Leyad Contributes to Montreal Art Scene with 5655 Rue de Marseille Acquisition

MONTREAL, Feb. 9, 2024 /CNW/ - Leyad, a leader in the Canadian real estate industry, proudly announces its latest acquisition at 5655 Rue de Marseille. Strategically located in Mercier-Hochelaga-Maisonneuve, a burgeoning Montreal borough, Leyad is currently outlining an innovative proposal for its most recent purchase. Rather than maintain the property's original layout as suited for industrial warehousing, Leyad envisions an adaptive reuse of its interior to be transformed into a dynamic hub for local artists and creators.

Following a series of substantial renovations, the building's vacant spaces will be repurposed into individual studios for a wide variety of artistic practices. These studios will also be surrounded by lively communal spaces, in order to foster meaningful collaboration between its users. "By offering affordable rental spaces in an industrial setting, we aim to encourage collaboration, innovation, and community among Montreal's creative talents. The facility will be designed to promote a sense of unity, with shared common areas that inspire interaction and mutual support among artists", says Henry Zavriyev, Leyad's CEO.

Spanning approximately 65,000 square feet of Gross Leasable Area (GLA) and situated on about 2.0 acres of land, this building was originally constructed in 1968 and extensively renovated in 2013. Located just a 2-minute walk from the metro l'Assomption, it offers exceptional accessibility which will allow artists and musicians from around the city to easily reach its facilities by any means of public transportation.

This acquisition marks an important milestone in the company's wider efforts to design spaces that contribute to - and promote - Montreal's vibrant art scene. According to Mr. Zavriyev, "this initiative is more than just an investment in property, it's an investment in Montreal's cultural fabric. By repurposing the industrial space for artistic use, Leyad is dedicated to promoting and empowering the local art scene, providing artists with the resources and environment they need to flourish."

Leyad purchased the building from PROREIT, an industrial-focused public REIT. According to Zachary Aaron, PROREIT's Director of Investments, "Working with Leyad was a seamless experience. Their expertise and dedication made our transaction smooth and stress-free."

Moving forward with this project, Leyad is excited to collaborate with local artists, city planners, and the greater community to ensure that their vision aligns with the needs and aspirations of Montreal's artistic community. Leyad is committed to creating a space that not only serves the practical needs of artists but also contributes to the city's unique and ever-growing cultural legacy.

Leyad is a leading real estate development company based in Montreal. Founded by Henry Zavriyev, Leyad specializes in the design, construction, and management of residential, commercial, and mixed-use properties. Its team of experts is dedicated to providing high-quality and affordable buildings to families and communities. The company stands out for its commitment to innovation, efficiency, and environmental engagements.

SOURCE Leyad