A massive real estate opportunity in the heart of Kitchener is no longer open for bidding.
Bids for the former Schneiders factory on Courtland Avenue closed at 5 p.m. Wednesday.
Information on how many bids were received and when a decision could be made was not available – but for people watching the deal closely, the excitement was nonetheless palpable.
“It’s an opportunity for Maple Leaf to leave a great legacy for this community,” said Michael Klein, a senior vice-president with the Waterloo office of real estate firm Cushman & Wakefield.
Maple Leaf Foods closed the Schneiders plant in 2015, saying it was obsolete for its purposes. Much of the work done there had been moved to Hamilton over the course of several years.
The 27-acre site has long been eyed as having major potential for redevelopment.
Brian Bennett, Kitchener’s manager of business development, says the city hopes that the property’s new owners will turn the site into something that will “complement the neighbourhood” around it, with a mix of uses including residential, commercial, retail and potentially light industrial.
According to Klein, the site’s size and location are two major factors making it appealing to developers both in Waterloo Region and outside the area – particularly as it has two Ion light rail transit stops within 800 metres.
He agrees with the city’s vision for the property, suggesting that the area could have 900 new residential units once redeveloped.
“The idea is to develop a complete, self-sustaining community within a community,” he said.
Klein declined to speculate on a sale price, beyond saying it would run well into the millions of dollars.
“Whether it’s under $10 million, whether it’s over $10 million, who knows?” he said.
