Saturday, 1 December 2007

Île Charron: Deal Is off, But How Much Is the Land Worth?

It looks like a condo development on the Ile Charron in the middle of the St. Lawrence south of Montreal is off—and some interesting questions arise as to what the would-be developer actually paid a fortune for the 20.6 hectares next to a provincial park.

In a short press release on Friday, Le Groupe Cholette announced that it is withdrawing from the agreement in principle it had with Luc Poirier, who had bought the land for $6 million about a year ago. Poirier talked grandly of selling the land in question to the group for $130 million, and of eco-friendly highrises he and the group would build there. The response from citizens was quick: a petition with 20,000 signatures protesting the development prompted the provincial government to put a development freeze on the land in mid-November. According to Le Devoir, Michel Cholette, president of the group, said in the press release that he has no intention of building a residential development amid such controversy.

No mention of sale prices was made, apparently.

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