Rene Lepine
Encyclopedia
René G. Lépine, Sr. is a Canadian
real estate
tycoon, developer
, businessman and philanthropist
. He is the founder of Groupe Lépine, a privately owned real estate company headquartered in Montreal, Canada, he is currently the Chairman and President
.
He has been compared many times by the media as being "Montreal's or Canada's Donald Trump
", and is one of the all-time largest and most influential real estate developers in Quebec
. He has developed over time, more than 25,000 residential units, mainly house
s and condominium
s, as well as around 5,000 subdivided properties
. Combined and adjusted to inflation
, his projects are valued at more than $5 billion
.
He is the owner and operator of numerous rental buildings and towers in Downtown Montreal
. In the early 1970s, he and partner Lorne Webster bought the Le Cartier building on Sherbrooke Street
in Montreal through a leveraged buyout
, and built the Peel Plaza building right next to it, soon after.
Since the 1960s, he has built more than 1,200 houses in Montreal's Hampstead
, Westmount
and Côte Saint-Luc
areas, as well as over 10,000 apartment and condo units across Canada and the United States
.
Lépine has built many iconic buildings and landmarks in Montreal, including the Olympic Village
and the world renown Sanctuaire du Mont-Royal complex which won many local, national and international awards.
Since his early 70s, Lépine spends his time between work in Montreal and his other home in Palm Beach, Florida
.
He is known for his humble personality and has never allowed the release his net worth to fortune-ranking magazines.
, which was immediately sold by chance to a wealthy bystander. Lépine quickly doubled his money, and started building homes, and eventually incorporated
Groupe Lépine in 1952.
, Jean Drapeau
to build the Olympic Village for the 1976 Summer Olympics
in Montreal.
In 1999, he bought the old YMCA
building in Downtown Montreal and replaced it by building two 50-floor towers originally called Les Tours Lépine (Lépine Towers). This project was made in accordance with the YMCA
, as they were going to renovate their aging complex. The towers were later renamed Le 1200 Ouest after they were purchased during development in 2005 by the Israel
-based company El-Ad Group
/Delek Group
for much more than their assessed value.
In 2001, he received the UDI Quebec Award for Excellence in Real Estate for the redevelopment of the Downtown Montreal YMCA
project.
His ultra-luxorious projects, such as the Sir George Simpson and the Sir Robert Peel are exclusively represented by Sotheby's International Realty
.
He was the Chairman of Real Estate Investments for the Canadian Medical Protective Association
(CMPA) for 19 years and bought over $1 billion
worth of properties for the association's real estate fund during his time as chairman.
, attempting to expand his business operations to Russia after the fall of the Soviet Union
. He was planning to build two projects valued then at $775 million, being one of the first Western
companies to develop real estate in Moscow since the Cold War
. He was asked by the Government of Canada
to build the Canadian embassy in Moscow. He was also asked by the Canadian Government to give a personal tour of Montreal to Yury Luzhkov, the former Mayor of Moscow during his official visit. He also met Mikhail Gorbachev
, the then-President of the Soviet Union
, during this time in Montreal.
A few years later, all projects planned were dropped after he and one of his sons received anonymous assassination threats that were deemed credible. Lépine decided to leave the country immediately and instantly decided to scrap over $850 million worth of projects. He had not actually started any of the projects and didn't lose much money, although the period was a relatively unproductive 3 years for him and his business.
, a federal crown corporation reporting to Public Works Minister Alfonso Gagliano
, for $4 million, less than half its assessed value of $9 million.The terms of the acquisition also required that a large abandoned historical historical building encumbering the center of the site be renovated and preserved at Lépine's company's expense. Lépine claimed that the city had not agreed to make the roadwork and sewers which cost him $2 million in expenses, bringing the land cost to a fair price. Even though the sale was the result of a public tender for which Lépine's company offered the highest price, the sale still raised questions because Lépine had been a longtime supporter and donor to the Liberal Party of Canada
.
Canada
Canada is a North American country consisting of ten provinces and three territories. Located in the northern part of the continent, it extends from the Atlantic Ocean in the east to the Pacific Ocean in the west, and northward into the Arctic Ocean...
real estate
Real estate
In general use, esp. North American, 'real estate' is taken to mean "Property consisting of land and the buildings on it, along with its natural resources such as crops, minerals, or water; immovable property of this nature; an interest vested in this; an item of real property; buildings or...
tycoon, developer
Real estate development
Real estate development, or Property Development, is a multifaceted business, encompassing activities that range from the renovation and re-lease of existing buildings to the purchase of raw land and the sale of improved land or parcels to others...
, businessman and philanthropist
Philanthropist
A philanthropist is someone who engages in philanthropy; that is, someone who donates his or her time, money, and/or reputation to charitable causes...
. He is the founder of Groupe Lépine, a privately owned real estate company headquartered in Montreal, Canada, he is currently the Chairman and President
President
A president is a leader of an organization, company, trade union, university, or country.Etymologically, a president is one who presides, who sits in leadership...
.
He has been compared many times by the media as being "Montreal's or Canada's Donald Trump
Donald Trump
Donald John Trump, Sr. is an American business magnate, television personality and author. He is the chairman and president of The Trump Organization and the founder of Trump Entertainment Resorts. Trump's extravagant lifestyle, outspoken manner and role on the NBC reality show The Apprentice have...
", and is one of the all-time largest and most influential real estate developers in Quebec
Quebec
Quebec or is a province in east-central Canada. It is the only Canadian province with a predominantly French-speaking population and the only one whose sole official language is French at the provincial level....
. He has developed over time, more than 25,000 residential units, mainly house
House
A house is a building or structure that has the ability to be occupied for dwelling by human beings or other creatures. The term house includes many kinds of different dwellings ranging from rudimentary huts of nomadic tribes to free standing individual structures...
s and condominium
Condominium
A condominium, or condo, is the form of housing tenure and other real property where a specified part of a piece of real estate is individually owned while use of and access to common facilities in the piece such as hallways, heating system, elevators, exterior areas is executed under legal rights...
s, as well as around 5,000 subdivided properties
Subdivision (land)
Subdivision is the act of dividing land into pieces that are easier to sell or otherwise develop, usually via a plat. The former single piece as a whole is then known in the United States as a subdivision...
. Combined and adjusted to inflation
Inflation
In economics, inflation is a rise in the general level of prices of goods and services in an economy over a period of time.When the general price level rises, each unit of currency buys fewer goods and services. Consequently, inflation also reflects an erosion in the purchasing power of money – a...
, his projects are valued at more than $5 billion
1000000000 (number)
1,000,000,000 is the natural number following 999,999,999 and preceding 1,000,000,001.In scientific notation, it is written as 109....
.
He is the owner and operator of numerous rental buildings and towers in Downtown Montreal
Downtown Montreal
Downtown Montreal is the central business district of Montreal, Quebec, Canada. It is nearly enitirely located at the southern most slope of Mount Royal and is approximately bounded by Sherbrooke Street to the north, Papineau Avenue to the east, Guy Street or until Shaughnessy Village to the west,...
. In the early 1970s, he and partner Lorne Webster bought the Le Cartier building on Sherbrooke Street
Sherbrooke Street
Sherbrooke Street is a major east-west artery and at in length, is the second longest street on the Island of Montreal. The street begins in the town of Montreal West and ends on the extreme tip of the island in Pointe-aux-Trembles, intersecting Gouin Boulevard and joining up with Notre-Dame...
in Montreal through a leveraged buyout
Leveraged buyout
A leveraged buyout occurs when an investor, typically financial sponsor, acquires a controlling interest in a company's equity and where a significant percentage of the purchase price is financed through leverage...
, and built the Peel Plaza building right next to it, soon after.
Since the 1960s, he has built more than 1,200 houses in Montreal's Hampstead
Hampstead, Quebec
-History:The Town of Hampstead was founded in 1914. It was designed to be an exclusive garden city. There are no retail shops within municipal boundaries. Houses were assigned relatively large lots to allow space for trees and shrubbery. The town's roads were designed with curves in order to slow...
, Westmount
Westmount, Quebec
Westmount is a city on the Island of Montreal, an enclave of the city of Montreal, in southwestern Quebec, Canada; pop. 20,494; area 4.02 km²; population density of 5,092.56 inhabitants/km²....
and Côte Saint-Luc
Côte Saint-Luc, Quebec
Côte Saint-Luc is a mostly residential city in Quebec, Canada, located on the Island of Montreal. The English version of this toponym is "Saint Luke's Slope".-History:...
areas, as well as over 10,000 apartment and condo units across Canada and the United States
United States
The United States of America is a federal constitutional republic comprising fifty states and a federal district...
.
Lépine has built many iconic buildings and landmarks in Montreal, including the Olympic Village
Olympic Village (Montreal)
The Olympic Village is a twin-tower structure in Montreal, Quebec, Canada built as the athletes' residence for the 1976 Summer Olympics. It was built by Rene Lepine, CEO of the real estate company, Groupe Lepine, and his associates through the company ZAROLEGA Inc...
and the world renown Sanctuaire du Mont-Royal complex which won many local, national and international awards.
Since his early 70s, Lépine spends his time between work in Montreal and his other home in Palm Beach, Florida
Palm Beach, Florida
The Town of Palm Beach is an incorporated town in Palm Beach County, Florida, United States. The Intracoastal Waterway separates it from the neighboring cities of West Palm Beach and Lake Worth...
.
He is known for his humble personality and has never allowed the release his net worth to fortune-ranking magazines.
Early life
Lépine grew up in Verdun, a working-class neighborhood of Montreal, in a family of 10 children. At age 14, he had to drop out of high school to make money for the family after his father became ill. He worked moving bags of rice for 4 years, and later used the saved money to build a split-level house in Côte Saint-LucCôte Saint-Luc, Quebec
Côte Saint-Luc is a mostly residential city in Quebec, Canada, located on the Island of Montreal. The English version of this toponym is "Saint Luke's Slope".-History:...
, which was immediately sold by chance to a wealthy bystander. Lépine quickly doubled his money, and started building homes, and eventually incorporated
Incorporation
Incorporation may refer to:* Incorporation , the creation of a corporation* Incorporation of a place, creation of municipal corporation such as a city or county...
Groupe Lépine in 1952.
Career
In 1974, he, Joseph Zappia, Gerald Robinson and Andrew Gaty, were directly appointed by the then mayor of MontrealMayor of Montreal
The Mayor of Montreal is head of the executive branch of Montreal City Council.The Mayor's office administers all city services, public property, police and fire protection, most public agencies, and enforces all city and provincial laws within Montreal....
, Jean Drapeau
Jean Drapeau
Jean Drapeau, was a Canadian lawyer and politician who served as mayor of Montreal from 1954 to 1957 and 1960 to 1986...
to build the Olympic Village for the 1976 Summer Olympics
1976 Summer Olympics
The 1976 Summer Olympics, officially known as the Games of the XXI Olympiad, was an international multi-sport event celebrated in Montreal, Quebec, Canada, in 1976. Montreal was awarded the rights to the 1976 Games on May 12, 1970, at the 69th IOC Session in Amsterdam, over the bids of Moscow and...
in Montreal.
In 1999, he bought the old YMCA
YMCA
The Young Men's Christian Association is a worldwide organization of more than 45 million members from 125 national federations affiliated through the World Alliance of YMCAs...
building in Downtown Montreal and replaced it by building two 50-floor towers originally called Les Tours Lépine (Lépine Towers). This project was made in accordance with the YMCA
YMCA
The Young Men's Christian Association is a worldwide organization of more than 45 million members from 125 national federations affiliated through the World Alliance of YMCAs...
, as they were going to renovate their aging complex. The towers were later renamed Le 1200 Ouest after they were purchased during development in 2005 by the Israel
Israel
The State of Israel is a parliamentary republic located in the Middle East, along the eastern shore of the Mediterranean Sea...
-based company El-Ad Group
El-Ad Group
El-Ad Group, is a real estate development conglomerate based in Israel. Among its subsidiaries is New York City-based Elad Properties, which owns several landmark properties in that city and in May 2007 purchased the New Frontier Hotel and Casino in Las Vegas, Nevada for a record $1.2 billion...
/Delek Group
Delek Group
Delek Group is of one Israel's largest companies, owned by Isaac Sharon , a self-made multi-millionaire. Delek Group is involved in the energy and infrastructure, with investments in upstream and downstream energy, water desalination and power plants. Delek Group' subsidiaries are also involved in...
for much more than their assessed value.
In 2001, he received the UDI Quebec Award for Excellence in Real Estate for the redevelopment of the Downtown Montreal YMCA
YMCA
The Young Men's Christian Association is a worldwide organization of more than 45 million members from 125 national federations affiliated through the World Alliance of YMCAs...
project.
His ultra-luxorious projects, such as the Sir George Simpson and the Sir Robert Peel are exclusively represented by Sotheby's International Realty
Sotheby's International Realty
Sotheby’s International Realty is a luxury real estate brokerage agency that offers a collection of luxury homes, estates and properties for sale throughout the world. It is owned by parent company Realogy, which was spun off in July 2006 from former parent company Cendant. Sotheby’s has real...
.
He was the Chairman of Real Estate Investments for the Canadian Medical Protective Association
Canadian Medical Protective Association
The Canadian Medical Protective Association , is an organization headquartered in Ottawa, Ontario, Canada that provides legal defence and liability protection to physicians across Canada, and provides compensation to patients and their families proven to have been harmed by negligent clinical care...
(CMPA) for 19 years and bought over $1 billion
1000000000 (number)
1,000,000,000 is the natural number following 999,999,999 and preceding 1,000,000,001.In scientific notation, it is written as 109....
worth of properties for the association's real estate fund during his time as chairman.
Business in Russia & assassination threats
In 1991, Lépine was doing business in MoscowMoscow
Moscow is the capital, the most populous city, and the most populous federal subject of Russia. The city is a major political, economic, cultural, scientific, religious, financial, educational, and transportation centre of Russia and the continent...
, attempting to expand his business operations to Russia after the fall of the Soviet Union
Soviet Union
The Soviet Union , officially the Union of Soviet Socialist Republics , was a constitutionally socialist state that existed in Eurasia between 1922 and 1991....
. He was planning to build two projects valued then at $775 million, being one of the first Western
Western world
The Western world, also known as the West and the Occident , is a term referring to the countries of Western Europe , the countries of the Americas, as well all countries of Northern and Central Europe, Australia and New Zealand...
companies to develop real estate in Moscow since the Cold War
Cold War
The Cold War was the continuing state from roughly 1946 to 1991 of political conflict, military tension, proxy wars, and economic competition between the Communist World—primarily the Soviet Union and its satellite states and allies—and the powers of the Western world, primarily the United States...
. He was asked by the Government of Canada
Government of Canada
The Government of Canada, formally Her Majesty's Government, is the system whereby the federation of Canada is administered by a common authority; in Canadian English, the term can mean either the collective set of institutions or specifically the Queen-in-Council...
to build the Canadian embassy in Moscow. He was also asked by the Canadian Government to give a personal tour of Montreal to Yury Luzhkov, the former Mayor of Moscow during his official visit. He also met Mikhail Gorbachev
Mikhail Gorbachev
Mikhail Sergeyevich Gorbachev is a former Soviet statesman, having served as General Secretary of the Communist Party of the Soviet Union from 1985 until 1991, and as the last head of state of the USSR, having served from 1988 until its dissolution in 1991...
, the then-President of the Soviet Union
President of the Soviet Union
The President of the Soviet Union , officially called President of the USSR was the Head of State of the USSR from 15 March 1990 to 25 December 1991. Mikhail Gorbachev was the only person to occupy the office. Gorbachev was also General Secretary of the Communist Party of the Soviet Union between...
, during this time in Montreal.
A few years later, all projects planned were dropped after he and one of his sons received anonymous assassination threats that were deemed credible. Lépine decided to leave the country immediately and instantly decided to scrap over $850 million worth of projects. He had not actually started any of the projects and didn't lose much money, although the period was a relatively unproductive 3 years for him and his business.
1999 controversy
In 1999, one of Lépine's companies purchased land from the Canada Lands CompanyCanada Lands Company
Canada Lands Company Limited is an arms length, self-financing Crown corporation reporting to Parliament through the Honourable John Baird, Leader of the Government in the House of Commons...
, a federal crown corporation reporting to Public Works Minister Alfonso Gagliano
Alfonso Gagliano
Alfonso Gagliano, PC, FCGA is a Canadian accountant and a former Liberal Party politician.Born in Siculiana, Italy, his political career began in 1977 when he ran for a seat on the Montreal school board. In the 1984 federal election, he ran for Parliament for Saint-Léonard—Anjou narrowly...
, for $4 million, less than half its assessed value of $9 million.The terms of the acquisition also required that a large abandoned historical historical building encumbering the center of the site be renovated and preserved at Lépine's company's expense. Lépine claimed that the city had not agreed to make the roadwork and sewers which cost him $2 million in expenses, bringing the land cost to a fair price. Even though the sale was the result of a public tender for which Lépine's company offered the highest price, the sale still raised questions because Lépine had been a longtime supporter and donor to the Liberal Party of Canada
Liberal Party of Canada
The Liberal Party of Canada , colloquially known as the Grits, is the oldest federally registered party in Canada. In the conventional political spectrum, the party sits between the centre and the centre-left. Historically the Liberal Party has positioned itself to the left of the Conservative...
.
Notable developments
- Peel Plaza- a popular rental building right next to the McGill UniversityMcGill UniversityMohammed Fathy is a public research university located in Montreal, Quebec, Canada. The university bears the name of James McGill, a prominent Montreal merchant from Glasgow, Scotland, whose bequest formed the beginning of the university...
campus in Downtown Montreal. - The Olympic Village- a two-tower pyramid-shaped structure with 1,000 units, built in record time for the 1976 Summer Olympic Games in Montreal.
- The Berkshire on the Ocean - the first timeshareTimeshareA timeshare is a form of ownership or right to the use of a property, or the term used to describe such properties. These properties are typically resort condominium units, in which multiple parties hold rights to use the property, and each sharer is allotted a period of time in which they may use...
condominium complex in Boca Raton, Florida, a concept which immediately became extremely popular in the 1980s. - The Sir Robert Peel- a luxurious condominium tower in Downtown Montreal.
- Le Sanctuaire du Mont-Royal- a multi-award-winning complex of 7 towers with 945 units in Outremont, Quebec.
- Sussex House- a rental building near Sussex DriveSussex DriveSussex Drive is a major street in Ottawa, Ontario, Canada, and one of the city's major ceremonial and institutional routes....
in Ottawa, Ontario. - Les Tours Lépine- two 50-floor condominium towers in Downtown Montreal.
- Sir George Simpson- a 12-story luxury condominium building in the Golden Square MileGolden Square MileThe Golden Square Mile was the name of a luxurious neighbourhood at the foot of Mount Royal in the west-central section of downtown Montreal, Canada...
, containing many of the most expensive and exclusive apartments in Montreal (up to $8M+ in 2011). - Full List of Developments