Ivanhoé Cambridge—the Caisse de dépôt et placement du Québec’s real estate subsidiary—has entered into a partnership to build Projet QB, a mixed multi-residential and commercial complex that will eventually feature more than 400 rental units and 200 condominiums in the Cité-Universitaire district of Quebec City.
The initial investment of more than $50 million is in partnership with a group of local investors led by Pierre Moffet and under a co-development agreement with SDLP, the real estate division of Sobeys.
“Quebec City has been one of the best-performing cities in Canada in terms of employment and per capita income growth,” says Sylvain Fortier, executive vice-president, residential, hotels and real estate investment funds, at Ivanhoé Cambridge. “Already well established in the neighbourhood with our Laurier Québec and Place Ste-Foy shopping centres, we are proud to contribute to the socioeconomic development of the community, while also generating attractive returns for our investors.”
Projet QB will initially comprise an apartment building containing about 300 rental units, a condo building with some 100 units and a total of more than 43,000 square feet of ground-floor commercial space. The first phase of construction, which may last for a period of three years, is expected to begin at the end of this coming summer.
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