Friday, March 21, 2014

Plans $ 100 million soon deposited at the City of Magog

The CEO of the company Armco Real Estate, Peter Smale, confirmed the filing of an overall plan that he believes complies with the most recent zoning changes . "I feel the good will of the council ," let he heard.

According to the plans obtained by The Guardian , less than half of the 500,000 square feet would be demolished to highlight the richest buildings and architectural heritage plans. The developer hopes to keep the buildings around 1900 .

This real estate project , including public and residential and commercial vocations , especially include loft style condominiums , commercial offices as well as indoor and outdoor parking . Mr. Smale also opens the door for a possible convention center, artists' studios and a kindergarten .

Technological Park of international quality as desired by Magog Technopole and the City of Magog, might be accommodated in a proportion ranging from 10% to 20% of the total space . "We have discussions with Magog Technopole and others interested in establishing businesses in our walls , but nothing is signed yet ," he says .

This project is not officially launched , but the promoter has four phases totaling $ 100 million , and over a period of 15 years. " As soon as possible " remains the objective of the developers, but the file will change depending on the permissions to obtain agreements to sign and market response .

The transformation of the former Paton plant in Sherbrooke, is a model to follow, but Mr. Smale says he is not the only source of inspiration for the conversion of the former Dominion Textile.

A partnership become

Difco was sold to Consoltex in 2011, a company that works particularly in the textile sector. Still owns the old part of the Dominion Textile , she announced in September 2013 its intention to form a partnership with Armco Estate, Magog Technopole and a major financial institution to transform the old places .

Founded in 1982, Armco Capital has built a small business that has become a diversified group of companies. Consoltex is a subsidiary of Armco and Armco Capital Real Estate is a subsidiary real estate development in Quebec Armco Capital.

Over the years , Armco has diversified into commercial, industrial and institutional sectors , as well as asset management . The company continues to diversify and grow both nationally and internationally and has to date properties in Nova Scotia , New Brunswick, Quebec , Atlanta , Florida as well as Texas.

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