(Project Acceleration)
Collaborating with Province and City to support development studies
Studies explore redeveloping disused land and potential for sustainable neighbourhood.
Fast facts
The CIB is providing Project Accelerator funding towards the studies necessary to determine options of redeveloping the Namur-Hippodrome area in Montreal for future housing units.
Groupe d’accélération pour l’optimisation du projet de l’hippodrome (GALOPH), a working group created by the City and Province, is undertaking a Phase 2 project study. GALOPH’s team will begin work to determine efficient ways of delivering public transportation, power, water; how to best deliver an eco-friendly project; and ensure proper integration to existing subterranean infrastructure.
The land redevelopment review is part of the city’s housing plan and will determine the best path forward to enable more than 10,000 affordable or below-market units near the city’s core. The delivery of these critical housing units is consistent with the CIB’s Infrastructure for Housing Initiative.
Completion of the studies will provide the initial due diligence necessary for the CIB to begin its investment review process towards the broader project, which is required for the CIB to make any final investment decision.
Benefits of CIB involvement
Large infrastructure projects take many years to plan and develop and are often delayed due to limited availability of development funding. The CIB’s accelerator funding will be used to expedite project assessment work to ensure project planning moves forward.
The CIB will provide one third of the eligible costs of the studies up to $2 million.
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