Posted on September 6, 2016
152 Shanley Update (sort of)
Many Mount Hope residents were happy to read the article in The Record about the city finally offering this building up for sale. That article was published on January 11, 2016 and on September 6th, 2016 the building is still not up for sale. Interesting.
In the past I have met with our councillor Sarah Marsh to discuss this property and over the summer I’ve asked for updates several times. Councillor Marsh assures me she has been advocating with staff regularly to move forward on the steps required for the sale.
The latest information is that there are “several interested parties” and that the city is putting together some kind of “package” for potential buyers to understand the issues with the property and the options that exist for Brownfield incentives.
The property is expected to go on sale “sometime in the fall”.
Even if the property is purchased it will take some time to fulfill the Ministry of the Environment’s requirements so cleanup and new construction would be at least a few years away.
Certainly this property is in a prime location with the Transit Hub, Google, the Tannery and all the other development happening in our area. It is also situated amongst a lot of really nice people!
On the other hand, its primary redevelopment purpose will be for condos and townhouses and we already have City Centre, One Victoria and the Midtown Condos either completed or in development. There will also be the “100 Victoria” development, a proposed rebuild of the current King’s Crossing Plaza and the Transit Hub is also planning on having condos as part of its plan. How many condos will we need in downtown Kitchener before the market is saturated?