KITCHENER -
A former auto parts plant in downtown Kitchener could be turned into high-quality office and research space.
The former International Automotive Components plant, located at the corner of King and Breithaupt Streets, was recently purchased for $500,000 by David Gibson of Toronto.
Gibson is the chair of First Gulf Development Corp., a Mississauga-based commercial development firm. It is best known in this area for redeveloping Waterloo Town Square.
In an interview, he said he is retiring from First Gulf at the end of the year and purchased the Breithaupt Street plant through his own private company, Gibcor Holdings.
"It's a very strategic property, given all the things that are happening there," he said.
The plant is located on a prime downtown property in the heart of the city's "warehouse district." It is close to the new University of Waterloo health sciences campus, the Kaufman Lofts and the Lang Tannery redevelopment.
Gibson said the plant, a mishmash of old brick structures, additions and storage tanks, actually consists of four separate buildings developed over its long history.
Rather than tearing them down, he plans to gradually renovate the buildings as he can find tenants. The aim is to turn it into a "high-quality development including courtyards," he said.
"I think the market is very strong in that area for research and development and other high-tech users."
He has already hired the architectural firm Roberston Simmons to begin redesigning the property. The building has 250,000 square feet of space including basements and sits on 1.6 hectares of land.
Renovating old buildings has long been an interest of his, Gibson said.
A graduate in urban economics from Wilfrid Laurier University when it was known as Waterloo Lutheran University, he wants to continue working on projects in the Kitchener and Waterloo area, he said.
"I've always been interested in contributing to cities, doing mixed-use developments."
The facility has been empty since June 2008, when IACNA Soft Trim Canada, also known as International Automotive Components, closed the plant and put almost 90 people out of work. Gibson purchased the property from IACNA, based in Dearborn, Mich.
The original brick factory dates back to 1904, when workers began making rubber footwear at the facility.
Over its long history, the factory has also been owned by the Dominion Rubber Company, Uniroyal, Beckers Lay-Tech and Collins & Aikman.