The land is made up of two plots acquired successively by Realitim, thanks to a well established negotiation strategy from the first contact. Realitim acquired the first plot in October 2016 in an unconditional manner - a plot comprising mainly commercial and administrative areas, mostly dilapidated and sparsely populated along the Rue de l'Eglise Catholique, with also a rental building of ten apartments. Approximately one year later, in January 2019, a second plot with a building composed of commercial areas was acquired to constitute a planning perimeter of approximately 1,900 m2 of land, presenting a strong potential in view of the new general plan of Revised assignment (PGA), entered into force in January 2019. It is on this basis that the team of partners formed by Realitim developed its project and that the permit application file was submitted to the municipal service of the City. The project includes 61 new apartments, in addition to the 10 apartments which are maintained in one of the existing buildings, as well as 400 m2 of commercial area on the ground floor.
All the leases have been terminated and the buildings slated for demolition are free of tenants.
As of today, the entry into force of the building permit and therefore the development is still uncertain. The permit examination procedure has been abruptly stopped by the judgments of the Federal Tribunal calling off the PGA of the City of Montreux.