KITCHENER — Mitchell Cohen already had big plans for the vacant lot at the corner of Weber and Scott streets in downtown Kitchener.
The president and chief executive officer of Toronto-based real estate developer Urbanfund Corp. intended to build a six-storey, 62-unit rental building on the corner.
Now, he’s got something bigger in mind with the announcement that Urbanfund and its partners are purchasing three adjacent buildings along Scott Street. The $2.1-million deal is expected to close in early April.
“We have a bigger palette now to work with,” Cohen said Tuesday. “We’re going to combine this with our previous acquisition right on the corner and see if we can come up with something exciting for the downtown core.”
The site is directly across from the new consolidated courthouse and 300 metres from the Frederick Street LRT station. “To own half an acre in such a good location brings so many opportunities.”
Urbanfund will be the majority owner for the combined property, which comprises 59-65 Weber St. E. and 51, 55 and 59 Scott St. The three Scott Street buildings are vacant.
While Urbanfund already had a number of approvals in place for the building initially proposed on the corner lot, “we’re just going to take a pause and think this through,” Cohen said.
A multi-unit rental building remains the objective. “We feel the K-W market is opportune right now for rental,” Cohen said.
Urbanfund purchased the corner lot about a year ago. In 2004, a major fire tore through a three-storey house at the corner that had been subdivided into several apartments. The three Scott Street buildings are being purchased from a single owner.
Cohen said he’s already had some “really fruitful” discussions with the city regarding his initial plans at Weber and Scott, and expects more to come.
Cohen and Urbanfund are familiar with the local market, having purchased and renovated a dilapidated apartment building at 48 Weber St. W.
Two smaller Roy Street buildings backing onto 48 Weber St. W. have received approvals to be renovated for commercial and residential use.
“We look forward to more opportunities,” Cohen said. “I like K-W. I think it’s a great market.”
Urbanfund, a publicly traded company on the TSX Venture Exchange, also owns properties in Toronto, Belleville, London, Ont., Montreal and Quebec City.