Alta Canada Acquires Former Miséricorde Hospital Site for Major Redev Project

Alta Canada Acquires Former Miséricorde Hospital Site for Major Redev Project
News| June 9, 2025| Monte Stewart
Canada + Apartment Buildings

Alta Canada has acquired the historic former Miséricorde hospital site in downtown Montreal and plans to redevelop the property.

The company announced the deal on LinkedIn.

If all goes according to plan, the major multi-phase project will bring an entire city block back to life.

The long-abandoned property was purchased from the Quebec government through its Société québécoise des infrastructures (SQI), according to a published report.

Financial terms were not disclosed.

Alta’s first development at the site will be a 30-plus-storey rental-housing tower, the report states.

“We are looking forward to partaking in the much anticipated development of the eastern part of downtown Montreal,” said the company in the post.

The former hospital’s redevelopment has been in the works for a number of years. Alta’s proposed acquisition and general development intentions were known previously, but the company did not announce the deal until now.

The redevelopment site is located at 840-890 René Lévesque Boulevard East.

Built between 1853 and 1940, the former healthcare facility was last used as a long-term care home before closing in 2012, the report states.

Alta is led by 30-year-old Principal Richard Geller. Headquartered in Montreal, Alta provides commercial property development and management services across the region.

Geller told his interviewer for the published report that Alta hopes to complete the permitting process within the next three months.

In September 2024, CoStar reported that Alta stepped up to redevelop the former hospital after some investors shied away due to concerns about red tape and other issues.

Pictured: The historic former Miséricorde hospital site in downtown Montreal.

Photo: Philippe Du Berger/National Historic Trust for Canada

Other News

Multifamily Refinancing Squeeze: 41% Higher Costs, $6.8B Equity Gap

Apartment Buildings

Multifamily owners with loans coming due are faced with higher refinancing costs. While this isn’t news, Newmark put numbers to the issue, indicating that loans maturing in Q3 2026 carried an average interest rate of 4.04%, compared to 5.69% on new loans at an average cap rate of 5.5%, resulting in negative leverage. At the...

Learn more

Mortgage Rates Tilt Demand Toward Multifamily: Marcus & Millichap

Apartment Buildings

An increase in mortgage rates is cooling home sales, with multifamily the biggest beneficiary, according to John Chang, senior vice president at Marcus & Millichap. In a recent video, Chang said that the 10-year Treasury has risen by more than 100 basis points, and the 30-year mortgage rate is up about 130 bps to the...

Learn more

Revere, MA Weighs 1,700-Unit Housing Project

Boston & New England + Apartment Buildings

The city of Revere is eying a large redevelopment plan that would create 1,700 new affordable and market-rate homes about five miles northeast of downtown Boston. The Revere Housing Authority presented a proposal to the Revere City Council last week requesting a zoning change that would allow for development on a 40-acre site at Cooledge...

Learn more
New call-to-action

Brokers

View All

Lenders

View All

Management

View All
Login
or
Sign up