Immostar, a Quebec-based real estate developer, has named François Pelchat and Kevin Lachance as co-presidents to lead its $1 billion portfolio of commercial, industrial, and residential properties. The move follows a 10-year collaboration between the two, who previously held roles as vice-president of development and marketing, and vice-president of finance and strategy, respectively.
Leadership model inspired by Montreal Canadiens
The new co-presidents compare their working relationship to that of Jeff Gorton and Kent Hughes, the executives who rebuilt the Montreal Canadiens. Pelchat, who is also a nephew of Immostar’s founder, André Pelchat, emphasized their complementary strengths and shared vision. Lachance noted that their long-standing partnership makes the transition to co-presidents a natural progression.
Pelchat said the co-presidency structure allows for better work-life balance, reducing stress during major decisions. “We’re able to share responsibilities,” he said. The firm’s founder remains as chair of the board and strategic advisor, ensuring continuity while the new leadership takes charge.
Hotel expansion and Quebec City focus
Immostar has no plans to enter the Montreal market, citing strong competition and demographic decline forecasts. Instead, the company is focusing on Quebec City, where it sees growth potential. The co-presidents highlighted record hotel occupancy rates in the region, though the existing inventory is aging. They are exploring hotel development on prime sites in the coming years.
Among its active projects is the Carrefour industriel iQC, a 7-million-square-foot industrial site near Jean Lesage International Airport. After 3.5 years of preparation, construction is set to begin in early November, with tenant announcements expected soon. The site is positioned to attract automation-focused businesses and defense contractors drawn to Quebec City’s affordability.
Partnerships and affordable housing initiatives
Immostar has formed key partnerships with major players like Primaris, Industrial Alliance, and Fiera. One notable collaboration is with the Wendat Nation, under the Ya’ndiyahta’ alliance, which has already delivered Kwayaweh, a 236-unit residential complex in Wendake. The project, costing $70 million, offers rents 25% lower than comparable developments in the region, ranging from $1,140 for a one-bedroom-plus-den unit to $2,640 for a three-bedroom-plus unit.
A 29,000-square-foot office building in Wendake, completed by Immostar, is now mostly leased. The company is also eyeing additional projects with the Wendat Nation, including seniors housing and affordable units. Beyond Wendake, Immostar is converting a 10-story office building in Quebec City’s Montcalm neighborhood into 300 rental apartments at a cost of $125 million. Construction on the project, which includes new buildings behind the existing structure, is set to begin early next year.
In another major development, Immostar is partnering with iA Groupe financier to build Alo Ste-Foy, an 18-story multifamily complex with 309 rental units. The $118 million project will be built on a former parking lot.
Immostar is also developing a large-scale affordable housing project on the 375,000-square-foot site of the former Maison Chrysler dealership in Charlesbourg. The company’s co-presidents have stated their ambition to become a leading player in affordable housing across Quebec.
