Fonds immobilier de solidarité FTQ Teams Up with Immeubles Must Urbain

·5 min read

A new apartment building on Wellington Sud in downtown Sherbrooke

SHERBROOKE, QC, May 17, 2022 /CNW Telbec/ - The Fonds immobilier de solidarité FTQ is teaming up with a new partner, Immeubles Must Urbain, on Le Wellington, a residential rental project that will revitalize and densify the heart of downtown Sherbrooke. Located at 81-83 Wellington Sud, the development will consist of 68 apartments and 2,300 square feet of commercial space on the ground floor. Construction has already begun, with completion slated for spring 2023.

From left to right : 
- Raïs Kibonge, Deputy Mayor, City of Sherbrooke; Philippe Dusseault, President, Immeubles Must Urbain; Martin Raymond, Senior Vice-President, Investments, Fonds immobilier de solidarité FTQ; Charles Lahaye, Regional Vice-President, Fonds de solidarité FTQ - Estrie. (CNW Group/Fonds immobilier de solidarité FTQ)
From left to right : - Raïs Kibonge, Deputy Mayor, City of Sherbrooke; Philippe Dusseault, President, Immeubles Must Urbain; Martin Raymond, Senior Vice-President, Investments, Fonds immobilier de solidarité FTQ; Charles Lahaye, Regional Vice-President, Fonds de solidarité FTQ - Estrie. (CNW Group/Fonds immobilier de solidarité FTQ)

Le Wellington will offer lofts, 3½ and 4½ apartments with or without appliances and about 20 of which will come furnished as part of an all-inclusive formula designed to meet the needs of a growing number of tenants.

Tenants will have access to a rooftop terrace, a gym and bike racks and each apartment will have an indoor parking space. The project is aimed at individuals looking for a lively neighbourhood, with a wide variety of amenities, access to active transportation, and a vibrant cultural and social life.

Quotes

"We're pleased to have the Fonds immobilier de solidarité FTQ as a partner. As a major real estate investor in Québec, their expertise will allow us to carry out several large-scale projects downtown. But in addition to a solid financial partner, the City's involvement is necessary for high-profile projects. Densifying the downtown core is impossible without subsidies. We are proud of our project, which is in line with the Sherbrooke's plan to densify the area and attract people to live, work and play downtown."
Philippe Dusseault
CEO, Immeubles Must Urbain

"We're excited to embark on this new business relationship with Immeubles Must Urbain. In this venture, we will be able to draw on the knowledge of our colleagues at the Fonds régionaux de solidarité FTQ – Estrie, which is joining us as a co-partner. Our goal is to build a well-diversified real estate portfolio in Estrie. With this residential development, not only are we participating in the revitalization of a historic neighbourhood, we are also helping to create some 100 jobs. These are benefits that will have an impact on the entire Québec economy."
Martin Raymond
Senior Vice-President, Real Estate Investments,
Fonds immobilier de solidarité FTQ

"This project is very promising for downtown Sherbrooke and meets a very specific housing need. We are delighted to team up with Immeubles Must Urbain, which is already well established in the municipality, to further stimulate our regional economy."
Charles Lahaye
Regional Vice-President, Fonds régionaux de solidarité FTQ – Estrie

The new city council has expressed a desire to build a city on a human scale. The challenge of revitalizing the downtown core is to create more than just housing. We want to create homes and a vibrant, quality living environment. People are attracted to dense city living when it offers services and amenities, as will be the case for Le Wellington."
Raïs Kibonge
Acting Mayor, City of Sherbrooke

Project overview:

  • 7-storey building with 68 apartments

  • Rooftop terrace and gym

  • Storage space and bike racks

  • Elevator

  • Apartments: studios, 3½ and 4½, all with a balcony, air conditioning, IKEA closet, Internet and indoor parking

  • Three rental formulas: with appliances, without appliances and all-inclusive (furniture and utilities)

  • 2,300-ft2 commercial area on the ground floor

Location:

  • 81-83 Wellington Sud, in the heart of downtown Sherbrooke

  • Close to all services, including many trendy restaurants and bistros, grocery stores and a pharmacy, an SAQ, a movie theatre, performance halls and a hospital

  • Several bus stops and bike paths located near the building

About Immeubles Must Urbain

Founded in 2012 by Philippe Dusseault, Immeubles Must Urbain buys, builds and manages commercial properties. The company offers high-quality apartments and premises with a modern urban design in different price ranges. It strives to blend the past, present and future, creating living environments that reflect the history of the building or neighbourhood. The downtown area is also conducive to integrating the live-work-play concept to which the company adheres. Immeubles Must Urbain owns 13 buildings in Sherbrooke with a total of 64,000 square feet of office space and 124 residential units, as well as two projects under development downtown, including Le Wellington.

About the Fonds immobilier de solidarité FTQ

Created in 1991, the Fonds immobilier de solidarité FTQ helps drive economic growth and employment in Québec by strategically investing in profitable and socially responsible real estate projects in partnership with other industry leaders. The Fonds immobilier backs mixed-use, residential, office, commercial, institutional and industrial projects of all sizes across Québec. As at December 31, 2021, the Fonds immobilier had 54 projects worth $4.9 billion in development or construction that will create some 40,000 jobs, along with 84 portfolio properties under management, 1.8 million square feet of land for development and $146 million allocated to affordable, social and community housing. The Fonds immobilier is a member of the Canada Green Building Council — Québec division.

About the Fonds régionaux de solidarité FTQ

A part of the Fonds de solidarité FTQ network, the Fonds régionaux de solidarité FTQ help further regional economic development in Québec by channelling the savings of 734,580 Quebecers into local investments. The Fonds régionaux have invested $1.15 billion in 1,500 companies since their inception in 1996, supporting nearly 55,500 jobs.

SOURCE Fonds immobilier de solidarité FTQ

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