The old industrial Molson Brewery site downtown Montreal will be transformed into a residential neighbourhood with a public park and some 5,000 housing units.
The $2.5 billion project is spearheaded by developer Montoni Group and the Fonds immobilier de solidarité FTQ, who presented their ambitious plan at a news conference Wednesday.
They say they want the Quartier Molson to be “a model of sustainable real estate development” and revitalize the downtown area, while keeping some emblematic elements of the former brewery. The Molson tower, chimney stack, clock and lighted sign will be preserved.
Montoni said it will follow Montreal’s by-law for a diverse metropolis, earmarking 20 per cent of its 5,000 units for social housing, 20 per cent for family-sized housing with three bedrooms or more, and another 20 per cent for affordable housing — a concept that has been widely rejected among builders because it’s not cost-effective. Most developers …