Shopping in Griffintown
The commercial offering represents 18% of the Griffintown Project, which is predominantly residential. Some local shops, specialty boutiques and restaurants will be erected on the pedestrian streets to create a unique environment in the heart of downtown Montréal.
Initially, the Project Griffintown contained a larger proportion of businesses but Devimco agreed to reduce the commercial area by 40% at the request of the City of Montréal. As a result, Devimco hopes that any new developer planning to create a commercial real estate project in downtown Montréal will receive the same request from municipal authorities to show that its project would not adversely affect businesses on St. Catherine Street and environs.
A plus for Montréal
A Geocom study commissioned by the City of Montréal, and commented on by Jacques Nantel, HEC Montréal, demonstrates that the commercial impact of the project could be totally positive, even for businesses already operating in the area. In his study, Jacques Nantel noted that among the population residing in downtown Montréal, more than 55% of durable and semi-durable goods are purchased from outside the area. The project will therefore retain consumers in Montréal, especially since the vast majority of the offerings will be complementary. There would even be a price to not carrying out a project like Griffintown because commercial leaks continue to increase.