Former legion in downtown Kitchener to be sold for $1.5M
Voisin Capital Inc. of Waterloo behind other redevelopment project in downtown Kitchener
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.
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The city declared the legion building surplus in December 2016, putting it up for sale in January 2017.
Potential buyers had to meet certain criteria, which included having a plan to develop the property, adhering to the heritage designation of the building, and demonstrating and ability to handle to project and the ability to begin work in good time.
Half of the money from the sale will go to a new creative hub while the other half will go to a new initiative called Make It Kitchener.
Voisin Capital has been behind a number of local projects, including the redevelopment of 8 Queen St. in Kitchener, where Vidyard's offices are located, the Metalworks building in Guelph and 41 King St. in Kitchener, where The Berlin restaurant is located.
On its website, the company says it is known as an "urban office developer and proponent of adaptive reuse projects."
Frank Voisin, president of the company, said he did not want to comment on the sale until after it was complete.
"For now, suffice it to say that I am thrilled for Voisin Capital's proposal to be recommended by staff and I look forward to revitalizing and intensifying 48 Ontario," he said in an email.
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