KITCHENER -- After more than a decade sitting empty, the former Budd Automotive site in Kitchener is up for development.
“To us, this is a prime time industrial site and it’s time to bring it back to its original roots,” said Craig Beattie, CEO of Perimeter Development Corporation that purchased about half of the 70-acre property in April in a joint venture with Toronto based Crestpoint Real Estate Ltd.
Beattie said officials gathered on the property at Homer Watson Boulevard and Bleams Road for a groundbreaking ceremony for the new Homer Watson Business Park on Tuesday.
“It will house about 720,000 square feet of new, best in class industrial space, spread over three buildings,” said Beattie. “It’s an opportunity for companies to stay and grow in Kitchener as well as hopefully attract some new companies to set up shop here.”
The development costs well over $100 million and is an ideal space for light manufacturing, assembly and logistics operations.
No tenants are currently committed to the project but Beattie said they have already received a lot of interest.
Kitchener furniture maker, Krug Inc., also purchased a section of the former Budd Automotive site, adjacent to the planned business park.
The remaining acres will include a medical building and a stormwater management pond.
“Very pleased to see this property come to life again,” said Kitchener Mayor, Berry Vrbanovic.
He said the site’s revitalization is a sign of economic growth.
"It will obviously not just generate new tax money but more importantly," Vrbanovic said. "It’s estimated that it will employ over 1,100 people.”
The Homer Watson Business Park is slated for completion in 2023.
