Logisco Launches $60M Quebec Rental Project With New Brand
Logisco is stripping back the amenity race with a $60M Quebec City apartment development aimed at renters who would rather pay less each month than fund pools, gyms and other extras.
The developer has started construction on 193 apartments at 7075 Wilfrid-Hamel Blvd., the first project under its new Elie rental brand. The 10-storey building is scheduled for delivery in summer 2028.
Starting rents are $1,200 a month for a one-bedroom apartment and $1,667 for a two-bedroom, including heating, electricity, hot water, Wi-Fi and air conditioning.
Logisco president Michel Parent told the Journal de Québec that the rental market has become increasingly competitive. He said the company has previously developed buildings with extensive recreational amenities, but those features add costs that Elie is designed to reduce.
In its latest rental market report, CMHC says vacancy rates in newly built Quebec City apartments approached 6%, compared with just 1% for units renting below the market median.
Elie is intended to pare that model back while maintaining building quality and core comforts. The first property will still include two common areas, along with bicycle storage and repair facilities, parcel storage and urban gardens.
The site is near Québec City Jean Lesage International Airport and Logisco’s existing MUSO residential complex and Home2 Suites by Hilton hotel.
Logisco plans to take the Elie concept into other markets, with Parent saying another project on Quebec City’s South Shore is expected to be announced in the coming months.
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Remax Real Estate Professionals
Re/Max Real Estate Professionals
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