160 hectare industrial park planned for Cambridge

A new industrial park is scheduled to open on the border between Cambridge and Kitchener in the next five to ten years. It's good news for bringing more tech-based and advanced manufacturing companies to the region, says the president of the Waterloo Region Economic Development Corporation.

'We think it's timely,' Intermarket Properties president says of building new park

Intermarket Properties announced the launch of IP Park Industrial Campus to be built in the highway 8 and 401 area between Kitchener and Cambridge. The project is scheduled to be completed within the next five to ten years. (Submitted image)

A new 160-hectare industrial park in Cambridge will be the ideal location for new advanced manufacturing and other technology-based companies, says the president of the Waterloo Region Economic Development Corporation.

The IP Park Industrial Campus will be located north of Hwy. 401 and east of Hwy. 8 in Cambridge near the border with Kitchener and will be built in three phases over the next decade. It will offer space for industrial, supply chain opportunities, auto dealerships, supply-chain opportunities, e-commerce and logistics companies.

The development of the industrial park is a joint venture between Intermarket Properties and Peter Benninger of Coldwell Banker. The two have been working on the project since 2006.

There is a lack of industrial land in Waterloo region and businesses have moved to other areas because of that, says Intermarket Properties president Mark Kindrachuk.

"The 401 is best for industrial users," Kindrachuk said. "Because of the [land] constraints in the GTA and lack of availability [of industrial land] in Waterloo region, it has taken a long time to bring this size of property to fruition but we think it's timely."

Good for tech companies, advanced manufacturing

An industrial park such as this will mean good things for the region, Tony LaMantia, president of the Waterloo Region Economic Development Corporation, said in a release about the project.

"Waterloo region's traditional industrial tenant base has been heavy manufacturing and the agricultural product sectors. As the region has grown as a tech market, it has evolved to accommodate advanced manufacturing and other technology-based companies," he said.

"IP Park is ideal for these users."

In the statement, Benninger said he's "excited to see this initiative coming to the market at such a strategic time that fulfills the needs of the industrial marketplace."

But that excitement is tempered, Kindrachuk says.

The ongoing NAFTA negotiations with the United States has made investment talk difficult in the short term.

"We're looking forward to that decision," Kindrachuk said. "Obviously there's a lot of people that hit the pause button because with uncertain times people don't make investments. So we're looking forward to that decision."