THE FINANCIAL POST
June 21, 1986
The Micot Centre's $166-million price-
tag includes $9 million from the city of Hull
to cover the costs of the outdoor infra-
structure and links across Maisoneuve
blvd. to the Department of Supply & Services
and to Place du Portage centre
About 10% of the remaining $157 mil-
will come fom Micot Matrix and the
other 90% from a consortium of Quebec
pension funds, managed by Societe Im-
mobiliere Trans-Quebec, a private com-
pany controlled by the Caisse de depot et
Placement du Quebec.
Micot Matrix has already spent more
tha $4 million on developing the projet,
says Mr. Kealey. He has asked the.Quebec
and Federal governments to contribute $10
million each, citing the centre's potential
for creating jobs. -- about 2000 during
construction and 5000 on completion.
One of the primary reasons for choosing
Hull as the location for Micot is its closeness
to the Federal government's purchasing
arm, the Department of Supply & Services.
Since the latter is expected to spend $1
billion annually to automate government
offices in the coming years, any firm
interested in selling high-tech and commu-
nication equipment to the federal government
would find it avantageous to locate
an office in the Micot Centre.
Also the Ottawa national capital area
attracts about three million visitors annually,
many of whom would be expected to
visit the Micot Centre. with its museum
and hotel. And since neighboring Kanata, Ont.
has already gained a reputation as
Canada's Silicon, Valley North, it's logical
to try to extend it further.
Although construction was originally
scheduled to begin by December 1985, it
has been delayed by the discovery that the
school presently located on the site did not
possess a property deed. This also delayed
completion fo the financing pakage, since
investors wanted to be assured Micot
would have clear title to the property.
The property ownership was finally clar-
rified by a private member's bill passed by
the Quebec National Assembly at the end
of March 1986.
Construction is not expected to get
under way till August or September 1986.
with the completion in summer of 1989.
The ground floor of the Micot complex
will contain restaurants, shops, and boutiques.
The atrium level will feature a revolving showplace
of all technologies & communication systems.
Above it will be three floors containing
200,000 sqare feet of office space, and
there'll also be 300,000 square feet for
permanent high-tech exhibits on other
One of the two towers will contain 244
room hotel. Mr. Kealey is negotiating with
three hotel chains - one Quebec based and
two international - to manage it.
Although the other tower was planned
to contain apartments, Mr. Kealey opted for
more office space, since the rents would be
twice as high as than living space. Mr. Kealey's
hoping for $25-$27 a square foot, comparable
to rates charged for A space in Ottawa.
As far as potential tennants, Mr. Kealey says
he has already received "450" letters of intent
for "150" high tech offices, but refused to
devulge any names.
Claude Guillemette assisted the Micot complex President & CEO Glen E. P. Kealey
during the years of 1984 to 1992 -
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