Lot42 sold to Vaughan-based developer, Better Tent City lease to end in July
Posted Apr 30, 2021 10:30:00 AM.
This article is more than 5 years old.
Lot42 has been snapped up by a Vaughan-based developer.
The deal with RoseWater Developments will be finalized over the next few months.
President Mario Bottero says Waterloo Region has become a very attractive place to invest in.
“You would have thought COVID would have had an impact to a certain extent, but if anything, it's actually made some of the industrial even more needed. When we saw this piece, we saw it as a good opportunity for us and we jumped on it.”
He noted other than ownership, not much will be changing at the event space.
“It will be pretty much a lot of the same stuff. Injection Technologies will remain there, the gym will be there, the dance studio will be there.. Better Tent City's lease terminates at the end of July. When we buy the property, they won't be there. We're going to sever off the back and look to sell the back because it's excess land that we don't require.”
He said the lease for Better Tent City will end in July — and plans to renew the lease are completely off the table.
“From our perspective, it's hard to have a residential use in an industrial environment. You have trucks at night, you have shipping, you have a lot of things that could lead to something not being safe. When we buy it, they are not going to be there and we are going to continue to run the property as an industrial property.”
Bottero added they are already thinking of what kind of artwork they can use to fill up the huge space at LOT42, left behind by a massive 42-foot sculpture that has since found a new home.
“Maybe we can do some kind of competition and have people submit and pick something and have a prize and put something up. I think that would be a good idea.”
RoseWater Developments has also been involved in other local projects within Waterloo Region and in Guelph, such as the Sobeys development on Ira Needles Blvd.
