Schneiders property listed for sale in Kitchener

It's the end of an era and the beginning of a new oneafter the Schneiders property in Kitchenerwas officially placed on the real estate market.

The large, rectangularsite at CourtlandandBorden avenues has 750,000 square feet of existing buildspace just a couple of kilometres away from downtownKitchener.

"It is an opportunity within our city to see some evolution,"said BrandonSloan, the city's manager of long range and policy planning. "This site was an important and historical employer inKitchener... our community has a lot of connection with the site."

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Originally built in the early1920sby JohnMetz(J.M.)Schneider, the property was purchased by Maple Leaf Foods in 2003 and final shifts took place therein March of this year with hundreds of jobs lost in the process.

Peter Whatmore, the senior vice-president and executive managing director for southwestern Ontario atCommercial Real Estate Services (CBRE), told CBC Newsthe selling process has just begun for this "unique offering."

"Itis a significant property because it's a 27-acre site in the middle of Kitchener which ispretty rare these days," hesaid."Infill sites of this size are pretty uncommon."

We would hope any redevelopment would celebrate the history of the site.- Brandon Sloan, City of Kitchener

Sloan said the city sees the land as one with lots of potentialbecause it is well situated forresidential, commercial or a combination of uses that could bring offices, homes, restaurants and maker spaces to the area.

The end goal is a more walkablearea for local residents, he said.

"It's a well located site within our central neighbourhoods," Sloansaid. "Given the scale ...it'shighly likely there will be a variety of uses."

'Easily accessible'

The property is especially appealing to prospective buyersbecause of the region's soon-to-be-completed Ion light rail transit (LRT) project, which is set to begin service sometime in2017.

"The property is located within 800 metres of two LRT stations that will be developed in the Kitchener-Waterloo market," Whatmore said. "It should draw considerable attention because it's easily accessible."

Sloansaid the area, now being referred to as Rockway by city staff,will take roughly 10 to 20 years to be fully redeveloped.The city aims to make the areas near rapid transit stations "morewalkable" and will be speaking with residents to determine how best to do that.

It's unclear how much money the property will fetch from a buyer as it has been placed on the market without an asking price. However, based on the size and location, the final sale figure is expected to be in the millions.

"There's probably the potential for 1,000 residential units," Whatmore said.

'Celebrate the history'

Regardless of who buys the property, the city wants to ensure the more than a century oldSchneidershistory is not left behind.

"We would hope any redevelopment would celebrate the history of the site," Sloan said."Kitchener does have a successful track record" with similar buildings, he added, pointing at the KaufmanLofts.

"These type of buildings don't come along [often], they're not really built like this anymore," he said.

Based on the significance of the size of the building and lot, Whatmore said a sale couldbe expected by the "first quarter of next year."

If you are trying to find a comparable site, look no further than what Toronto has done to a recentlyrevamped downtown area by Lake Ontario.

"It actually reminded me of the Distillery District," said Sloan, a sentiment echoed by Whatmore."I can see a lot of comparables ... there can be some pretty wonderful, cool spaces."

But regardless of how the future owners move forward with the lot,Sloan made clear developerswill have a substantial impact on the entire region.

"Whatever happens on this site will set the context for the future."