Yclass Magazine
An Expanding Icon
Montreal’s downtown core will be experiencing a significant change in the realm of high-end luxury within the next couple years. Expected to be completed by 2017-2018, iconic luxury department store Ogilvy will be undergoing a substantial transformation that will not only expand the current department store to over 220,000 sq ft., but will also see the addition of an adjacent mixed luxury use tower that will span approximately 20 storeys.
The Selfridges Group Limited (who owns both Ogilvy and Holt Renfrew), have decided that the expansion of the Ogilvy will see the closure of the iconic Holt Renfrew department store on Sherbrooke Street which will be merged within the expanding Ogilvy location. Their goal is to form one large luxurious super department store that will be the epicentre for the Montreal luxury retail market.
Quebec-based property development and management company Carbonleo Real Estate Inc. will be responsible for the construction of the adjacent tower spanning 20 storeys. The new complex that will have direct access to the Ogilvy project will be home to luxury retail space, a soon to be determined five-star hotel, and 75 luxury condos that will have a starting price of $5 million.
The total cost for this combined luxury retail project will be upwards of $400 million which represents a significant amount of funds and change that the Montreal core so desperately needs. The ongoing shift in consumer behavior has led to an increased amount of vacant retail space in the Montreal downtown core. Despite this, Montreal luxury retail is on the rise with Saks 5th Avenue announcing that a Montreal flagship store will be built within the iconic Hudson’s Bay location which is close proximity to the new Ogilvy project.
It will be exciting to see the change of Montreal’s downtown core in the years to come. We are hopeful that more upscale projects will be constructed in the near future that will not only benefit the citizens of the city, but will lead to economic growth for Canada’s second largest city.
By Johnathan Rothman