After years of monopolizing the subterranean real estate market in Montreal, the Société de transport de Montréal (STM) has decided to venture above ground for the first time in its history, with a bold move into traditional real estate development. Beginning with its plans for a four-structure mixed-use development to be built upon a former STM-owned commuter lot, the transit authority is keen to ensure that its first foray into real estate sets the stage for future projects further down the line.

Mixed-use development to be completed by STM, image via Architectes Lemay

In desparate need of additional revenue, STM's real estate venture will more than likely go a long way towards helping secure a new source of cashflow for the Montreal Metro, which will be used towards repairs, maintenance, and expansion. The land itself will be sold to partner Cosoltec Inc. for $5.35 million, and in return STM will retain ownership of the two-storey, 25,700 square-foot office space as pictured in the above rendering. 

Courtyard, STM development, image via Architectes Lemay

A pioneer among Canadian transit agencies in terms of venturing into real estate, STM will hopefully spark a change for good in this country. Viewed above and below, the plans call for a four-building complex that will consist of 298 residential units, spilt up into 60 subsidized apartments, 109 affordable condos, and 129 market-price condos. 

Mixed-use STM development, alternate angle, image via Architectes Lemay

To be built in the downtown east end, above Frontenac Métro, the complex will replace the station's former parking capacity with space for 213 cars and 175 bikes, with plenty of room left over in the middle of the development for green space and other amenities. Construction is slated to begin next year, with delivery set for 2021.

SkyriseCities will be sure to return to this project as progress continues. For more information, check out the associated Database file and Forum thread, and as always, feel free to join the conversation in the comments section below.