The Fonds immobilier de solidarité FTQ is teaming up with a new partner, EDIFIA Groupe Immobilier, on Le Cardinal Nord, a 132-unit residential rental project. Located in the Val-Bélair neighbourhood of the La Haute-Saint-Charles borough, this project is timely given that this area has one of the lowest vacancy rates in the Québec metropolitan region (0.6%). The work, entrusted to general contractor Construction M. Grégore, began in April and is slated for completion in summer 2022.
“Le Cardinal Nord is centrally located in a rapidly developing family-oriented urban stretch that has been the site of several residential rental and condominium projects in the past 10 years. The multifamily market in Val-Bélair is booming at the moment and we wanted to seize this opportunity to meet the demand with a high-end rental property. Tenants will enjoy modern, high quality units with a private balcony, air conditioning, granite kitchen countertops, an integrated security system with microchip control and 8’6″ ceilings. Common living spaces will also be available to enhance the customer experience, including an outdoor patio and a workout room.”
President, EDIFIA Groupe Immobilier
“We’re looking to increase our presence in the Québec City real estate market and are pleased to forge a new partnership with an experienced developer and builder who knows the area well. In fact, EDIFIA has already built 340 units to meet the housing demand in this market. There is clearly demand in this area for the type of projects EDIFIA offers. We can also count on the support of the Fonds régionaux – Québec as co-investors. This project is expected to generate 245 jobs, which is great considering our mission.”
President and CEO, Fonds immobilier de solidarité FTQ
Le Cardinal Nord in brief:
On Rue des Rigoles, Val-Bélair district, minutes away from Carrefour de la Bravoure, a bustling area offering variety of services. There are green spaces and parks in the vicinity, offering a perfect location between downtown and access to nature.
About EDIFIA Groupe Immobilier
Founded in 2020, EDIFIA Groupe Immobilier Group is the brainchild of industry leaders and partners who harnessed their expertise to create a real estate development and management company. EDIFIA has the experience and knowledge to support its partners from design to development to property management. Its mission is to develop safe, high-quality living environments in Québec’s regions.
About the Fonds immobilier de solidarité FTQ
The Fonds immobilier de solidarité FTQ helps drive economic growth and employment in Québec by strategically investing in profitable and socially responsible real estate projects in partnership with industry leaders. The Fonds immobilier backs mixed-use, residential, office, commercial, institution and industrial projects of all sizes across Québec. At December 31, 2020, the Fonds immobilier had 52 projects worth $3.5 billion in progress that will create some 28,000 jobs, along with 92 properties under management, 1.3 million square feet of land for development and $116 million allocated to affordable, social and community housing. The Fonds immobilier is a member of the Canada Green Building Council — Québec division.
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