Quebec City in Canada and Quebecor Media have signed a final agreement to commence construction on a $400m multi-purpose hockey arena.
The 8,000-seat sports complex will be built on the site of the old Quebec hippodrome and will be used for hosting sports and cultural events.
Quebecor Media will have the naming rights for the proposed arena and the rights to manage the facility, which could serve as the future home of a professional hockey team.
Quebecor president and CEO Pierre Peladeau said the project is now starting to take shape.
"Throughout construction and for the next twenty-five years, the company intends to work with Quebec City residents and businesses, along with municipal and provincial governments to make sure this arena is an economic, cultural and sport success that will help City and the talents of its citizens shine for many years to come," Peladeau said.
The arena will feature a 350m² television production studio and a production console that will be major differentiating factors for the multi-purpose arena, according to Quebecor.
Quebecor will also invest an additional $30m – $40m to fit-out parts of the building for exclusive use, including all of the furniture and technical equipment related to this space.
The arena could be scaled back from an earlier plan of 70,000m² to 64,000m² to complete the project on budget.
The total cost of the arena will be split between the provincial government and the city of Quebec, which is trying to persuade the National Hockey League to relocate a team to the provincial capital.
Construction of the complex is scheduled to start in September 2012 and to be complete by September 2015.