A mega-million dollar condo/office project planned for Old Montreal has fallen through.
The Univers project estimated at $350-million dollars would have seen as many as 45 storeys, with offices, commercial space and condos selling between $150,000 and $5-million, located at University and St-Jacques. Developer DevMcGill unveiled the project in August of last year along with partners Le Mouvement Desjardins and Magil Laurentienne who own the vacant land.
But DevMcGill president Stéphane Côté said his partners pulled out, one asking what he calls an unrealistic price for the land.
"Which put too much pressure on the project to have that crazy, crazy price so this is when everything came to a halt," Côté told CJAD 800 News.
"Today, would you put up that project today in that busy market? It also depends on the price of land and this is where it kind of got out of control and this is what put everything on hold."
One of the partners also got cold feet in the face of the oversaturated condo market. Terry Kilakos, CJAD contributor and chartered mortgage broker with North East Mortgages, said he's not surprised.
"There's so much inventory and I just don't think there's enough purchasers right now that can warrant a project like this," Kilakos said.
"A lot of lenders are starting to be very reluctant as to whether or not they should be pursuing these condos."