Huck Glove Building
October 27, 2017
Posted in: Uncategorized
The Record explores Huck Glove Development. See below or click here for the full article.
Former glove factory anchors major development in downtown Kitchener
Waterloo Region Record
KITCHENER — The Huck Glove building on Victoria Street South is centre stage in a $120-million development that will include brick-and-beam offices, new commercial space and a 23-storey condominium.
Momentum Partnership acquired the historic factory at 120 Victoria St. S. after years of negotiations, and will restore and preserve the brick building.
“It’s been many years in the works,” said Brian Prudham, principal at Momentum Developments.
Momentum Partnership includes Waterloo-based Momentum Developments and Zehr Kitchener-based Group. For this project, a third partner was added — Toronto-based KingSett Real Estate Growth LP No. 6.
The Huck Glove building will be restored. A new commercial building with six floors will rise alongside the former factory and three floors will be added to the top of the building. Together, they will contain 145,000 square feet of office and commercial space with ground-floor retail.
“What we love about this is, it’s a combination of new Class A brand-new space, and brick-and-beam Class A tech space that we feel there is a huge demand for in downtown Kitchener,” said Zac Zehr, manager of development for Zehr Group.
“There are tenants out there, and it is question of how quickly we can get this thing ready for occupancy,” said Prudham of the office space.
The 23-storey condo behind the commercial buildings will contain 284 units. There will be one level of underground parking. Four more levels of parking will rise above it inside a podium building for the condo units above.
Momentum Partnership must apply for building permits by Feb. 19, 2019, to qualify for development incentives in the city core. As a result, pre-sales for condos will start next spring.
“There is no time to sit around because the deadline is around the corner,” said Prudham. “So we have to make sure we have all of our ducks in a row.”
Huck Glove has a long history in Kitchener’s manufacturing sector. It was launched in 1906, but has roots going back to 1880. In 2015, it was acquired by Kitchener-based Ontario Glove and Safety Inc.
Bob Huck, Huck Glove’s president, retained ownership of the factory and the one acre of land it sits on after the sale of the business.
For more than five years, developers tried to buy the property. The building, a short walk from the Tannery building, the LRT line and the future central transit hub at King and Victoria streets, is among the last of the historic factories in the city core to be redeveloped.
This new development is next to 100 Victoria St., the Momentum Partnership condo development with two towers that is currently under construction.
“Ultimately, the dream is this will appear like one master plan development. Everything will look like it was all meant to be. We are just doing it in stages,” said Zehr.
Combined, the three condo buildings will have 650 units.
Sales are strong for 100 Victoria St., said Prudham. The first tower has only six units left out of 171. Occupancy is scheduled for the end October 2018. The second tower has about 15 units left out of 179. Occupancy is slated for the fall of 2020.
Momentum Partnership also is developing another condo project in the core called Charlie West, at the corner of Charles and Gaukel streets. Pre-sales have started for the 25-storey building that includes ground-level retail and commercial space.
KingSett Capital is one of Canada’s largest private equity real estate investment firms.
“This will be their first deal in Kitchener-Waterloo,” said Prudham.
“Which I think speaks hugely about this area, and what’s going on here,” said Zehr. “They not only have faith in the Momentum Partnership, but they clearly have faith in downtown Kitchener and the Region of Waterloo.”