48 Ontario St N | 2 fl | Completed

[darts]

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

This one had some expectations from the city, 

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.
    

[tomh009]

That was RFB's long list of requirements for the city -- which the city apparently was unwilling to accept.

As far as I can tell, the city will provide the arts space elsewhere, using the funds from selling this property.

[darts]

That was RFB's long list of requirements for the city -- which the city apparently was unwilling to accept.

As far as I can tell, the city will provide the arts space elsewhere, using the funds from selling this property.

Yeah I know that was a different developer, but if one has this sort of list of conditions it begs the question is this building being sold without any leasing conditions/expectations or not.

[tomh009]

It's a good question but we don't know yet. My guess is that Voisin's demands were less onerous and that's why the city is willing to sell the property to him -- but this is just a guess.

[robdrimmie]

Voisin did indeed do 8 Queen (http://news.communitech.ca/columns/8-que...ce-market/, June 2015), and Vidyard was announced as the tenants a few months later. (https://www.therecord.com/news-story/578...surprises/, August 2015). I'd be surprised if there weren't already a probable tenant lined up.

Perimeter's bid was in partnership with Garage Capital, a VC firm by the co-founders of Vidyard and one of the founders of BufferBox (https://www.therecord.com/news-story/733...up-sector/). The linked article suggests that other VC firms and possibly startups could lease space as well.

[Pheidippides]

It has a website now:
http://www.48ontario.com/

   

[jgsz]

I like it.

[ijmorlan]

I like it.

Looks great. Too bad they couldn’t include the next property over (corner of Duke) as well — it’s nothing special and giving the project corner exposure would enhance its visibility.

[panamaniac]

My only quibble would be with the alignment of the windows on the green wall - I think it would look tidier if they lined up horizontally with the windows of the original building.

[rangersfan]

They are doing some good stuff around town.

[jamincan]

My only quibble would be with the alignment of the windows on the green wall - I think it would look tidier if they lined up horizontally with the windows of the original building.

I don't know how noticeable they will be in real life. I imagine the large windows in front of the green wall will tend to be more prominent than in the rendering, which will make it less likely for us to visually compare the windows inside on the green wall with the windows on the outside.

[Pheidippides]

Another render, from a slightly different angle is on page 3 of the press release.

Those overhangs don't stick out very far so it seems like the front part will have a huge solar gain via the greenhouse effect in the summer as the garage doesn't cast a shadow that long in the summer.

[panamaniac]

My only quibble would be with the alignment of the windows on the green wall - I think it would look tidier if they lined up horizontally with the windows of the original building.

I don't know how noticeable they will be in real life. I imagine the large windows in front of the green wall will tend to be more prominent than in the rendering, which will make it less likely for us to visually compare the windows inside on the green wall with the windows on the outside.

That may be - it was only after trying to understand how a green wall could survive the winter that I realized that there was a wall of glass in front of it!

[tomh009]

Nicely done!

[jeffster]

It has a website now:
http://www.48ontario.com/

Looks great. I am wondering how they are going to deal the with mold issues at that location. From my understanding is that the existing building has some serious issues with that.

As others have mentioned, would have been even nicer had they been able to get that building on the corner...but that's asking for way too much. Hopefully the staff over a bylaw and parking aren't too upset about losing their free parking at night.