Montreal’s 220,000 square foot Ogilvy/Holt Renfrew will boast an adjacent 75 affluent households who won’t have to leave the indoors to shop in its store. The tower development will feature luxury condos as well as 50,000 square feet of retail and a five-star hotel, with a total cost estimated at about $400 million.
If everything goes as planned, the new Ogilvy/Holt Renfrew will open at the end of 2017, according to the Montreal Gazette. Holt Renfrew will reveal further details on the new 220,000 luxury store within the next few weeks, including details pertaining to its branding. Holt Renfrew initially announced that the store’s name will be Ogilvy, part of the Holt Renfrew & Co. collection.
A further 50,000 square feet of retail space will be included in the project, with connections on several levels to Ogilvy/Holt’s. Some are already speculating that Eataly could locate on the premises, as Ogilvy/Holt Renfrew parent company Selfridge’s Group is said to be bringing the Italian food concept to Canada, beginning with a Toronto location within close proximity to Holt Renfrew’s Bloor Street flagship. Other sources contradict the above, saying that the Montreal space is very unlikely to become Eataly. We must therefore clarify that Eataly is currently only a rumour for the new Montreal project.
A five-star hotel will locate immediately above the new retail space, boasting a 400-person ballroom. The entire project is being developed by Montreal-based Carbonleo, which is also looking to build a 3-million square foot mega-mall north of downtown Montreal. Including the cost of land, Carbonleo estimates the entire project’s cost to be $400-million.
Luxury condominiums will begin on the 12th floor of the tower located above the hotel. Featuring 11 foot ceilings, condominium units will span approximately 3,500 square feet and at an estimated $1,400 per square foot, will cost an average of $5-million. These will be among the priciest condominiums in Montreal, along with the nearby luxury residences at the Ritz Carlton.
Ogilvy/Holt’s will compete with luxury department store Saks Fifth Avenue, which announced plans to open at least one Montreal location. Sources at parent company Hudson’s Bay Company won’t confirm any Montreal Saks locations, though many speculate that Saks could land at Cadillac Fairview-owned Carrefour Laval.
We’ll update you when Holt Renfrew provides further information on its new Ogilvy/Holt Renfrew store.
Today’s Retail News From Around The Web: March 9, 2015
