Now it favours landlords. A tight supply leads to escalating rents and that's what developers have been waiting for. There's been very little construction because the cost of building is high. James Essaris, president of Metropolitan Parking, has taken the measure of the downtown scene and he's ready to make his move. Montreal needs new investment downtown.
People love living there, but what's available is dated.
His building will target an affluent clientele, with 24-hour valet service, five floors of underground parking and a landscaped garden tucked from public view. Two spacious penthouse apartments will be leased on a long-term basis. Essaris is building on the first parking lot he ever owned. In fact, he rented the Stanley St. lot for 20 years before pooling enough money to buy it outright. Leveraging His Property Instead, he's leveraging his property and looking forward to cutting his property-tax bill in half.