An ambitious requalification project for the former Royal Victoria Hospital in Montreal could transform a portion of the historic site into a World-Class Interuniversity City.
This initiative, aimed at solidifying Montreal's reputation as one of the best student cities globally, is supported by the Quebec government and is the subject of a crucial feasibility study entrusted to the Caisse de dépôt et placement du Québec (CDPQ).
The Quebec government has mandated the Caisse de dépôt et placement du Québec (CDPQ), through its real estate subsidiary Ivanhoé Cambridge, to conduct a feasibility analysis regarding the conversion of six buildings on the former Royal Victoria Hospital site into an Interuniversity City.
The goal is to create a significant supply of student housing (potentially close to 1,000 units), as well as local shops and services.
This project is unfolding in parallel with McGill University's "New Vic" project on another section of the site, which represents a major investment in teaching and research infrastructure.
The CDPQ's analysis (via Ivanhoé Cambridge), launched in June 2023, is expected to result in the presentation of solution scenarios in early 2025.
The Feasibility Study Entrusted to the CDPQ
The Quebec government, eager to address the student housing shortage and enhance Montreal's international appeal, concluded an agreement in principle with the Caisse de dépôt et placement du Québec (CDPQ) in June 2023.
The mandate given to the CDPQ, through its real estate subsidiary Ivanhoé Cambridge, involves conducting an in-depth feasibility analysis for the conversion of six surplus and vacant buildings of the former Royal Victoria Hospital into an Interuniversity City.
Key Facts about the CDPQ Mandate:
Scope: The study specifically targets six buildings (covering approximately 57,000 m² of built space out of the 75,000 m² of surplus space) for the creation of an interuniversity city.
Objectives: To develop a world-class university city primarily including student residences (potentially close to 1,000 units) and associated services, while respecting the built heritage and the Mount Royal Heritage Site.
Timeline: The feasibility analysis is scheduled from July 2023 to January 2025, with a presentation of solution scenarios in early 2025 and a decision on the project's realization later in 2025.
McGill University's "New Vic" Project
The University City proposed by the government and the CDPQ complements another major project on the Royal Victoria site, led by McGill University and named the "New Vic".
This project aims to requalify another portion of the buildings for teaching and research purposes.
Key Facts about the New Vic Project:
Project Nature: Restoration and redevelopment of three heritage buildings and replacement of three others with new construction, adding nearly 49,185 m² of teaching and research space. It also includes greening the land and improving public access to Mount Royal.
Allocated Budget: The total cost of the New Vic project is estimated at $870.0 million (M$). The Quebec government's contribution amounts to $620.0 M$, with partners contributing $250.0 M$.
Execution and Deadline: The project was authorized at the "In Execution" stage in June 2022, and its full commissioning is scheduled for December 2028.
Achievements and Post-Mandate Projects
Currently, the CDPQ's mandate through Ivanhoé Cambridge is in progress, and the feasibility study for the University City is the main step.
Therefore, there are no "achievements" directly resulting from this specific mandate yet, but rather planned next steps:
Analysis and Consultation (July 2023 - January 2025): Ivanhoé Cambridge conducts the study, including consultation with stakeholders (universities, the City of Montreal, etc.).
Presentation of Scenarios (Early 2025): Proposal of one or more solution scenarios to the government.
Decision and Implementation (After 2025): The government will make a decision. If the project is authorized, it will enter its implementation phase.
This dual requalification effort, led by McGill for research and teaching (New Vic) and by the CDPQ for student housing (Interuniversity City), aims to revitalize the entire former hospital site, which has been mostly vacant since 2015, and transform it into a strategic academic and residential hub in the heart of Montreal.