08-20-2015, 09:07 PM
Former brownfield site to be redeveloped
City of Kitchener release, August 20, 2015
City of Kitchener release, August 20, 2015
Quote:The former site of the City of Kitchener’s operation facility at 83 Elmsdale Dr. has officially been sold to NovaCore Communities Corporation in partnership with The Downing Street Group.
NovaCore Communities is an award winning developer, specializing in transforming low value urban brownfield properties into high value residential and commercial developments. Downing Street is a Toronto based real estate merchant bank and asset manager which provides investment, transaction and asset management services across all classes of real estate. NovaCore and The Downing Street Group have partnered on three other brownfield transactions that are at different stages of remediation and development, the Elmsdale facility will prove to be another successful collaboration.
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NovaCore’s vision for the property consists of a mixed use development made up of approximately 100,000 square feet of commercial, office and restaurant uses and multiple residential buildings. Since the property is a brownfield, their intention is to immediately remove the existing buildings and commence remediating the site.