Toulouse. What is this gaping hole you can see near Place St-Pierre, on the banks of the Garonne?
By David Saint-Sernin
Published on
It’s a gaping hole that we can observe if we circulate near Place Saint-Pierre in Toulouse.
For several weeks, a mechanical shovel has nibbled away, little by little, the old ERDF building, located just next to the Bazacle power plant.
A luxury residence
An important building, which had been empty for several years, and whose demolition now gives way to a new project.
Since the end of last week, the space necessary for the construction of a new building has indeed been available. And April 21 is the first stone of a luxury senior residence named “Quai Saint-Pierre” will be installed.
This senior residence project was approved in 2016 after a first project, the move of Sciences-Po Toulouse on the spot to be aborted (see box).
95 housing units built on the banks of the Garonne
The residence for seniors called “Quai Saint-Pierre” will be articulated around three buildings totaling more than 4,500 m2. Linked together, these will offer 89 apartments and 43 parking spaces. The residence offers nearly 700 meters2 common areas, including in particular a restaurant, swimming pool, an audiovisual space, a library, a gym, terraces and gardens.
Delivery of the new building is scheduled for second quarter of 2024.
Raised facade
This development required the demolition of a large part of the building and will lead the promoter to raise the current facade which has been preserved as part of the architectural project carried out by the town planner of the 18th century.and century Joseph-Marie de Saget, author in particular of the brick walls which have been restored in recent years.
An investor arrives
As construction work is due to begin, a global real estate asset manager, LaSalle Portfolio Management (“LaSalle”) has just acquired the Quai Saint-Pierre project from Cogedim on behalf of its Encore+ fund.
“Fully pre-let, this acquisition, carried out off-plan (sale in the future state of completion, editor’s note), is the fund’s first investment in the senior residences sector. The fund will be based on LaSalle’s newly created Living & Hospitality platform, which currently manages around €3.6 billion of assets across Europe in residential, managed residential (mainly students and seniors), healthcare real estate and hospitality,” says LaSalle.
A world leader
LaSalle Investment Management is one of the world leaders in property management investment. With nearly 700 employees in 16 countries around the world, it manages more than $47.7 billion in investments in private and public funds. Among his clients describing public and private pension funds, insurance companies, government institutions, foundations, and private investors of all backgrounds…
Quai Saint-Pierre, a long-planned transformation
The transformation of the Quai Saint-Pierre has been in the pipeline for ten years.
In 2011, under the former mayor, Pierre Cohen, Toulouse Métropole pre-empted the Quai Saint-Pierre from its owner, Thierry Oldak, who had already bought it from ERDF. The community had pre-empted it for the sum of 4.7 million euros. She wanted to move Sciences-Po Toulouse who wanted to move there (the school finally settled, at the end of 2021, at the Manufacture des Tabacs, editor’s note). But the project, which planned to develop 5,000 m2 of premises, had suffered an outcry from local residents because it raised the building by several floors. This project was finally canceled by Jean-Luc Moudenc, elected to the Capitol in 2015. Thierry Oldak then bought the building in October 2015, at the price at which the community had preempted him. Before selling 11 million euros in 2020.
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