The City of Kitchener has sold the old Royal Canadian Legion building at 48 Ontario Street, to Waterloo based company, Voisin Capital, for $1.5 million dollars.
Manager of Business Development with the city, Brian Bennett, says it was sold to Voisin Capital because of their detailed analysis of the heritage aspects of the building. “They went to the extent to research what the building originally looked like and found that there were some heritage components that were not in the current building, and are prepared to move forward and re-install those.”
Bennett says majority of the building will be office space with approximately 2,000 square feet retail at the street level. “Voisin Capital will also be expanding a new modern 25,000 square foot facility within the parking lot.”
“The sale is really going to take an asset that was empty and repurpose it and revitalize that section of Ontario Street and bring new employment to the area,” he says.
Half of the money from the sale will go to a new creative hub in the city.