Schreiter's downtown Kitchener building sold to developer

The historic Schreiter building at Gaukel and Charles Street in downtown Kitchener is being sold to a local developer.

Vanguard Developments told CBC News it plans to maintain the brick-and-beam character of the building in its future plans.

"We're updating the space into a combination of commercial, with maybe some ground floor retail," said Tom Rakic, the President of Vanguard Developments.

The deal is set to close at the end of August.

Schreiter, a heritage furniture company in Kitchener, will relocatesomewhere within the downtown core. That's according to John Hoffman, with Coldwell Banker Peter Benninger Realty, who represents the Schreiter family.

As part of the proposed agreement Schreiter is scheduled to remain at its current location into the beginning of 2017.

'Real change in the downtown'

Vanguard Developments, which normally constructs mid-size residential buildings, is venturinginto its second downtown development with the scheduled purchase of the Gaukel/Charles location.

It hasalso bought the former Schlicter Automotive building in the Queen and Church area.

Rakicsaidchange is underwayin many downtown neighbourhoods in Canada and across North America, and the company is interested inKitchener'score.

"We're in the first couple of innings of a real change in the downtown," said Rakic.

"The City of Kitchener put a commitment to their downtown and making [that] investment helped private investors become confident in the downtown as well," he said.

The company is also behind plans for a row of homes on Scott Street South behind the Regional Courthouse.