Retailing giant may anchor two-city project
September 30, 2008
Rose Simone
RECORD STAFF
WATERLOO REGION
A Lowe's home improvement store is expected to anchor the biggest retail and office development in Waterloo Region, proposed for a huge property straddling the cities of Kitchener and Waterloo along Ira Needles Boulevard.
INC Corp., which stands for Ira Needles Commercial Corp., wants to develop 1.1 million square feet of building space into stores, offices, gyms, movie theatres, restaurants and services such as hairdressers and coffee shops.
City of Waterloo planner Ryan Mounsey said it would be the largest such development in the region.
The 35.8-hectares property straddles Ira Needles where it is met by University Avenue. Half the land is on one side, in Waterloo and the other half is in Kitchener.
The land is also bound by the CN tracks in Kitchener, the Westhill Meadows golf course in Waterloo and the Waterloo Region landfill site.
By the time it is finished in four to five years, the project would involve an investment of about $100 million, said Greg Voisin, a principal in INC Corp. along with Paul Dietrich and Geoff Moore.
The complex could hold as many as 3,500 employees and generate about $500,000 a month in taxes for the communities, Voisin added.
The developers are hoping Lowe's will be an anchor tenant if all permissions for the plan are obtained.
Lowe's opened three Canadian stores last year in South Brampton, Brantford and Hamilton and is expanding its Canadian presence.
The North Carolina-based retailer does not comment on particular sites until the real estate process is complete, Lowe's spokesperson Maureen Rich said.
Besides Lowe's, there is a lot of interest from other potential tenants, said Voisin, who has also been involved in the Sunrise shopping centre development in Kitchener.
"In fact, we have had offers from two banks, seven restaurants, two athletic clubs, two theatres and about seven or eight other large retailers."
Despite the economic slowdown and turmoil in the markets, the developers are confident tenants will come. Voisin said most of the existing vacant properties in that part of the region are either too small, in the wrong place or not properly zoned for retail and commercial development.
About 25 per cent of the building space in this complex would be devoted to offices and even, possibly, research companies, said Paul Britton, a partner with MHBC, the Kitchener planning firm working with the developers.
Britton said there will also be
roundabouts and a transit terminal on the site, with access to regional bus service and the potential GO Transit service. He said it will be similar in many respects to the Sportsworld Crossing development on the former Sportsworld site, which also mixes high-end retail with offices, entertainment and transportation services.
The Ira Needles project is compatible with the push for more mixed-use developments that would cut down on the amount of driving that people do.
"You can go to work, to the gym, to a restaurant for lunch or in the evening and go to a show if you want," Voisin said
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