The property next to La Maison which used to be a full-service gas station and has long since been an eyesore is set to see some development in the coming years. A proposed 12-storey apartment building consisting of 160 rental units plans to bring some much-needed housing stock to the area by 2025 as well as develop a key corner of Le Village.
The owner of the property, 910 Montreal Cornwall L.P., is a subsidiary of Quebec developer Swimko Construction. Since 2010, Swimko Construction has successfully built over 500 residential buildings in the greater Montreal area with no signs of slowing down.
The total construction cost of the 160-unit development is an estimated $44 million. The units will range in size from 410 square feet to 1014 square feet, with monthly rent ranging from approximately $1,377/month to $2,150/month. Around 50% of the units will meet the city’s affordable housing criteria.
“It wasn’t 50% the first time we got this proposal,” clarified Mark Boileau during Monday’s city council meeting, “To make it affordable [the developer] had to reduce the size of certain units, however the unit sizes are comparable to what we had approved at the corner of Pitt and Second.”
Changing the size of the apartments increased the total number of units for the proposed building from 120 to 160.
In their report to Cornwall city council, the Department of Planning, Development and Recreation recommended that council approve the developer’s request for a site-specific Tax Increment Grant (TIG) for 20 years at 90%. The property at 910 Montreal Road is 1 of 6 vacant properties included in an extended TIG program established in 2021. Council approved the recommendation unanimously.
The property’s worth is currently assessed at $100,000. In 2022, the city collected $2,126.47 in municipal taxes on the property. The estimated assessment value of the property after the proposed build is $30,981,000 (using 2022 values). Even with a 90% rebate in their yearly taxes, the city stands to make much more from this development than they currently are from the property as is – approximately $50,000 in the first year alone.
