taken for granted now such as health club facilities, individually controlled heating and air conditioning, underground parking, and grounds landscaped with trees and fountains. These were all pioneered by the early forerunners of CF and for us today, our full-circle re-entry into residential is akin to homecoming of sorts.”

Through CF’s residential rental program, the company is responding to the critical need for housing across the country, with Canada Mortgage and Housing Corporation (CMHC) projecting a shortfall of some 3.45 million homes by 2030.

“The project at 750 Peel and our residential rental program in general is absolutely aligned with our corporate purpose of transforming communities for a vibrant tomorrow,” according to Wayne Barwise, Executive Vice-President, Development, Cadillac Fairview. “We are ready to do this – to work with municipalities and all levels of government when the conditions are ripe to meet the housing needs of a growing population.”

Mr. Barwise also credits Ottawa for removing the federal sales tax on construction of rental housing as incentivizing increased investment in residential projects, describing the move as “timely, significant, and more than welcomed.”

750 Peel, solely owned by CF and with occupancy slated for 2026, builds on the company’s densification and diversification strategy, with previously announced rental projects at CF Rideau Centre, CF Richmond Centre, CF Sherway Gardens, and CF Fairview Mall to play host to the CF residential brand offering a best-in-class amenity package, a concierge approach and unparalleled experience for residents.