The downtown Kitchener area is seeing great benefits from the 2004 $110 million economic development fund: that original investment is seeing a lot of spin-off in the downtown and midtown areas. This area of King Street – once completely forgettable – now features some great developments and is attracting huge interest!
If you follow Momentum Developments projects, you’ll know that this downtown Kitchener area is where the One Victoria project is located. We’re excited to be a part of the growing buzz surrounding this revitalizing area!
From the Daily Commercial News article:
Established in 2004, Kitchener’s $110 million economic development investment fund was a one-time program that used a tax levy to raise its capital. Cory Bluhm, Kitchener’s manager of downtown development, says qualifying projects “had to be what we called a catalytic investment, meaning you invest in something with the hopes that it’s going to spinoff into other developments beyond itself.”
Over the years, the fund has been used to foster major projects, such as developing facilities to house the University of Waterloo’s School of Pharmacy and the McMaster School of Medicine, creating a new building for the Kitchener market and renovating a former school to accommodate the Wilfrid Laurier University School of Social Work, and to help finance a program to enhance the city’s King Street streetscape, a central corridor.
An impact analysis submitted to the city last year notes there has already been an increase in property values and, so far, nearly 1,600 jobs are linked to the fund’s investments. Major employers, such as Google and Desire2Learn have located downtown, and there are residential projects underway in the city’s core, including City Centre condominiums – a mixed use tower development that will feature more than 350 residential units as well as retail space, public courtyard and public parking.
Read the full Daily Commercial News article.