Dario Favretto, MBA 80, president, Domaine Developments
Favretto’s maternal grandfather Dominic originally started the family business in the 1930s. A self-made man, he invented and patented many large construction tools such as supports and scaffolding still used today.
His father Angelo joined the business as an architect in 1950 and expanded it. He oversaw construction of the Concorde Bridge, Olympic Village, Place des Arts, Place Montreal Trust, LG-3 power stations and metro stations. Leafing through the company brochure is a veritable discovery of Quebec landmarks.
In 1976, when Favretto graduated from Stirling University in Scotland, he knew that he did not want to be an engineer nor an architect. “I always wanted to earn an MBA and chose Concordia because it offered case studies,” he says.
After labouring at his father’s company during summer vacations, he hesitated in joining the family business. Instead, he responded to on-campus recruiters. “By the fifth bank interview,” chuckles Favretto, “I realized that banking was not in my blood and that the family business was a better option.”
He returned to his father and asked, “What can I do here?”
Over the years, the family invested in real estate in several Montreal suburbs. Together with his father they started constructing commercial buildings for lease.
The construction industry thrived in Quebec until the late 1980s, when skyrocketing interest rates collided with politics that resulted in a slowdown. Undeterred, Favretto headed to Toronto where he immediately seized an opportunity to develop luxury condos..
“Toronto still has the largest developing condo market in all North America,” says Favretto. “It is the place to learn how to build condos given its exceptionally competitive market and the highest construction standards in the country.”
The outcome? Domaine Developments brought that market model back to Montreal.
“When I find a potential real estate property, I start to envision a condo building, he says. “I strive to be ahead of the curve. For instance I was the first condo developer in Montreal to include appliances and stepped it up by offering high-end ones.”
When asked about the challenges of the current condo environment, Favretto says, “In recent years the competition has increased, particularly in areas around the Bell Centre and Griffintown where too many developers are fighting in the same sandbox.”
“The fallout sends turbulent winds sweeping around those two sites, which affects everybody competing in the city,” he continues. “That, plus economic uncertainty in Quebec, propagate huge business challenges.”
Favretto feels his Concordia MBA gave him the tools and insight to take his family business to a higher level.
“Because Dario is adding to an already impressive repertoire, he sets himself apart from others in his field,” says Anna Abbruzzo, a designer and branding expert. “He constantly looks for ways to improve, upgrade and modernize his projects.”
Would Favretto hire Concordia grads? “The last time I posted a position, Concordia grads were the quickest to respond and yes, I did hire one,” he recalls.
Domaine Developments has won awards for design and building restoration including the Greater Toronto Home Builders’ Association’s Project of the Year Award.