There soon could be some activity at the former Budd Automotive Lands in Kitchener.
Perimeter Development Corporation announced Monday that it has completed a joint venture acquisition with Crestpoint Real Estate Ltd.
The 37 acres of property at the corner of Homer Watson and Bleams will be the future home of the Homer Watson Business Park.
Perimeter said in a release it will immediately begin pre-development in order to begin construction in the third quarter of 2021 and deliver the state-of-the-art industrial space by mid-2022.
“We are excited to bring these high-value industrial lands to market in Kitchener.” said Craig Beattie, Perimeter Chief Executive Officer in a release. “This important site represents a rare, large infill site in the heart of the most well-established employment area in Waterloo Region. The Kitchener market is experiencing an unhealthy deficiency of available quality industrial space, which is inhibiting growth prospects for many companies. Our Homer Watson Business Park will help fill this glaring need and its proximity to available workforce makes it an ideal location for growing local businesses who need space to expand and companies looking to relocate to Waterloo Region.”
Perimeter goes on to say the Homer Watson Business Park will feature over 700,000 square feet in three buildings built for light manufacturing, assembly, or logistics operations.
“There is really nothing else like this site in Southwestern Ontario.” said Curtis Darling, Executive Vice President of Leasing and Acquisition’s at Perimeter. “The majority of industrial sites available at this time are standalone locations, Homer Watson Business Park’s setting within this existing business node is extremely rare.”
Perimeter outlines that this area of Kitchener is an important location that offers proximity to Kitchener's diverse workforce in nearby neighbourhoods, access to the region's active transportation & public transit network, access to the talent pool from graduates of local post-secondary institutions such as Conestoga College, Wilfrid Laurier University, and the University of Waterloo.
Other key drivers for this location was quick access to the Highway 401 corridor.