|Image: Ivanhoe Cambridge [Image link]|
Downtown Montreal's iconic Place Ville Marie will see a $100 million renovation, including substantial improvements to its retail component. Its landlord, Ivanhoe Cambridge, plans to make more investments in its other downtown Montreal retail properties as well.
Ivanhoe Cambridge purchased Alberta Investment Management Corp.'s 50% share in Place Ville Marie as part of a transaction valued at more than $400 million. More details are provided in this press release.
Place Ville Marie includes 186,151 square feet of retail space. It was built in 1962 and was last renovated in 2006. It has about 75 tenants and is part of Montreal's vast "Underground City".
|Place Ville Marie's current retail plan|
Ivanhoe Cambridge is expected to further renovate its downtown Montreal real estate holdings including Complex Les Ailes, Place Montreal Trust and the Montreal Eaton Centre. These announcements will likely come in September or October, according to a source at Ivanhoe Cambridge.
|Holt Renfrew, Place Ville Marie, 1976. [Image Source]|
Interestingly, Holt Renfrew once had two smaller locations within Montreal's Place Ville Marie (see image above). One was for women and the other for men.
[Ivanhoe Cambridge website]
[Place Ville Marie website]