The Fonds immobilier de solidarité FTQ is investing $66 million in the land of the former Laval drive-in theater, along Highway 15, between boulevards Chomedey and Dagenais Ouest. The goal is to develop an industrial park there. A portion of the land will be reserved for a residential project.
The investor takes a 60% stake in the land with an area of 360,000 square meters. He teams up with well-known promoter Montoni who acquired the land in 2005 with a partner. At the time, Montoni and his acolytes paid $2.5 million for the entire drive-in.
The seller of the shares in Fonds immobilier FTQ is Groupe Jesta, whose CEO is businessman Elliott Aintabi.
Since its sale by Cineplex Odeon in 2005, the drive-in site has been considered, among other things, to receive a Chinese shopping center without this project having been followed up, reported the local press.
“The zoning in place allows for the construction of buildings for light industries, warehousing, distribution centers and wholesale businesses. The zoning also allows for residential subdivision on a portion of the site,” said a statement issued Thursday by the purchaser.
As of December 31, 2022, the Fonds immobilier FTQ had 43 projects in the making or under construction worth $4.8 billion; 65 buildings under asset management and investments of 291 million in social or community projects.