Another 298 rental units will be available when the tower finally opens to its residents.
The tower will forever change Montreal's skyline. Standing 232.5 metres above sea level, 1 Square Phillips will be 61 storeys high and offer spectacular views of Montreal's downtown, Old Port, and Mount Royal.
"I'm very pleased today to announce that the construction of 1 Square Phillips can begin as planned," said Kheng Ly, Founder, President and CEO of Brivia Group.
"With this first phase, [we] will play a key role in revitalizing the economy of the metropolis, especially the downtown core. Investment projects in the real estate sector play an important role, and our group intends to do its part."
Ly states that Montreal has been on an "upward path" in terms of real estate development.
1 Square Phillips is one of several incredible new residential tower projects in Montreal, including the Humanti Tower project and the Maestria condo project.
When the first phase of the project is ready in 2024, the building will welcome some 1,100 new residents.
The much-hyped project is expected to be "a breath of fresh air" for the vitality of Montreal's downtown core.
"A project like 1 Square Phillips will create an additional living environment and thus support the commercial vitality of the area in a sustainable manner," said Emile Roux, General Manager of Destination Centre-Ville.
The project will feature several incredible amenities including a 5,700-square-foot "sky lounge" on the 50th floor, a 4,100-square-foot garden, a small dog park, heated sidewalks, a "green roof," a huge gym, a yoga studio, a spa, and swimming pool.