Ontario Construction News staff writer
Perimeter Development Corporation says it has completed a joint venture acquisition with Crestpoint Real Estate Ltd. to purchase 37 acres to build the Homer Watson Business Park in Kitchener.
According to a news release, pre-development work will start immediately followed by construction in the third quarter of 2021 and completion of 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 CEO. “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.”
The 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.
The Homer Watson Business Park will include over 700,000 sq. ft. of industrial space in three buildings 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 acquisitions. “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.”
The area 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.