Montreal real estate: Phase 1 of Wilderton Centre revitalization underway!

The worn-out 1960s-era Wilderton Shopping Centre in Côte-des-Neiges will soon be replaced by a new mixed-use residential and retail hub inspired by similar mall revitalization projects in Toronto and Vancouver.

According to Emeka Mayes, First Capital Realty vice-president of investments, it’s all part of a nationwide trend to inject energy into underperforming malls by maximizing land value by building up instead of out, and replacing oceans of asphalt with more pedestrian-friendly streetscapes.

Mayes said although First Capital was founded in Montreal, it is better known for ambitious mixed-use developments in the Toronto area such as Liberty Village and Yorkville. Now the company is turning its attention back home, she said.

The company recently acquired three new buildings in Griffintown and is planning to develop a long-held property in Brossard next year near the future REM train station. It has also developed the mixed-use Carré Lucerne in Town of Mount Royal.

“It’s a really exciting time. We’re seeing Montreal’s turn to shine. You’ve got great job growth, low unemployment, spending in infrastructure and housing,” she said. “I feel we’re lucky that we’ve been sitting on this amazing portfolio of assets, and now we’re primed to take advantage of that opportunity.”

When complete, the new Wilderton Centre will include 500,000 square feet of housing units, including 300 units of seniors housing to be operated by Groupe Maurice, above more than 150,000 square feet of retail. The property is located on Van Horne Ave., between Darlington and Wilderton Aves.

Luc Fortin, First Capital’s vice-president of development in Eastern Canada, said it’s a mistake to assume the new Wilderton project is just a shopping centre with apartments stacked on top.

There’s a reason why there are so many large, mixed-use residential and retail developments under construction in Vancouver, Toronto and, now, Montreal. A well-designed mixed-use development is a kind of force multiplier, which benefits both residents and businesses. Building residential towers adjacent to daily services like grocery stores, daycares and cafés guarantees a steady supply of customers while also improving quality of life for those who prefer to run daily errands on foot.

Dense or densifying neighbourhoods with good or improving demographics have a sense of community, access to public services, nature and local economic activity, Fortin said.

While this style of development is more common in places like Vancouver and Toronto, this is far from the first such project in Montreal. Similar developments are planned around the Fairview mallin Pointe-Claire and proposed for the Royalmount project at Highways 40 and 15.

“We learned that not only the retail benefits from the presence of residential, but even more so, the residential benefits from the presence of retail,” Fortin said.