The transformation of Fleur de Lys, which is underway, costs $750 million.
Investissement Québec will contribute $43 million to the transformation of the Fleur de Lys shopping center in the Vanier borough of Québec. In its new version, the site will include stores, but also housing, offices and a university campus.
François Des Rosiers, full professor in the Department of Finance, Insurance and Real Estate at Laval University, recognizes that it is rare to see the government invest in real estate projects, but there have been precedents, he recalls, citing for example the Angus factories in Montreal.
In this case in Quebec, it is much more than a simple renovation of a shopping center. It is a reconversion, a complete revitalization of the sector which has been expected for a very long time, for decades, he underlines.
François Des Rosiers assumes that these 43 million dollars were granted under conditions, in return for certain aspects of the requalification of the sector which might not have been done otherwise.
The government is involved in this project because it sees significant economic, social and urban benefits, considers the academic.
The Fleur de Lys revitalization project is valued at $750 million. It illustrates a current reality: shopping centers are increasingly shunned by consumers, therefore less busy and consequently less profitable.
A phenomenon that is also observed in the United States. United States.
Shopping centers are a sector in full transformation, a sector that has been biting the dust since e-commerce has developed. So way before the pandemic, and the pandemic didn't help. Several shopping centers then think of reconversions, points out the titular professor.
According to Érick Rivard, the architect of the project, once the transformation of the site is completed, Fleur de Lys will be visited every day by 30,000 or even 40,000 people: residents, workers, students and customers.
Interview with François Des Rosiers on government investments in Fleur de Lys on the show Première Heure, Thursday morning