A Q& A with Mondev’s Michael Owen
Brothers David and Michael Owen are partners at Mondev Construction. Twenty years of industry experience and complementary skill sets have contributed to their success, creating affordable homes for Montrealers. I sat down with Michael at their modest office in St- Laurent and found him focused, dynamic and driven.
Question: Where did you go to school?
Answer: Growing up, we lived in the Town of Mount Royal. I attended Loyola High School, Marianopolis College and then got into a coveted program at the John Molson School of Business ( Concordia), which required us to work, while studying. This was exceptional because we were exposed to diverse industries and acquired experience while learning. I graduated with a BComm.
What happened next?
A traditional corporate path was unappealing to me. I was interested in commercial real estate and began working at a brokerage firm ( J. J. Barnicke) while pursuing my broker’s licence four evenings a week. This was a commission- only job in a fiercely competitive, “eat what you kill” environment. I was hungry for success and spent my days on the phone with potential clients. In one year I went from being a 22- year old with no income to earning six figures.
How did you and your brother
end up in business together?
During my brokering years, David founded Mondev and began building condos. His first projects were small developments, with 20 to 40 units, close to the Atwater Market. He has always been a supportive older brother. We are very close and have always bounced business ideas off each other. Although I loved what I was doing, I’d been at it for nearly a decade with no sense of ownership. When you build something, you can drive by it forever and, as a developer, you have impact on people’s lives and can change entire neighbourhoods.
Where do you anticipate having this kind of effect?
Our project, B& C, broke ground in autumn of 2014. It’s a $ 30- million mixed- use building, which consists of ground- floor commercial space and eight floors of rental apartments, at the corner of de Bullion and Ste- Catherine Sts. The structure will be beautiful, enhancing and revitalizing a rundown section of Montreal.
We have succeeded in keeping the rent affordable while including amenities like air conditioning, a gym, a rooftop terrace and indoor parking. The influx of new residents will bring vibrancy to the neighbourhood and enhance the local economy. Tenants will begin moving in this spring.
Can you explain the Mondev brand?
We are all about providing great value to Montrealers in the form of reasonably- priced homes, built old- school style, with quality ma- terials and workmanship. You can see, with the simplicity of our office and sparse staff, that we do not subscribe to the idea of overhead. Instead, we pass along exceptional savings to our homebuyers and tenants.
How do you envision the future of new homes and condos in Montreal?
Everyone we meet expresses a desire to live, work, learn and play without a long commute. They are not making any more land, so increased density in the city’s central core is a given. I see great things for our industry in years to come as long as developers keep in mind the need for diverse products to satisfy all types of consumers.
Acquiring a property is more challenging than ever for first- time buyers. The monthly cost has gone up substantially since the government reduced the maximum amortization from 40 to 25 years. What helps, somewhat, is our current low interest rates. Mondev’s goal is to make it possible for young couples and singles to own condos by reducing the price and keeping fees low. We achieve this by eliminat- ing frills. This might mean living without an indoor pool or 24- hour security guard.
What about other demographics, like empty nesters and seniors?
These individuals are more demanding and have more means, because most have previously owned at least one home. They still want great value but may be looking for a dwelling with two bathrooms, additional amenities and tranquillity. One example of a condo property we developed with baby boomers in mind is Carter on the Park. It faces Jarry Park and is walking distance to Jean Talon Market and Little Italy.
What do you like to do when you are not working ?
I spend all of my free time with my wife and our two young daughters, who are three and one. I take my girls to their swimming lessons and hang out with them at the park. I have even been known to sit still just long enough for my three- yearold to take my temperature, check my pulse and listen to my heartbeat with her toy stethoscope.
... I see great things for our industry in years to come as long as developers keep in mind the need for diverse products to satisfy all types of consumers. MICHAEL OWEN