Since the commencement of operations in 1997, the company pursued an aggressive growth strategy, expanding its portfolio of income producing properties to include over 17,000 residential units and approximately 6.2 million square feet of commercial space.
Growth in Residential and Commercial
Elad Canada’s residential holdings were spread across the provinces of Ontario and Quebec, mainly concentrated in the GTA and Montreal. Ontario holdings were approximately 9,300 residential rental units, with holdings in Quebec being around 7,700 residential rental units.
Elad Canada’s commercial holdings were spread across the provinces of Ontario, Quebec and Nova Scotia, with 1.1 million square feet, 4.8 million square feet and 0.3 million square feet, respectively, amounting to total holdings of approximately 6.2 million square feet. Among the various types of commercial properties, Elad Canada provided asset management services for approximately 2.9 million square feet of Retail, 1.9 million square feet of Office and 1.4 million square feet of Industrial space.
The company analyzed each site in order to uncover hidden development opportunities and maximize the potential of each property. The results of these analyses gave way to amazing projects, such as the conversion of the two residential towers at Westmount Square into co-op units, the development of the Cite Nature condominiums near the Olympic Village pyramids, the redevelopment of the historic Le Nordelec in Montreal, and the development of Emerald City, a master planned community in Parkway Forest, Toronto.
Westmount Square Co-Op Units Conversion
The Westmount Square complex was acquired in 2001. Comprised of two residential and two commercial towers that stand on top of an underground retail centre, Westmount Square is one of the most recognizable landmarks in Montreal.
In 2004 a decision was made to convert the two residential towers from rental apartments into co-op units, giving tenants and investors the opportunity to own a piece of Montreal’s most prestigious address. The project became an overnight sensation, generating much anticipated interest in the vibrant Westmount community.
Cité Nature Condominiums by Olympic Village
Integrating Charm with History
The company acquired The Olympic Village pyramids and development lands in 2004. Comprised of a twin-tower structure, The Olympic Village was built as a residence for the athletes of the 1976 Summer Olympics and it has since become one of Montreal’s most recognizable landmarks.
While the existing rentals at The Olympic Village were sold in 2012, the adjacent development lands were retained. The vacant lands have since become the site for the successful development of Cite Nature Condominiums, offering owners unparalleled views of nature with all the conveniences of city living.
Emerald City by Parkway Forest
Master-Planned, Masterfully Built
The site of the Parkway Forest residential apartment buildings was acquired in 2004. The buildings covered approximately 35 acres across from the Fairview Mall, at the strategic intersection of major roads (Sheppard and Don Mills).
The Parkway Forest apartment buildings were sold in 2012, after severing excess lands throughout the project. The largest parcels, located on the South-East corner of the Sheppard and Don Mills intersection, have since become the site for Emerald City condominiums and Elad Canada’s largest envisioned development project to date.
History in the Making
Le Nordelec was acquired in 2004 from the Société de développement de Montréal (SDM). Le Nordelec building was comprised of mixed use space for office and industrial use and it has since been further transformed to include residential and retail components.
Inspired by the unique historic architecture of the building, Nordelec Developments decided to capitalize on the unique potential the building offered for residential use by converting the top three floors of the first wing into condominiums. Featuring high ceilings and brick walls, the project was a favorite among owners and investors. Following the success of the first residential project, Nordelec Developments proceeded to build a brand new condominium tower next to the second wing of the building, as well as new retail space facing St. Patrick street.
Drawing on Elad Group’s experience with the revitalization of historical buildings, Nordelec Developments has been able to seamlessly integrate the old with the new, creating a vibrant and balanced community of businesses, services and residences.