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The Breithaupt Block | 16 m | 4 fl | Complete
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Major developer takes stake in Breithaupt Block project
Record staff | The Record | Link
Quote:KITCHENER – The developer of the Breithaupt Block has taken on a partner to help it turn the former Kitchener boot factory into office space.

Perimeter Development Corp. has signed a deal to sell a 50-per-cent stake in the project to Allied Properties REIT, a Toronto-based developer that specializes in adaptive re-use of urban industrial buildings. The deal, expected to close Dec. 1, is worth $4 million.

The Breithaupt Block consists of six former industrial buildings, containing about 176,000 square feet of space, at Breithaupt and King streets in Kitchener’s warehouse district.

Merchant Rubber used the original building to produce rubber boots, starting in 1904. More recently, the buildings were used to make auto parts. The buildings were vacated in 2008 when International Automotive Components shut down its operations here.

Perimeter and Allied plan to develop the buildings into Class 1 office space, with completion scheduled for the middle of 2013.

“This is a great opportunity for us to augment our position in the warehouse district of Kitchener and to develop a working relationship with an accomplished developer in the area,” Michael Emory, chief executive officer of Allied, said Wednesday in a news release.

Allied is familiar with the warehouse district. It owns 72 Victoria St., a former wooden seat plant that was turned into office space in 1999.

In total, Allied owns properties in Kitchener, Toronto, Montreal, Winnipeg, Calgary and Quebec City containing a total of about six million square feet of office space.

Allied, a publicly traded real estate investment trust, said Perimeter will oversee the redevelopment of the Breithaupt Block and manage the property.

Perimeter, which acquired the Breithaupt Block in 2009, also has a project on the go to redevelop a section of Main Street in the Galt section of Cambridge. David Gibson, the Toronto-based firm’s founder, formerly was the chair of First Gulf Development Corp., the company that redeveloped the Waterloo Town Square.




Creating ‘cool’ spaces for the Tech Triangle
August 08, 2011 | Jennifer Lewington | The Globe and Mail | Link
Quote:The four-storey factory had been on the market for a year before Toronto developer David Gibson considered buying it. Looking at the 1904 property, he saw something others had missed: the chance to transform a brick-and-beam building into premium office space for Waterloo’s technology sector.

The former car-parts factory stretches over a block of Kitchener’s old warehouse district. “It was pretty gruesome, but you could see the opportunities here,” Mr. Gibson recalls of his first impressions of 51 Breithaupt St. in 2009. The building at the former Collins & Aikman plant still housed mammoth machinery. The 4.3-acre site also needed an environmental cleanup – a potential financial risk.
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Re: The Breithaupt Block | 16 m | 4 fl | U/C - by Spokes - 08-25-2014, 10:24 PM

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