Eeyou, JHD to Offer $400M for Downtown Montreal Hudson’s Bay Store

Eeyou, JHD to Offer $400M for Downtown Montreal Hudson’s Bay Store
News| September 19, 2025| Monte Stewart
Canada + Apartment Buildings

The James Bay Eeyou Corporation and JHD Immobilier plan to bid $400 million to acquire the historic former Hudson’s Bay store building in downtown Montreal, with a vision to transform the landmark into a museum and cultural hub celebrating Cree heritage.

The property is located at at 585 Sainte-Catherine Street West. It is held in a joint-venture between RioCan REIT and the Bay, which is going through creditor protection as three-and-a-half-century-old building winds down. RioCan put the JV into receivership this year due to the Bay’s unpaid bills. Some of the JV’s 12 assets have been shed due to unclaimed leases, while others are in the process of being sold pending court approval.

The Montreal store’s redevelopment would include a museum dedicated to the fur trade, an Indigenous cultural centre, experiential spaces, retail showcases, mixed-use facilities, and a hotel.

“This building represents much more than a commercial acquisition; it embodies over 350 years of shared history between our people and the Hudson’s Bay Company,” said Henry Gull, president of the James Bay Eeyou Corporation. “We see this project as a way to give the building new life while preserving its soul.”

If a sale goes through the project would open in 2029, if the city grants zoning approval.

“We return today not to trade furs, but to reclaim a place that our ancestors never left in their hearts,” said Gul.

The partners said they intend to collaborate with all three levels of government to establish the redevelopment as a model of nation-to-nation partnership.

“This initiative reflects our values of urban development and heritage preservation,” said Julien Hamel-Doyon, president of JHD Real Estate. “It ensures the economic and cultural sustainability of this site while bringing new life to downtown Montreal.”

JHD is a Canadian developer known for large-scale urban projects that emphasize mixed uses and the renewal of historic buildings.

The James Bay Eeyou Corporation, founded in 1986, manages business and investment ventures for the Cree of northern Quebec, with a focus on strengthening the community’s role in regional and national economic development.

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