In December 2020, First Capital agreed to monetize its density rights in a portion of its Place Panama development site located in the City of Brossard on Montreal’s south shore – executing on its value enhancing entitlement program. Prior to this, Place Panama property was home to a single 90,000 sf retail shopping centre.

In 2018, First Capital created a master development plan for the 6.2-acre property and successfully rezoned it to permit 1.9 million square feet of mixed-use density, allowing for heights of up to 30 storeys. The master-plan divides the property into three distinct blocks. One of these blocks is being sold as part of this transaction and the remaining blocks will be retained by First Capital. The 3.2 acre block being sold will accommodate 0.9 million square feet of residential, office and retail density. First Capital will retain the right to acquire ownership of the retail component of this phase of the development.

The property is a 10-minute drive to downtown Montreal and benefits from excellent and improving access to public transportation. Directly adjacent to the site will be the first stop on the South Shore of Montreal’s new light rail network (REM), with expected completion in 2022. Additionally, a bus terminal that services most of the south shore is situated directly adjacent to the property. First Capital has retained the balance of the development lands which directly abut the transit hub. While crystallizing the enhanced value of the portion of the development to be sold, the value of these retained lands and their future development potential will be enhanced upon completion of the REM and as development of the 3.2 acre block progresses.