The Globe and Mail recently reported that midtown Montreal is going through a bit of a transformation. The Park Extension area, located right in the middle of downtown and suburban Montreal, is a primarily industrial area. Multiple dilapidated buildings, however, are being torn down and replaced with contemporary structures. The purpose of this restructuring is following the path of many Toronto midtown areas as well: the birth of a new office district.
Kevric Real Estate Corporation, the company responsible for the transformation, stated that the area can potentially be in high demand due to the quality of life and public transit access. There are plans to turn portions of it into an up-and-coming housing area as well. Richard Hylands, the CEO of Kevric, is well-experienced in this kind of gentrification, having been responsible for the transformation of Liberty Village in Toronto.
The transformation has turned into a community effort, with multiple developers making their own mark on it. Avison Young and Allied Properties both have properties in and around the Park Extension/Mile End area. The prediction is that this area might become “hot” in the city of Montreal, with its convenient location to subways, food markets, restaurants and tennis courts. This restructuring might potentially reach into other areas as well. For now, developers are focusing their efforts on turning midtown Montreal into the next big hot zone.
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Source: The Globe and Mail
