The project was started in 1998 and now is home to 100 multimedia and IT businesses with more than 5,600 employees. There was some controversy with the development because it included a provincial government incentive that provided up to CAN $15,000 in tax credits for every employee hired, as long as companies located in the Cite Multimedia.
Cite Multimedia is located east of the Bonaventure Expressway, between the Old Port and downtown Montreal. The project helped revitalize an historical industrial area west of Old Montreal.
The seven buildings were sold by a limited partnership of the Société de développement de Montréal (SDM), QFL Solidarity Fund's Solim and SITQ Immobilier. Jones Lang LaSalle had the disposition assignment. In a prepared statement, Richard Marion, president of the limited partnership, said the project was a success:
"Cite Multimedia is the result of a close partnership between the public, institutional and private sectors, and has positioned Montreal on the world stage of the new economy, while being a profitable investment for the partners who created it.
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