Quartier des Spectacles (QDS) and the city of Montreal have recently announced the results of economic benefits tied to the Quartier des Spectacles.
The study, conducted by Altus consulting firm, analyzed the “effects of the urban revitalization process,” a program that began in 2007 and followed a handful of public investments.
After conducting the study for nearly 12 years, Altus revealed that through completing 60 property development projects, QDS has delivered $2.2 billion in economic benefit. According to the city, however, the aim has always been to turn QDS into “an essential cultural destination.”
Robert Beaudry, a member of the City’s executive committee, shares that the “culture is not only a fantastic driver of social development… it also makes an undeniable economic contribution to Montreal.” He explains that not only has QDS managed to attract hundreds and thousands of guests for festivals and events but has also “attracted the interest of many developers” who wish to build major projects there.
Other highlights of the study reveal that:
- Since 2007, the return of $2.2 billion comes from an investment slightly over $1.5 billion (stemming back from 2007).
- Over the course of 10 years, annual tax revenue from QDS projects has grown from $7.4 million to $24.4 million (from 2007 to 2017).
- Tax surpluses from 2007 to 2017 have already surpassed $85 million. Developers expect the surplus to reach $449 million over time.
- Of the $2.2 in economic benefits, 20% of said benefits are still to come from projects that are soon to be completed in 2018 and 2019.