Landerz announces the completion of a major real estate transaction for the 3700 rue Berri site (formerly Institut des Sourdes-Muettes) in Plateau-Mont-Royal. The 217,117 sq ft property benefits from an exceptional location with frontages on Berri, Saint-Denis, Cherrier and Roy Est streets.
Following a request for proposals issued by the Société québécoise des infrastructures (SQI), with Landerz serving as exclusive broker, developer Residia was selected through a competitive process to redevelop the heritage complex into more than 800 residential units.
The transaction value is $33 M1.
Built starting in 1864 to house the Montreal Institute for the Deaf and Mute, the property complex is today one of the most significant institutional and heritage complexes in Plateau-Mont-Royal. Its monumental architecture and distinctive urban presence make it a major landmark in Montreal's landscape.
Vacant since 2015 and requiring significant security upgrades and modernization, the site has been a priority concern for municipal authorities.
Residia proposes a vision that reconciles architectural preservation, urban integration and the creation of a vibrant new neighbourhood. Approximately 90% of the project will be residential, complemented by commercial, community and cultural components2.
The heritage pavilions and Notre-Dame-du-Bon-Conseil chapel will be preserved and restored. The project features pedestrian passageways, enhanced green spaces and a public plaza, organized around a commemorative approach honouring the Institute's heritage through a public and cultural pathway.
As stated by the purchaser3:
« This is a significant milestone in the revitalization of this emblematic site, breathing new life into it through development focused on heritage preservation, sustainable construction, social inclusion and harmonious integration into the urban fabric. »
This transaction demonstrates Landerz's capacity and expertise in structuring and executing complex real estate transactions involving heritage, regulatory and institutional considerations.
The request for proposals generated multiple significant submissions from major real estate development players.
As noted by Simon G. Boyer, President of Landerz:
« The results of this request for proposals reflect the quality of collaboration among all stakeholders and demonstrate sustained market interest in major urban transformation projects across Quebec. »
Landerz commends the Société québécoise des infrastructures and Residia for the completion of this major transaction and thanks all participants who contributed to the success of the process.
We wish to acknowledge the excellent collaboration among all stakeholders involved in the disposition process, including notably the City of Montreal, the Plateau-Mont-Royal borough, the Government of Quebec, and the Montreal Heritage Council.
The transaction and request for proposals process were led by broker Sylvain Bernèche (Landerz), working in close collaboration with the seller, the Société québécoise des infrastructures.
Sources
[1] Deed of sale number 30 286 553 in the land register
[2] Redevelopment of the Institut des Sourdes-Muettes (City of Montreal)
[3] Residia LinkedIn page