Legacy Development Group: A Pointe-Claire Residential Tower

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Exercise

Reference no. W27680

Subject category: Finance, Accounting and Control

Authors: Raymond Paquin (John Molson School of Business, Concordia University); Michel Deslauriers (John Molson School of Business, Concordia University); Manuel Gatt (John Molson School of Business, Concordia University)

Published by: Ivey Publishing

Originally published in: 2024

Version: 2024-03-22

Revision date: 19-Apr-2024

Length: 8 pages

Data source: Field research

Topics: Legacy development group; Montreal real estate; Residential rental tower; Development plan; COVID-19 impact; Zoning issues; Regulatory challenges; Real estate market changes; Financial planning; Risk management; Pro-forma analysis; Feasibility study; Project profitability; Market conditions; Sensitivity analysis

Share a link: https://casecent.re/p/196614

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Abstract

In February 2020, a real estate developer from Montreal, Quebec, Canada was pursuing the development of a new residential rental tower of over 200 units in a popular Montreal suburb. As the founder of the real estate development firm Legacy Development Group, the developer had to revise and adjust his development plan several times. He faced several obstacles in the process, including work stoppage due to the outbreak of the COVID-19 pandemic, zoning and regulatory issues, and changes in the real estate market. In September 2020, the developer had to re-evaluate his revised development plan in preparation for a meeting with his two partners, when the group would determine whether or not to pursue the project.