48 Ontario St N | 2 fl | Completed

[rangersfan]

Project name:
Address: 48 Ontario St N
Developer:
Project: the redevelopment of a vacant heritage building and former Legion hall currently owned by the City of Kitchener.

Articles related :
http://www.cbc.ca/beta/news/canada/kitch...-1.3957974

The city has received 5 bids to purchase the property, with which half of the proceeds would be used towards an arts hub.

http://m.therecord.com/news-story/724547...e-building-

[tomh009]

The RFB Development proposal looks interesting:
https://static1.squarespace.com/static/5...oposal.pdf

However, they're expecting a lot from the city:

1. Offer is conditional on preliminary Site Plan approval and project financing.
   
2. Offer is conditional upon the satisfaction of the buyer as to the condition of the building and property.
   
3. Buyer to be granted a six month time frame following the acceptance of offer to perform all due diligence required for the project.
   
4. Project to commence following final Site Plan / Building Permit approvals.
   
5. City of Kitchener to waive all Site Plan Approval / Development fees.
   
6. City of Kitchener to waive all Heritage Impact Assessment & Conservation Plan /  Heritage Permit Application fees.
   
7. City of Kitchener to waive all Building Permit fees.
   
8. City of Kitchener to waive all Property Taxes until completion of project.
   
9. City of Kitchener to be responsible for all utility costs until completion of project.
   
10. Balance of 99% of the property purchase price to be paid to the City of Kitchener immediately after the completion of project.
    
11. Any existing and/or uncovered environmental health and safety issues to be disclosed by the City of Kitchener after acceptance of offer.
    
12. Community kitchen, gallery, and music venue to be leased back to the City of Kitchener at fair market lease rates.
    
13. City of Kitchener to provide parking in the garage across the street for the hotel (20 rooms = 20 spots) as well as additional parking for the community kitchen, gallery, and music venue.
    

[REnerd]

The RFB Development proposal looks interesting:
https://static1.squarespace.com/static/5...oposal.pdf

However, they're expecting a lot from the city:

1. Offer is conditional on preliminary Site Plan approval and project financing.
   
2. Offer is conditional upon the satisfaction of the buyer as to the condition of the building and property.
   
3. Buyer to be granted a six month time frame following the acceptance of offer to perform all due diligence required for the project.
   
4. Project to commence following final Site Plan / Building Permit approvals.
   
5. City of Kitchener to waive all Site Plan Approval / Development fees.
   
6. City of Kitchener to waive all Heritage Impact Assessment & Conservation Plan /  Heritage Permit Application fees.
   
7. City of Kitchener to waive all Building Permit fees.
   
8. City of Kitchener to waive all Property Taxes until completion of project.
   
9. City of Kitchener to be responsible for all utility costs until completion of project.
   
10. Balance of 99% of the property purchase price to be paid to the City of Kitchener immediately after the completion of project.
    
11. Any existing and/or uncovered environmental health and safety issues to be disclosed by the City of Kitchener after acceptance of offer.
    
12. Community kitchen, gallery, and music venue to be leased back to the City of Kitchener at fair market lease rates.
    
13. City of Kitchener to provide parking in the garage across the street for the hotel (20 rooms = 20 spots) as well as additional parking for the community kitchen, gallery, and music venue.
    

99% of property price paid AFTER the completion of the project?   Good luck with that...

Are the other proposals available?  The Perimeter and Voisin ones would be interesting to see.

[jeffster]

The RFB Development proposal looks interesting:
https://static1.squarespace.com/static/5...oposal.pdf

However, they're expecting a lot from the city:

1. Offer is conditional on preliminary Site Plan approval and project financing.
   
2. Offer is conditional upon the satisfaction of the buyer as to the condition of the building and property.
   
3. Buyer to be granted a six month time frame following the acceptance of offer to perform all due diligence required for the project.
   
4. Project to commence following final Site Plan / Building Permit approvals.
   
5. City of Kitchener to waive all Site Plan Approval / Development fees.
   
6. City of Kitchener to waive all Heritage Impact Assessment & Conservation Plan /  Heritage Permit Application fees.
   
7. City of Kitchener to waive all Building Permit fees.
   
8. City of Kitchener to waive all Property Taxes until completion of project.
   
9. City of Kitchener to be responsible for all utility costs until completion of project.
   
10. Balance of 99% of the property purchase price to be paid to the City of Kitchener immediately after the completion of project.
    
11. Any existing and/or uncovered environmental health and safety issues to be disclosed by the City of Kitchener after acceptance of offer.
    
12. Community kitchen, gallery, and music venue to be leased back to the City of Kitchener at fair market lease rates.
    
13. City of Kitchener to provide parking in the garage across the street for the hotel (20 rooms = 20 spots) as well as additional parking for the community kitchen, gallery, and music venue.
    

99% of property price paid AFTER the completion of the project?   Good luck with that...

Are the other proposals available?  The Perimeter and Voisin ones would be interesting to see.

I do like the concept...i just have to wonder if there is too many conditions.

I don't see them getting free parking either, unless the city always has arrangements like that for the other hotels downtown, (namely the Walper, as the Crowne has its own garage.)

My understanding is that the Legion has some serious mold issues, so perhaps the city will bite at this?

[KevinL]

Before the Charles garage went in, the Walper had reserved spots on that surface lot, so I think they got an understanding a the new garage as well.

[jeffster]

Before the Charles garage went in, the Walper had reserved spots on that surface lot, so I think they got an understanding a the new garage as well.

Reserved spots as in pre-paid? In know the C&B garage doesn't have 'reserved' parking, per se. Though I've never seen cars above level 3, ever.

I'm not understanding the 'reserved spots' though, because even Duke & Ontario isn't busy during the expected hotel house (which I would assume would be mostly between 6 pm and 7 am). Unless there are 20 spots available in the monthly portion of that garage.

Either way, the more people we have coming downtown, the better.

[panamaniac]

I'd love to see a proposal for the old Legion Hall that incorporated the former Jessup's Cleaners on the corner.

[panamaniac]

Has anybody heard whether this is still on track for a recommendation to council re a buyer?

[rangersfan]

According to this article regarding the Kitchener creative hub the sale of 48 Ontario St has not been finalized, it doesn't elaborate.

https://www.kitchenerpost.ca/news-story/...hub-plans/

[highlander]

Former legion in downtown Kitchener to be sold for $1.5M

The former legion in downtown Kitchener will be sold to a Waterloo-based developer for more than $1.5 million.

Kitchener city council is set to approve the sale of 48 Ontario St. N. to Voisin Capital Inc. during a council meeting on Aug. 11. The total purchase price is $1,550,000.

[Spokes]

Isn't Voisin the team that did 8 Queen?

[panamaniac]

Was Voisin's concept for the building ever made public?

[tomh009]

Was Voisin's concept for the building ever made public?

Not yet.  He said it would be after the deal is approved.

[darts]

Does this sale include leasing space inside the building like some of the buyers were expecting?

[tomh009]

Leasing space for ... what? Which buyers were expecting that?