Québec City’s Pyramid Shopping Centre Under New ownership, Set for Revitalization
Québec City’s iconic Pyramid shopping centre has been acquired by new owners who pledge to restore the building’s former glory adn position it as a key driver for the commercial sector. Pierre-Yves Charest, speaking on behalf of the new ownership, declared their “desire is to restore its splendor and ensure its sustainability by making this place a driving force for the sector.”
The change in ownership signals a renewed commitment to the Pyramid, which opened in 1974 near Laval University and Cégep de Sainte-Foy on land formerly owned by the Brothers of the Christian Schools. While the shopping centre has remained a commercial reference in Québec, the new owners plan to improve local services and shops in the short term, with a larger revitalization project to be unveiled soon. This comes after Sylvain Gilbert, CEO of GCS Real Estate Advancement, took a chance 23 years ago, purchasing the modernist building and believing in its potential.
Gilbert,in a 2023 interview with The Sun,expressed satisfaction with his initial investment,noting the cité-Universitaire sector’s revitalization has increased the shopping centre’s appeal,allowing for more selective tenant choices. Recent additions include Yoga Fitness, ComediHa! Club, and J-golf Pyramide. The owners had previously considered a $125 million project in 2015 to erect six commercial and residential buildings around the centre, a plan that may be revisited with recent drops in interest rates.
