How Mile-Ex is Becoming the Tech Hub of Montreal
Mile-Ex is a name first coined in the early 2000s as a combination of Mile End and Park-Ex, the neighbourhoods to the south and west. For those living in Montreal for longer than five years, the area is still referred to as Marconi-Alexandra or maybe part of Little Italy.
Previously rife with manufacturing factories, Mile-Ex has in recent years seen a rich array of tech giants arrive onto the scene that has seen it become the ‘tech hub’ of Montreal.
The history of Mile-Ex
Box manufacturers, paint companies, and electronics dominated the district in the first half of the 20th century and by the 1980s, clothing factories spread over Mile-Ex. In the decade that followed, textile manufacturers were joined by food plants and plenty of other enterprises.
Those businesses have long been closed and a new type of workforce is now flourishing in Mile-Ex.
Major players in the artificial intelligence and technology industry have joined the borough in droves, meaning you’re more likely to find hip young desk workers based in creative tech hubs as you walk around the streets today.
The technology companies that have swarmed the area have renovated the old factories and attracted younger residents and workers. Since the clothing industry’s crash, the tech industry has restored the 3,500 jobs it lost and it is expected that the figure will rise to 5,000 in the next few years.
The economic surge, entwined with Mile-Ex’s rich culture, has also led to an increase in residential investment opportunities. Residents and investors are finding plenty of reasons for purchasing Mile-Ex condos in particular.
The arrival of tech giants
The number of technology companies moving to the city has made Montreal one of the world’s leading hubs for artificial intelligence research. Multinational corporations IBM, Facebook, Google, and Samsung have set up research facilities and this has attracted several companies and academic research groups to Mile-Ex.
In the past year alone, the transformation of the old garment district into an AI hub has taken further steps forward.
Montreal Institute for Learning Algorithms has launched a new facility in Mile-Ex that will bring 700 workers. The facility will host corporate labs and startups, but MILA said the focus will be on fundamental research.
Elsewhere, Microsoft Research Montreal announced that it is relocating its office to Mile-Ex, Montreal’s new AI Hub. And San Francisco-based Spear Street Capital has acquired a Mile-Ex office complex for $153 million after being attracted by the burgeoning research and development scene
Mile-Ex investment opportunities
With the tech industry embracing the area and a community rich in culture, the real estate frenzy for property in Mile-Ex will continue to rise. Purchasing an Ateliers Castelnau Condo in this hot spot is a sound financial investment, and there are only 4 units left in phases 1-3! To get in on the action and to find the right condo for you, visit Ateliers Castelnau to sign up for the launch of the latest condo phase or call one of our agents at 514-900-2290.
Did you know that Phase 4 – a historic building is the final phase of Ateliers Castelnau? Spots will be opening soon, so sign up now to register for VIP status to know when the listings go live. There are only 30 units – so act fast!
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