The Saudi Zaki Alshowaier, associated with the magnate Vincent Chiara, is discreetly in the process of becoming one of the largest real estate investors in Quebec and could change the face of many cities. Here is an overview of real estate projects where it is involved here.
Estrie crossroads
The crossroads of Estrie, in Sherbrooke, in which the Alshowaier family has interests.
Louis-Philippe Bourdeau/VAT/QMI
The Mach Group announced the acquisition of the main Sherbrooke shopping center in 2019. Evaluated at $ 228 million, the Estrie crossroads is the property with the greatest value including a Zaki Alshowaier company is a shareholder in Quebec.
In January, the real estate group announced its intention to convert part of the parking to housing from 2026-2027. Residential buildings of four to ten floors would thus be born. To do this, the city of Sherbrooke will have to change the zoning of the land.
Place Longueuil
Place Longueuil, in the city of the same name, on the South Shore of Montreal.
Ben Pelosse / JD
This Montreal Shore Short Shop, valued at $ 74 million, was part of the cominar portfolio acquired by MM. Chiara and Alshowaier.
The Saudi investor thus has 60%.
Even before the megatransaction between Cominar and Mach, a development of 500 residences was projected on this site.
2001 McGill College
On 2001, avenue McGill College, in the heart of downtown Montreal.
Ben Pelosse / JD
This prestigious building located at the corner of the Sherbrooke and McGill College streets in downtown Montreal is known to house the Montreal office of the Prime Minister of Quebec.
The 24 -storey building, which is estimated at $ 189 million, was acquired by the companies of MM. Chiara and Alshowaier in 2022. The Saudi investor has 60%.
Mauricie Square
La Plaza Mauricie in Shawinigan.
Google Maps screenshot
In several medium -sized cities, the Alshowaier family owns most of the main shopping center; Shawinigan is one of those cases, where it has 60% of the Mauricie Plaza, a $ 26 million building.
As in many other places, the Mach group has already expressed its intention to convert at least part of this housing shopping center. From 100 to 200 units could emerge on parking, confirmed the promoter last summer in Radio-Canada.
Rivière-du-Loup shopping center
The Rivière-du-Loup crossroads, on the Boul. Armand-Thériault, in Rivière-du-Loup.
Google Maps screenshot
In December, TVA revealed that the Mach group was in discussion with the city of Rivière-du-Loup for a real estate project on the shopping center website.
“It would be a great way to densify this sector,” said the mayor, Mario Bastille.
The Alshowaier family has 60% of this building, which is worth $ 52 million.
Exal Laval
The Exal project in Laval which benefits from a SCHL program.
Ben Pelosse / JD
The exal residential project of 268 units is under construction at the moment on this old industrial site located a few steps from the Concorde metro station.
It was partially funded by public funds, because the Canadian Mortgage and Housing Company (SCHL) lent $ 110 million for its realization. As a condition, the promoter must make 65 so -called “affordable” units. The studios price starts at $ 1,200 per month and that of the three and a half, at $ 1330.
Companies by Vincent Chiara, the Alshowaier family and Stéphane L’Espérance, de Buildpp, are the shareholders of this project.
Place de la Cité
The Place de la Cité complex in the Sainte-Foy district in Quebec.
Stevens LeBlanc/JOURNAL OF QUEBEC
The Mach group announced its intention to move its Quebec office in place of the city, due to the acquisition with Alshowaier of this set of three office towers and 150 stores, located strategically on boulevard Laurier, in the heart of the arrondissement of Sainte-Foy.
Stéphan Huot buildings
The city and diplomats residences located on rue Claire-Bonenfant, in Quebec.
Stevens LeBlanc/JOURNAL OF QUEBEC
The Alshowaier family was one of the investors involved in the buyout announced by the Mach Group, for around $ 560 million, of Quebec’s bankrupt promoter Stéphan Huot. It is still among the owners of diplomatic residences 1 and the city, among others.