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The LO Grothe is a Loft
building originally built in 1917 but converted into Lofts
with a condo building annex and full underground parking in
1983.
When the LO Grothe at 2004 St Laurent was
originally converted in the 1980's, Quebec was going through
the middle of its 'Quiet Revolution', the province had just
had its first referendum with all the economic and social
chaos that came with that, and St Laurent Street (otherwise
known as the 'Main') was in the very heart of Montreal's red
light district. In fact it wasn't until 2002-03 when the
Loft St James was completed on the other side of the
Place des Arts, that the now well known 'gentrification'
phenomenon started gradually pushing the red light district
away from the West side of the Place des Arts. By 2010, most
of the land west of the Place des Arts had found new tenants
such as
Le Concorde and the
Louis Boheme as well as several smaller projects. All
that was left was to go East on the other side of the
square. The old SLEB project was purchased and finally
completed as the Lofts des Arts, a luxury loft building in
2013 which is right next to the LO Grothe. Now several new
projects are being built and a new public square will be
finished in 2019 between St Catherine's and De Maisonneuve
Boulevard. The whole area will look very well finished off
and already looks more up market than any surrounding
neighbourhood.
If you're wondering why all of this is
important, its because the LO Grothe does not have all the
ostentatious design and amenities that come with most modern
constructions these days so its important to esablish
context before setting a value as the history of this
building is what makes it such a good purchase today.
Its industrial turn-of-the-century facade makes it
almost invulnerable to ageing, it is located in the only
part of the city that is left to gentrify. Last but not
least, it is a concrete building with high ceilings which
currently resells at between $300 and $350 per square foot.
Paying this little for an authentic loft style building is
outstanding value for money. Even after a full renovation,
the total cost will be just over half of the cost of a new
construction and with much more potential for an increase in
value.
PROS: Great investment
potential, impervious to ageing, gentrifying area, rooftop
terrace with views of the entire area, near McGill, UQAM,
the Latin Quarter and all the summer festivals. Just two
mintes walk from either St Laurent or Place des Arts subway
stations and the Montreal Symphonic Orchestra building.
CONS:
Many older units which are livable but where serious
modernising would be desirable. Neighbourhood is undergoing
a lot of new construction and still a little bohemian for
some. the LO Grothe lacks the amenities of many other
buildings. It should be noted that there are extensive
public facilities within minutes walk of the building. |
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