Business leaders rally to support Montreal’s bid for defence bank
Montreal’s business community is moving forward with plans to convert a tower project downtown to house the Defence, Security and Resilience Bank (DSR Bank) in an effort to “stay in the race.”
A group of three companies, including agency Sid Lee, has repurposed what was supposed to be a hotel in the city centre’s Place du Canada to potentially house the bank on multiple floors.
It was announced in April that Canada would host the multinational bank to provide “long-term, low-cost financing” for defence projects by NATO members and allies, according to a statement from the federal government.
Toronto, Ottawa, Vancouver and Montreal are all competing to have the DSR Bank located within their jurisdictions. The contract has yet to be awarded.
No one asked the developers to consider the DSR Bank scenario, Martin Leblanc, co-founding architect of the Sid Lee agency, told The Canadian Press. But he said it is the business community’s way of contributing to Montreal’s bid.
Montreal Mayor Soraya Martinez Ferrada told reporters Thursday she thanks the companies for their efforts to help promote the city’s bid.
“Having the private sector raising their hands and saying, ‘I want to help on that pitch,’ it’s great,” she said. “I think it shows other cities that we mean business.”
Ontario Premier Doug Ford has been insistent in his claim that Toronto is the only city “that can truly provide everything the bank needs.”
“There’s 110 nationalities and nearly 200 languages represented in Ontario. International airports and rail, highway and shipping networks connecting to Canada, the rest of North America and to the destinations around the world,” he told reporters in May. “Toronto and Ontario offer all these benefits and we’re willing to go above and beyond to support the DSRB.”
Quebec politicians have accused Toronto of waging a “fear campaign” focused on the possibility of another Quebec referendum.
The Parti Québécois is leading in the polls with four months to go before the next provincial election and has pledged to hold a referendum in its first mandate if elected.
Quebec Premier Christine Fréchette said Montreal has what it needs to welcome the bank, including “expertise in finance, defence and the aerospace industry,” and a “multilingual” population. She would not weigh in on whether sovereignty claims could affect Montreal’s bid.
Leblanc said the tower capitalizes on the inspiration of the London finance scene, where businesspeople can end their day at the pub. The tower would rise above one of Montreal’s iconic landmarks, the Dominion Tavern, which would be incorporated into the project.
He said this is just one of the surrounding services that make the Montreal location a “complete address” that is distinctive, modern and accessible by public transit.
The cost to build the bank is estimated at $200 million, and the project could be completed within 36 months.
Fréchette said 3,000 potential jobs could be created with the bank’s possible arrival.
Leblanc said between 1,500 and 2,000 people could work in the premises his group has designed.
— with files from Global News’ Aaron D’Andrea and The Canadian Press
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