The Griffintown real estate market is currently red hot, with noting its particular appeal for young couples and professionals, explaining the boom in condo construction. Several high-rise condo projects are currently under construction, and the area’s real estate boom isn’t expected to cool off any time soon.
Is it good for everyone?
While the increase in construction will be good for the market, some small business owners in the neighbourhood aren’t thrilled with the situation. They argue that the non-stop construction endangers their businesses. A report by revealed that some businesses have been complaining of shrinking clientele due to things like endless detours, road closures, and most concerning of all, a lack of parking space.
Why is the parking situation so dire?
One of the big issues affecting Griffintown is the fact that the area has no parking lots. Residents pay for city parking, which leaves very few spots available for customers who live outside the borough. A lack of parking is a serious handicap for the Griffintown’s restaurants and studios. The problem is only exacerbated by the high level of construction, especially, as noted in the report, with work on William Street due to happen this summer.
Ripped-up roads in front of their businesses
The report quotes several restaurant owners, who say the city has denied them permits to operate terraces throughout the summer due to construction. Other shop owners are relying on word of mouth from their clientele to get them through the lean months ahead, especially with torn up streets a big eyesore that, in some cases, are right in front of their establishments.
What does this mean for Griffintown real estate?
Despite the complaints of business-owners, construction is poised to continue throughout the summer, with the area so hot that neighbouring Pointe-St-Charles has been ear-marked as the future site of a proposed baseball stadium, should major league baseball return to the city. This will no doubt make the already trendy neighbourhood even more of real estate hot spot. While business-owners are indeed up for a few difficult months ahead, the Global report notes that some remain optimistic, as Montrealers are very used to construction and the inconveniences that come with it.