Construction of 168 affordable student apartments in downtown Montreal
Posted October 25, 2024 12:08 pm.
Last Updated October 25, 2024 12:19 pm.
There will be 168 new affordable student apartments in downtown Montreal – with the construction of Le Méridien. And the very first cohort of tenants is scheduled to move in for the start of the 2026 school year.
The project was initiated by McGill student body, in collaboration with L’UTILE and priority will be given to McGill University students for the units – with a focus on low-income students.
The 13-storey building, located at the corner of Ontario Street and Saint-Laurent Blvd., will accommodate around 280 students. It includes social and study spaces, a rooftop terrace and bicycle parking.
The Government of Canada, the City of Montreal, L’UTILE and its financial partners made the announcement on Friday.
Le Méridien was made possible by a $46.8 million investment from the Canada Mortgage and Housing Corporation’s (CMHC) Affordable Housing Fund (AHF), and a $6.3 million contribution from the City of Montreal, for a total investment of $53.1 million. A $1.5 million donation by the McGill University Student Association (MUSA) to the Fonds communautaire de logement étudiant (CLÉ Fund) also contributed to the project’s development. The project also received a $9 million loan from the Fonds immobilier de solidarité FTQ, which helped finance the purchase of the land.
“These student housing units add to the range of initiatives currently being developed in the heart of the Latin Quarter, and will contribute directly to its vitality. Thanks to this project, we’ll be able to house more students in safe conditions, close to shops, services and university institutions, reinforcing Montreal’s status as one of North America’s top university cities,” said Valérie Plante, Mayor of Montreal.
