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The Canadian Pacific rail yards take up about one-third of Côte St-Luc — land that the city would like to re-purpose.

Mayor Mitchell Brownstein says owning that land “would be a great boon for the city,” which “desperately needs” the land for housing and business development.

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The railway company has owned the land well over 100 years, and Brownstein said CP could make a profit by selling.

“I do believe that it’s a reality that could happen in the next five to 10 years with the proper plan,” the mayor said in an interview with the Montreal Gazette, adding developments similar to the future Quinze40 shopping complex in Town of Mount Royal and a residential redevelopment of the former Blue Bonnets racetrackon Décarie Blvd. in the Côte-des-Neiges—Notre-Dame-de-Grâceborough could increase the value of the rail yard land.

Brownstein, who has been in office since April, said during that time he has met with CP to discuss moving the train yard off island to Les Cèdres near Vaudreuil, and that the company wouldn’t be opposed to the idea as long as a reasonable development project were proposed. Brownstein said CP could make a financial gain by selling the land and relocating.