A new partner joins Momentum on its 10th Anniversary

Momentum Developments is excited to announce that Seth Jutzi has joined the company as its newest partner. This past June marked the 10th anniversary of Momentum Developments, and Seth’s skillset is perfectly suited to help Momentum look towards our next 10 years of growth.

Seth comes to us from Sorbara, Schumacher, McCann LLP, where he developed an extensive body of work in both real estate and commercial law. His collaborative approach in deconstructing legal and business issues, along with his diligence and creativity have earned him a sterling reputation among coworkers and clients alike.

Seth also contributes his time, professional expertise, and leadership to a number of local charities. For the past eight years, Seth has served on the Board of Directors for Habitat for Humanity Waterloo Region, including two years as Board Chair. Currently, Seth serves on the Board of Governors for the Grand River Hospital Foundation and is the Chair of the Governance Committee. This dedication to community improvement is one of the many reasons Seth is a natural fit for Momentum.

Momentum’s first priority has always been to help build Kitchener-Waterloo into one of the best communities in Canada. As we look back over the last 10 years, we couldn’t be prouder of the impact that our projects have had. In both Uptown Waterloo and Downtown Kitchener, Momentum’s mixed-used developments have created spaces where residents live, work and play – revitalizing neighbourhoods and contributing in our own way to the rapid changes that are transforming the Waterloo Region into a global destination.

Our diamond anniversary inspires us to consider what our community will look like on our 20th anniversary. We see our projects past, present and future connected through a modern light rail transit system. We see the 1 Victoria, One Hundred and Charlie West condominiums making an indelible mark on the skyline. We see our continued focus on sustainability and customer service rewarded with even more opportunities – new additions to the skyline that we’ve only begun to imagine.

Everyone at Momentum, including our new partners at Zehr Group of Companies, looks forward to working on another decade of successful projects. Together we are truly living up to our namesake, and couldn’t be more excited about building on our momentum over the next 10 years and beyond.

Thalmic Labs leases building across from Charlie West

Kitchener – The rapid pace of growth in downtown Kitchener continues, with the latest development happening directly across the street from Charlie West. The historic building at 27 Gaukel St. that’s been the longtime home to Shreiter’s Home Furnishing for years has been leased to Thalmic labs, the Kitchener-based technology company that currently occupies the adjacent building.

The top two floors of the 26,000-square-foot building are going to be used as office space, with the main floor containing an employee cafeteria and meeting space. Schreiter’s is the process of moving to their new Belmont Avenue location.

The Gaukel Street building was acquired last year by Vanguard Developments Corp., which plans to heavily invest in renovations.

“We are renovating the whole space into classic brick-and-beam office space,” said Vanguard co-owner Tom Rakic.

Thalmic Labs is anticipated to move into the new space this Fall.

We’re rallying for the 2021 Canada Games!

@CanadaGamesTogether with the Cities of Waterloo and Cambridge, Kitchener has submitted a bid for the Waterloo Region to become the host for the 2021 Canada Games. Momentum would never miss an opportunity to promote the Waterloo Region, and this bid is another great chance to put our home on the map!

But we need your help! The 2021 Canada Games is the largest multi-sport games in the country. Every two years, it alternates between a summer and winter event, and in 2021 we want to see the summer games in our amazing Region!

We are competing against three other Ontario communities: Ottawa, Niagara Region and Sudbury for the privilege to host this event. We can help convince the organizing committee that our Region’s enthusiasm to host the games is unparalleled – making Kitchener, Waterloo and Cambridge the best option to showcase the amazing athletic talents of our country’s youth.

HOW CAN YOU HELP?

It’s as easy as 1 -2 -3!  

1.       First, please go now and join the grass-roots campaign #WeRally2021, to capture and share your support of our local bid. Simply go to www.werally2021.ca and fill out the online form expressing your support. Also, please share this with your friends and ask them to do the same. 

2.       Second, you can also help by “liking” the WeRally2021 Facebook page and by following the @WeRally2021 Twitter account.

3.       Third and lastly, you can add the attached graphic and tagline “Help us win the 2021 Canada Summer bid – join #WeRally2021 www.werally2021.ca” to your e-mail signature until a decision is announced on March 30th.

Your support will make a big difference!

One Hundred Condominiums breaks ground in downtown Kitchener

Kitchener Mayor Berry Vrbanovic and Regional Chair Ken Seiling were on hand today to celebrate the ground breaking of One Hundred (100 Victoria St S), a large condominium project consisting of two towers and 348 residential suites in the Innovation District of downtown Kitchener. A strategic development partnership between two local development groups – Momentum Developments and Zehr Group – was announced.

After a lengthy OMB appeal that delayed the project by over 18 months, ground has now been broken on the first phase of One Hundred. The two towers will ultimately rise 15 and 19 storeys above a three-storey podium on Victoria Street. The first tower is slated for occupancy in late 2018. The second tower will be ready in 2020.

The City of Kitchener’s approval of the project was upheld by the Ontario Municipal Board, and One Hundred is now set to contribute to the advancing landscape of Kitchener’s Innovation District.

This past summer, Momentum Developments completed a 19-storey condo project at 1 Victoria St S. One Hundred is the first joint venture between Momentum Developments and Zehr Group, but the two teams previously worked together to develop the Red Condominium (188 King St S, Uptown Waterloo).

“Our previous experience with Zehr Group demonstrated the attention to detail and discipline that makes them the perfect partner for condominium development,” said Brian Prudham, Principal at Momentum Developments. “Our experience in condominium development is the perfect marriage for their experienced construction and property management teams.”

This joint venture is a new approach, allowing local developers to satisfy the development needs of the Innovation District.

“Both local teams lend significant value to such a large mix-used condominium project,” says Don Zehr, CEO of Zehr Group. “Momentum brings condo development experience and strong skills in marketing, sales and customer service to the table. Zehr Group brings a well-rounded team with strengths in finance, accounting, construction management and property management.”

One Hundred is now 70% sold in both phases and public demand for presale units has resulted in an updated design for the project, allowing 40 new residential suites to be added.

The increasing demand for condominium living in downtown Kitchener can be attributed to the Region’s new Light Rail Transit system, which will soon provide rapid public transportation between the Tri-cities, as well as the increasing employment opportunities within the high-tech sector that is fuelling growth in Kitchener’s Innovation District. A planned multi-modal transit hub for the GO Train, Via Rail and Grand River Public Transit is also slated to be built on the corner of King and Victoria Street in the near future. Living at 100 Victoria Street will also give residents quick access to the many restaurants, shops and entertainment venues in downtown Kitchener.

Visit onehundred.ca for more information.

Property Near Transit Worth 30% More

Location location location! When it comes to real estate we all know that location is paramount. A new study in Toronto focusing on the downtown core has confirmed this. The study from Avision Young determined that condominium towers within 500 meters of subway stations sold for 30% more than condominium towers more than 500 meters away! 30% is a substantial margin. The study suggests that the millennial generation desires to be close to transit because they often don’t own a car. 500 meters seems to be the distance that people are willing to travel. Any further and real estate values drop and vacancy rates increase.

Momentum Developments is certainly following the trend of developing close to major transit nodes. In fact, it’s one of the principles of our business. Both 1Victoria Condominium and One Hundred Condominium are within a 400 meter walk to the new Transit Hub. 1Victoria is literally kitty corner to the hub! We have certainly seen many millennial buyers and the access to the new LRT and GO Train to Toronto is a major draw.

The full article can be found on the Financial Post:

http://business.financialpost.com/news/property-post/toronto-property-near-public-transit-worth-30-more-than-other-buildings-study-finds

Peter Whitby

Waterloo Talent Attracts Top Employers

The Region of Waterloo continues to earn its reputation as the Silicone Valley of Canada. In the past week, two major Canadian corporations have announced new offices in the city. Shopify Inc will be leasing the historic Seagram building in Uptown Waterloo and TD Bank is opening a new office beside the University of Waterloo. The theme of both expansions seems to be talent acquisition. Waterloo Region is a mecca for software engineering, computer science and the skills employers require for their companies to excel in the modern world.

Shopify Inc. is one of Canada’s brightest technology companies and is headquartered in Ottawa. The rapidly growing company provides online sales tools for small and medium sized businesses. The company went public in May and is currently valued at over $2.7 billion dollars. Waterloo’s strong engineering and technology talent is the driver behind the expansion into Waterloo. In a statement, the company said: “Shopify chose to expand its offices in Waterloo because of the amazing talent pool that is available in the region.”  Shopify will be hiring 300 new employees for the Waterloo office.

TD Bank is also looking to acquire Waterloo talent with the opening of a new Technology Innovation Centre. Located close to the University of Waterloo main campus, this office will focus on IT and software engineering, with the goal to attract data scientists in the near future.  TD Bank’s Senior VP and Chief Information Officer Jeff Martin had this to say: “We recognize that there’s a lot of innovation talent in the area. We need to be where they are. They’re not going to come to us. You need to have that talent to really build the bank of the future.” He also noted that proximity to the region’s post secondary schools was a draw for the bank.

Well done Waterloo! There is a lot of smart people in this city and the best companies in Canada are taking notice.

  • Peter Whitby Jr.

Is The Toronto-Waterloo Corridor the Next Silicon Valley?

What lead to Silicon Valley’s success, and is it possible to replicate this success in Canada? This article in the Globe and Mail highlights the potential possibilities of the Toronto-Waterloo corridor to become a true innovation centre in the country and the world.

Written by Iain Klugman, the CEO of Communitech, and Kevin Lynch, the Vice-Chair of the Bank of Montreal, this article rolls out the key “missing piece” that could be the difference between turning our region in the Canadian Silicon Valley.

Within the Toronto-Waterloo corridor, we produce superb technical talent, creative ideas and intellectual property to rival the world’s best – tens of thousands of our graduates work in Silicon Valley or Seattle or L.A., while others have opted to stay in Canada, or return after a stint away, to start companies.

Canadian entrepreneurs have repeatedly shown they can build game-changing technology right here at home, but too often these successes have been in spite of, not due to, the business conditions our innovators face.

To capture the full potential of the Toronto-Waterloo innovation corridor, we cannot think incrementally. We need a bold vision and even bolder leadership from government, the private sector and universities, buttressed by the ambition and confidence that we can take on the world and win. We also need to create concrete conditions for success, including more direct government support of technology development, faster transit links, financial lending services tailored to knowledge-based startups, strategic procurement by both governments and large firms, expedited visas for global talent and clear numeric targets for creating billion-dollar firms and tech jobs.

Read the full article on The Globe and Mail website.

Rent Or Buy The Top Floor in Waterloo?

comparing-penthouses-thumbThere is a lot of discussion on the economics of buying versus renting, and in some major markets – like Toronto, New York, and Vancouver – often the balance sheet tips toward renting being the less expensive option.

Even taking into account the recent growth of the Waterloo region, the economics of Kitchener-Waterloo real estate still favours the investment of buying a condo over renting one.

CTV Kitchener did a recent segment on the buy versus rent question when it comes to upscale, top floor, and penthouse suites in the region. Their calculations and the experts they talked to align: here in KW, you’ll definitely spend less if you buy, especially if you’re looking for a home to last you more than a year or two.

Check out the CTV video segment on the CTV Kitchener website.

Peter Whitby speaking at the 2015 Western Tour to Waterloo Region

Sponsor of the 2015 Western Tour to Waterloo Region

Peter Whitby speaking at the 2015 Western Tour to Waterloo Region

Momentum Developments is proud to have worked with the Toronto Chinese Business Associations to successfully organize the 2015 Western Tour to Waterloo Region.

1,200 Chinese Canadians from the GTA visited Waterloo Region for the first time. The itinerary for the trip included stops at St. Jacob’s Farmer’s Market, the University of Waterloo, Region of Waterloo International Airport, Perimeter Institute and the School of Pharmacy in downtown Kitchener.

It was a wonderful event that included participation from the Regional Government and also Mayors Dave Jaworsky from Waterloo and Barry Vrbanovic from the City of Kitchener. The weather was beautiful and we are proud to have participated in such a positive event. 1,200 Canadians were introduced to our amazing Region over the two day event!

Peter Whitby with David Jaworsky and Barry Vrbanovic

Peter Whitby with Waterloo Mayor Dave Jaworsky and Kitchener Mayor Barry Vrbanovic

Breithaupt Block Recognized As Office Development Of The Year

The Robertson Simmons designed Breithaupt Block building – the future home of the Google Canadian Development Office – received a NAIOP Real Estate Excellence Award as Office Development of the Year.

From an article in Canadian Architect:

“We are so proud of this building and the privilege of being part of the project team,” said Jason Martin, Partner, Robertson Simmons architects inc. “Working through our proven process and collaborating with Perimeter Development Corporation and the rest of their team to design this building with the goal of creating a new dynamic landmark for downtown Kitchener’s premier innovation district has been an exceptional experience.”

The Breithaupt Block is going to be a fantastic addition to the Innovation District area of downtown Kitchener. Congratulations to Robertson Simmons for their great work making this building a stand-out piece of the Kitchener skyline.

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N2G 1B1

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55 Northfield Drive East, Suite 285
Waterloo, Ontario
N2K 3T6

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