real estate | “The DIX30 is ready to evolve”

Project promoter Carbonleo plans to add 4,000 residential units over the coming years

Posted at 6:00 am

Andre Dubuc

Andre Dubuc
The press

The real estate group building the controversial Royalmount project in Mount Royal is regaining control of the popular “lifestyle” mall on Montreal’s south coast. The aim is to expand the DIX30 by 4,000 residential units in the coming years.

As mentioned The press On April 28, Carbonleo, with the support of its Quebec partners, purchased the interest held by Oxford while also taking over management of the property. The transaction was announced on Thursday morning. Terms were not disclosed.

“DIX30 is a property that is just over 15 years old and ripe to evolve and adapt to today’s realities,” said Nicolas Désourdy, one of Carbonleo’s three partners, on the phone with Andrew Lutfy and Claude Marcotte. Mr Désourdy is a descendant of the famous family that built the town of Bromont.

Betting on the REM

“It is our intention to capitalize on the arrival of the REM [Réseau express métropolitain] and turn the property into a POD project [pedestrian-oriented development] ‘ the senior vice president continues.

The aim is to convert the huge property with 276 shops and restaurants and 10,000 parking spaces into a POD complex, ie a sector whose development focuses on pedestrian accessibility.

Photo courtesy of Carbonleo

Nicolas Désourdy, Partner and Senior Vice President at Carbonleo

The DIX30 will create more space for offices and above all for more living space. The goal is to add 4,000 residential units within 5 to 10 years. Carbonleo is in discussions with the City of Brossard regarding the DIX30 2.0. The company wants to be able to publicly announce its vision within 12 to 18 months.

Talks are still in their infancy, Carbonleo says. The first echoes from the city are rather positive, we are assured.

But it’s not automatic. In Pointe-Claire, the owner of the Fairview Pointe-Claire Center and the city are at odds over the conversion of an unused parking lot near the future REM station. Cadillac Fairview wants to build a multi-purpose real estate project there with a residential component. The city doesn’t want to know.

Impact on retail

Whatever the case, this major transformation will have an impact on retailers in the DIX30 and on the commercial tenant mix. Recently, DIX30 refused to renew the lease of the La Cage restaurant – Sportbrasserie, opening the door to densification of the site with the addition of apartment buildings. The facility will cross Highway 10 to locate at Solar. The opening is planned for autumn.

DIX30’s commercial activities are going well, assures Mr. Désourdy. Most shops have their own entrance from the street or parking lot. They’ve done well during the pandemic. Sales for April 2022 are 11% higher than April 2019, states Mr Désourdy to support his statements.

“2021 was our record year for office rents,” he adds. The fad of remote work has given a boost to satellite offices in the suburbs.

Photo David Boily, LA PRESSE archive

District DIX30

Oxford, a real estate subsidiary of the Ontario Municipal Employees Retirement Fund, acquired half of Quartier DIX30’s shares in 2014 for a price not disclosed at the time. This is another Quebec asset sale for this owner, who has sold its last two office towers in downtown Montreal in recent years.

Built on a plot of 850,000 m⁠2 (9.15 million square feet) the DIX30 has 260,000 m⁠2 (2.8 million square feet) of rental space. There are 316 tenants, including 46 office users, 205 shops and 65 restaurants. The center also has 10,000 parking spaces, including 3,500 covered spaces. More than 24 million visitors come here every year.

Carbonleo was born in 2012.

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