It’s a three million dollar purchase that would bring new life to a very old building.
Blackberry co-founder Mike Lazaridis and wife Ophelia want to build a high end boutique hotel in Uptown Waterloo.
Originally built in 1880 for the mutual life assurance company, the historic building on Erb street is home to the Waterloo police station will soon be transformed.
A spokesperson for Lazaridis’ family Michael Sitrick told CTV Kitchener by phone "Ophelia Lazaridis is exploring the construction of a new luxury boutique hotel on that site."
The family’s spokesperson says it's a plan the couple hopes will fit in well with the region's needs.
Sitrick says, “He and Ophelia believe that there will be a growing demand and need for such a property.”
It an opinion shared by Uptown Waterloo city councillor Melissa Durrell.
“We have so many institutions that are bringing people in on a regular basis and they need places to stay so I think the more hotels we have in the core I think the healthier it is for our economy.”
Regional councillors approved the 3.1 million dollar sale of the building earlier this week, but the deal may not be finalized until June, once the new owners have a chance to fully investigate the property.
Gary Sosnoski, The commissioner of corporate resources for the Waterloo Region says,
“As soon as they've confirm that they're okay with the property then we would close. No later than June and then after that they would begin construction according to their own schedule. “
The building is designated as heritage landmark for the city of Waterloo, which means certain aspects like the front and south facades, as well as the stone lions at the entrance, will have to be preserved. Any changes would have to be approved by council.
The Lazaridis' boutique hotel will likely be in for some stiff competition, there are plans already in the works to build a Delta hotel in the Barrel Yards development just up the street.
