As the STM digs into its real estate 'gold mine,' what's next for Le Boulevard mall?
Montreal's transit authority has big real estate ambitions, thanks to new legislation
It's the holiday season at Le Boulevard Shopping Centre in Saint-Léonard, but Abdel Benjaafar isn't seeing a surge of sales at his shop, Chaussures Mirna.
Still, he says the mall is slowly improving, despite the ongoing construction for the Metro's Blue Line extension taking up much of the parking lot.
"When the Metro will be open, it will probably be even better than before. Hopefully, we can survive until that moment arrives," he said.
When it does, a second sizeable development may also be underway.
Montreal's transit authority, the Société de transport de Montréal (STM), owns the mall and is considering a major residential and commercial development on the site.
Funding public transit through private projects
This fall, the Quebec government adopted Bill 61, which allows public transit agencies to develop their real estate holdings through partnerships with private developers — provided the money is reinvested into public transit.
"If we look at the existing Metro network here in Montreal, it's a gold mine," said Maha Clour, the head of the STM's Blue line extension project and the general director of its private subsidiary, Transgesco.
The STM would invest no public money in the projects to come. Instead, Transgesco would partner with developers to build on STM land, generating recurring revenue for the transit agency.
It says the use of a private subsidiary will help insulate the agency from the problems that critics have flagged with public-private partnerships.
"Our aim is to build transit-oriented communities" said Clour, who added that one project in development could add 500 residential units to the future site of the Metro Blue line stop at Lacordaire Boulevard and Jean-Talon Street.
What are the implications for Montreal's housing market?
Some people familiar with Montreal's housing needs see potential in the STM and Transgesco's plans, with the province's urban planning association applauding the concepts in Bill 61.
"Any new housing in the middle of a housing crisis is a good thing," said David Alfaro-Clark, a public and governmental affairs officer with the Ordre des urbanistes du Québec.
"There will be work to be done to make sure all the services are there to meet the needs of an increased population."
Others say the STM and Transgesco should focus on building affordable and social housing.
"If we want a city for all, including low-income people, then we need to reserve some of that beautiful real estate, in proximity to Metro stations, for those people," said Jason Prince, an urban planner and co-editor of the book A Citizen's Guide to City Politics.
The vision for the road ahead
Clour said projects proposed by Transgesco will abide by the City of Montreal's bylaw regarding social and affordable housing units in new developments.
In a statement, the City of Montreal said it would ensure all projects respond to the city's housing needs.
At Le Boulevard mall, retail services will be maintained regardless of what project proposals Transgesco receives in 2025.
"We know Le Boulevard is a landmark here in the community. Ever since we became owners in 2021, we feel there is a very strong community bond here," said Clour.
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