Bromont Science Park gets boost thanks to new agreement
The City of Bromont and Montoni Group have agreed to develop around 6 million square feet of the industrial zone in Bromont Science Park.
The City of Bromont and Montoni Group have reached an agreement to partially develop the industrial zone of Bromont Science Park, a key high tech complex in Quebec.
Approximately 6 million square feet will be developed to help bring in new businesses and generate new jobs.
The agreement calls for the city to sell to Montoni Group at $3 per square foot land located on Montreal Road and Innovation Boulevard. This sale will generate income of $18 million from the sale, but additional income from taxation and transfer taxes. The plan calls for Montoni Group to acquire the land over time by either building or putting parcels on the market. Montori Group has an initial period of five years to fulfill its agreement obligations.
This specific are will be solely made up of industrial use buildings in a prime location — 50 minutes from Montreal and under 30 minutes away from the U.S. border.
“My vision for Bromont has always included the development of the Science Park,” said Louis Villeneuve, Mayor of Bromont. “Thus, the City Council, in recent years has made significant investments to install municipal services on the land.”
Montoni Group President Dario Montoni believes the specific location is perfect for its intended use.
“This unique site, strategically located between Montreal and the United States border, will meet current business demand for industrial land.”
One of Montoni Group’s recent key projects is Espace Montmorency, a $450-million-plus multifunctional complex located adjacent to Montmorency metro station in Laval.