It will take over 36,000 square feet and approximately 550 seats. There will be 16 food operators, two bars, a demo kitchen, a cooking academy, a retail shop and a cultural stage.
It is the first management agreement that Time Out has struck for its Markets, which offer street food from well-known restaurants, bars and entertainment in cities under one roof. Ivanhoé Cambridge, the global real estate company, will open the Montréal Time Out Market in 2019.
It means that there will be “no capital expenditure” attributed to Time Out. Ivanhoé Cambridge will invest in setting up the space, and Time Out will receive a management fee and a share of profit.
Time Out Group launched the concept in Lisbon, Portugal, in 2014. Last year it recorded 3.6 million visitors. The vendors are all invited to set up at the market by Time Out’s editorial team.
The company has a further four sites in the pipeline: Miami, New York, Boston and Chicago.
Julio Bruno, chief executive of Time Out Group, said: “It allows us to accelerate our global expansion, grow our brand and drive additional revenue. The fact that Ivanhoé Cambridge chose us as strategic partner and will make a significant investment to bring Time Out Market to Montréal is proof of the strength of the format and the brand.”