Cité du Multimédia

Cité du Multimédia
Neighbourhood
Montreal

Coordinates: 45°29′56″N 73°33′27″W / 45.498889°N 73.5575°W / 45.498889; -73.5575

Country Canada
Province Quebec
Borough Ville-Marie

The Cité du Multimédia is a neighborhood in Montreal, Quebec, located between Old Montreal, Griffintown and Downtown Montreal. The neighborhood is the result of a vast real-estate project launched by the Quebec government in the late 1990s which redeveloped abandoned nineteenth century industrial buildings into a business cluster for information technology companies.

Groupe Cardinal Hardy and Groupe Provencher & Roy architectes collaborated on the district's urban design.[1]

History

The Société de Développement de Montréal possessed land holdings dating back to the Doré administration's failed Quartier des Récluses initiative, in which lands were bought by the SIMPA to make way for the project. In exchange for handing this over, the SDM gained a minority stake in a joint venture with the real estate arms of the Caisse de dépôt et placement du Québec (CDPQ) and the FTQ Fonds de Solidarité to fund the construction of the Cité, which occurred in eight phases, with additional phases having been planned. The Parti Québécois Bouchard Government of Québec then gave payroll tax credits to employers for moving to the new Cité du Multimédia buildings.

After the bursting of the dot-com bubble, and the elimination of tax incentives for information technology jobs in the district by the Liberal government of Jean Charest in 2003, phase 9 and others were cancelled, and the structures were sold by the joint venture to the private sector.

Economy

Many high-tech companies are still located in the area, while phase 8 is presently occupied by the municipal government. The property values in this part of Montreal are very high. The neighbourhood has 6,000 workers, and an average salary of $73,000 per year. This figure is almost 25% above Montréal's average.

Controversy

Then-finance minister Bernard Landry had been criticized by members of Montreal's real-estate community and some high-tech entrepreneurs when Finance Ministry programs enticed companies to relocate to Cité Multimédia and nearby Cité du commerce électronique in order to receive tax assistance.[2] In response, Landry announced the creation of CDTIs located in mid-sized cities throughout Quebec, and later the installation of technology clusters in rural areas, such as the Technoparc Rolland in Sainte-Adèle, Quebec.

References

External links

  • Allied Properties REIT - Cité Multimedia
  • Montrealbits.com: Cité Multimedia


This article was sourced from Creative Commons Attribution-ShareAlike License; additional terms may apply. World Heritage Encyclopedia content is assembled from numerous content providers, Open Access Publishing, and in compliance with The Fair Access to Science and Technology Research Act (FASTR), Wikimedia Foundation, Inc., Public Library of Science, The Encyclopedia of Life, Open Book Publishers (OBP), PubMed, U.S. National Library of Medicine, National Center for Biotechnology Information, U.S. National Library of Medicine, National Institutes of Health (NIH), U.S. Department of Health & Human Services, and USA.gov, which sources content from all federal, state, local, tribal, and territorial government publication portals (.gov, .mil, .edu). Funding for USA.gov and content contributors is made possible from the U.S. Congress, E-Government Act of 2002.
 
Crowd sourced content that is contributed to World Heritage Encyclopedia is peer reviewed and edited by our editorial staff to ensure quality scholarly research articles.
 
By using this site, you agree to the Terms of Use and Privacy Policy. World Heritage Encyclopedia™ is a registered trademark of the World Public Library Association, a non-profit organization.