The Halifax Convention Centre has reached substantial completion, a milestone for the state-of-the-art, modern event space.
“Reaching substantial completion with this massive project is a milestone,” said Transportation and Infrastructure Minister Lloyd Hines. “We have a beautiful, modern facility to help grow our tourism sector and showcase our province to the world.”
Substantial completion is a technical, legal and financial term that refers to a variety of financial and administrative issues which must be achieved before a building is deemed completed. It paves the way for federal, provincial and municipal payments to flow to the private sector developer.
Now that substantial completion has been met, funds from three levels of government, totalling $169.2 million, will begin to flow to Argyle Developments.
The federal government has contributed $51.4 million, in a lump sum.
The remaining $117.8 million will be split 50-50 between the province and Halifax Regional Municipality and will be paid out in monthly payments over the lifetime of a 25-year lease.
The province and Halifax Regional Municipality will collectively pay Argyle Developments a little more than $10.76 million per year over the next 25 years in annual base rent.
There are more than 100 events booked for the first year of operations in the new facility, which are estimated to bring more than 80,000 delegates and more than $50 million in new money to the province. This includes 44 national and international conventions.