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  1. NCR Property Redevelopment
    580 Weber Street North
    Developer: Greiner-Pacaud Management Associates

    Now Waterloo Commons


  2. #1
  3. Spokes's Avatar
    From Kitchener | Member Since Dec 2009 | 4,277 Posts
    #2

    NCR Property Redevelopment

    Ball teams sidelined in vision to redevelop NCR Corp. site
    March 20, 2008 | Matt Walcoff | RECORD STAFF

    WATERLOO - The new owner of the NCR property in Waterloo is saying "You're out" to baseball and softball teams.

    Greiner-Pacaud Management Associates, which bought the site last month, plans to redevelop it to include office, industry and retail uses -- but it won't keep the ball fields.

    "To be very candid, they don't generate a lot of income," said David Warkentin, senior vice-president of investments at GPM. "Realistically, they won't be there for the long term."

    GPM bought the 37-acre site at Weber Street and Northfield Drive from NCR Corp. for $20.5 million. Although it stopped producing bank machines and self-checkout terminals in December, NCR has leased the property's 280,000-square-foot plant back from GPM. About 275 NCR employees remain to do research and development, product management, marketing and order fulfilment.

    Over the next three to five years, GPM plans to replace the plant and surrounding lawn and fields with a cluster of commercial buildings. "One thing the region would really like, and it's a provincewide policy, is to intensify site locations," Warkentin said. "They would like to see a site like this employ three or four or five times as many people as are currently on the site."

    GPM foresees constructing an office building first, which would provide a new home for the remaining NCR employees. The developers would then be able to demolish or modify the 36-year-old factory.

    Eventually, the site will include a campus of similar-looking buildings housing offices and light industry, as well as retail establishments, such as restaurants, aimed at nearby workers, Warkentin said. As a rough estimate, Warkentin said his company might build 10 to 12 buildings totalling 350,000 to 500,000 square feet.

    While GPM is in the very early stages of planning, it expects to include green space in the office park as well -- just not the ball fields used by community groups and local recreational teams.

    The developers will have to ask the city for minor adjustments to the property's zoning, he said.

    The NCR project will be GPM's third major project in Waterloo Region. The Toronto company is redeveloping the former Sportsworld site in Kitchener into a mixed retail and office project.

    GPM also owns the building that houses Brick Brewing 's distribution centre in Kitchener.
    http://news.therecord.com/article/325265
  4. Spokes's Avatar
    From Kitchener | Member Since Dec 2009 | 4,277 Posts
    #3
    Hopefully this will have some height, but I'm not too hopeful. 350,000 to 500,000 sq ft over 10 to 12 buildings. How does that work out?
  5. #4
    Just to clarify, the pictures & plans above are of 598 / 600 Weber St, being developed by the Marsland family. That is a seperate site (just north) of the NCR site that this thread is discussing.

    The NCR site is owned by GPM Investments as noted in the Record article at the top of the thread.

    Proposed plans for NCR's redevopment include 8 new buildings: 2670, 5140, 6711, 17104 and four 50,000 sq ft buildings in addition to the existing 280,000 sq ft building
    Benjamin Bach | Real Estate Sales Rep @ Cushman & Wakefield Waterloo Region Ltd. brokerage. Not intended to solicit clients or properties under contract.
  6. #5
    Some more info on the clarification between sites over at my blog:
    http://www.benjaminbach.com/featured...-the-jobs-are/
    Benjamin Bach | Real Estate Sales Rep @ Cushman & Wakefield Waterloo Region Ltd. brokerage. Not intended to solicit clients or properties under contract.
  7. Spokes's Avatar
    From Kitchener | Member Since Dec 2009 | 4,277 Posts
    #6
    Look Smart By Investing Where The Jobs Are
    December 12, 2010 | By Benjamin Bach


    Are you looking to invest in an area where the employment capacity is increasing? Take a look at residential investment properties near Weber Street North between Northfield and Benjamin Road.

    This short stretch of road in North Waterloo adjacent to an investment property we just sold is seeing a lot of intensification through redevelopment. Let’s take a look at what’s in the pipeline:

    North Waterloo Development Projects




    580 Weber Street North, Former NCR Site

    • Purchased by GPM Investments in 2008 for ~ $20,000,000
    • Plans for 350,000 – 500,000 square feet of offices in 8-12 buildings

    The former NCR site is huge – 37 acres with an existing building of approx 280,000 square feet as is. To give you an idea of the expansion potential, the site currently houses a couple baseball fields.

    GPM (the same firm that is developing Sportsworld Crossing) has plans to add an additional 8 buildings (between 2,670 and 50,000 sq ft) to the site, to compliment the existing building. According to The Record, they’re debating whether to modify or replace the existing office building.




    600 Weber Street North

    • Under redevelopment by the Marsland Corporation – 106,000 square feet

    The Marsland Family owns some prominent office real estate in Kitchener Waterloo, including the Marsland Centre on Erb in Uptown Waterloo, two buildings RIM leases on Phillip, the Sybase building in the University of Waterloo Research & Technology park, and several Class A high-tech offices on Randall.

    They are currently renovating their 100,000+ sq ft property at 600 Weber Street North, and have plans for a new 50,000 square foot building next door at 598 Weber Street North. This site is immediately north of the NCR site




    Potential redevelopment site, Weber Street North

    • 15 acres, existing building is 152,000 sq ft

    This site, just south of Benjamin Road on Weber, is another potential office redevelopment. The site is currently being marketed by CBRE.

    Location, Location, Location

    Oh – there is also a proposed Light Rapid Transit (LRT) stop at Northfield and Parkside, one block from Northfield & Weber. And SmartCentres just poured millions into a new retail development anchored by Walmart a minute away in St Jacobs.

    Your future tenants enjoy things like that.

    When you are investing in a residential rental property in Waterloo, you can buy one of the shiny new condos for $$$ in uptown, or buy a comparative bargain in the Northlake neighbourhood near major tech firms, new retail development and LRT.

    You can read more from Benjamin Bach here.

    Benjamin Bach is a Sales Rep. & Director at KW Commercial Realty, a division of Keller Williams GTR. Not intended to solicit clients or properties under contract for real estate services.

    Crossposted in the 600 Weber St. North Thread
    Last edited by Spokes; 12-12-2010 at 07:17 PM.
  8. Spokes's Avatar
    From Kitchener | Member Since Dec 2009 | 4,277 Posts
    #7
    Quote Originally Posted by benjaminbach
    Just to clarify, the pictures & plans above are of 598 / 600 Weber St, being developed by the Marsland family. That is a seperate site (just north) of the NCR site that this thread is discussing.

    The NCR site is owned by GPM Investments as noted in the Record article at the top of the thread.

    Proposed plans for NCR's redevopment include 8 new buildings: 2670, 5140, 6711, 17104 and four 50,000 sq ft buildings in addition to the existing 280,000 sq ft building
    Thanks for the clarification!

    Here's a new thread for 598/600 Weber St North - http://www.wonderfulwaterloo.com/sho...Weber-St-North