Former legion in downtown Kitchener to be sold for $1.5M

Waterloo's Voisin Capital Inc. will purchase the former legion at 48 Ontario St. N. in downtown Kitchener, pending city council approval on Aug. 11.

Voisin Capital Inc. of Waterloo behind other redevelopment project in downtown Kitchener

The building at 48 Ontario Street North stands out in Kitchener due to its red brick exterior. The City of Kitchener declared it surplus lands in December 2016 and put it up for sale earlier this year. Pending council approval, it will be sold to a Waterloo developer. (Melanie Ferrier/CBC)

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.

The city declared the legion building surplus in December 2016, putting it up for sale in January 2017.

The building's slate staircase is historically significant, and shows signs of wear from many years of use. (Melanie Ferrier/CBC)

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 Inc. in Waterloo has been involved in the redevelopment of local properties, including 41 King Street in Kitchener, where The Berlin restaurant is located. (Kate Bueckert/CBC)

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.