KITCHENER: Earlier today, Momentum Partnership and KingSett Capital, on behalf of KingSett Real Estate Growth LP No.6 announced the acquisition of the former Huck Glove factory at 120 Victoria Street South in Kitchener, Ontario. The former factory will be incorporated into a commercial space and will be joined by additional commercial floors and a 23-storey residential condominium tower. CBRE Canada brokered the sale of the site.
“This is the culmination of an idea that we’ve had going back to 2012,” says Brian Prudham, Principal at Momentum Developments. “Combining the former Huck Glove property into our adjacent One Hundred condominiums project allows us to build something that will transform the west end of the Innovation District. The combined development will make this location a popular destination for residents and businesses.”
The six-story commercial development will incorporate a revitalized Huck Glove brick-and-beam factory, and provide amenity space for condominium residents. In total, the development is slated toprovide130,000 square feet of office space, 11,000 square feet of retail and approximately 300 residential units.
“This acquisition lets us do something bold and transformative for the neighbourhood,” says Zac Zehr, VP of Development for Zehr Group. “Along with the nearly sold out double towers currently under construction, the entire development site will add 650 residential units to the community and employment space for more than 500 people. This mix of uses so close to the transit hub is a huge step forward for Downtown Kitchener in its goal of becoming an accessible urban community.”
Joining the project as an investment partner is KingSett Capital, Canada’s leading private equity real estate investment firm. The involvement of KingSett Capital is a strong indication of the growing interest that developers and investors across Canada are showing in the continued growth opportunity in Kitchener-Waterloo.
“The concentration of technology companies in the Innovation District, investments in transit infrastructure and strong conditions for continued growth make Downtown Kitchener an increasingly attractive location for this type of mixed-use development,” said Matthew Johnson, Executive Director of Investments for KingSett Capital. Detailed plans for the new residential tower, including pricing and suite availability, will be made public once they have been finalized. More information about the project can be found at momentumdevelopments.ca.