A massive new real estate project is in the works for Montreal.

A consortium of developers and architects want to overhaul a gritty industrial neighbourhood south of Griffintown into a thriving, modern and stylish residential district.

7,500 high density housing units are proposed with a new REM station, public spaces and green space.

“I think we have an occasion here to really do something that’s going to be outstanding and create something that will be the envy around the world,” Roger Plamondon, president of Groupe Immobilier Broccolini, told Global News.

Plamondon says the housing project will attract new employers and be a boon for the city’s economy.

“The ability to be able to bring new industries, new jobs and new stuff in that area will also help the whole of Montreal,” he said.

New social and affordable housing units are also planned for the project — but some housing advocates fear that this component won’t help low income earners in the long run.

“I don’t believe it will have any significant impact in terms of affordability and reducing the waiting list and the housing crisis,” Stéphan Corriveau, executive director of the Community Housing Transformation Centre, told Global News.

City officials haven’t signed off on the project yet, saying the proposal still has to fit Montreal’s master urban plan but they liked the presentation that was made at a downtown hotel.

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