MONTREAL - The city and the province will join forces in a massive real estate venture. The plan is to build up 8,000 housing units.
For more than 100 years, it was the home of horse-racing in Montreal -- but that all ended in 2008.
And for years, the land – the equivalent of 81 football fields, has been losing money. In all, the Quebec government estimates it has poured about 50 million into the old track.
Under the terms of the agreement, the province is giving the land to the city. In exchange, Montreal and Quebec will share in selling off the land.
They estimate that will bring in at least $100 million. Both the finance minister and the mayor call it a win-win situation.
While some who live in the area worry about extra traffic, others are excited about the prospect of new homes in a good location.
"This is good area, you have a metro, you have Decarie that's close, it's a nice place they gonna put more trees, it's going to be nice," said one resident.
The province and the city hope to have the first people moving in within five years.
