Harlo Capital acquired a 24,983 SF parcel to develop a high-rise condominium project in downtown Kitchener, ON with a partner. The property is located 500 meters from the region’s planned transit hub where GO transit regional train and bus services, via rail, LRT, and other ground-oriented transit will converge. The 40 storey, 515 unit, 441,618 SF building will be a short walk to Google Headquarters, the Tannery tech incubator, downtown amenities, and Victoria Park.
Harlo Capital and a partner, acquired 0.8 acres in Kitchener, Ontario to build a residential condominium. The partnership saved a total of $7.3 million due to its strategic location in the development charge exempt zone in downtown Kitchener. After selling nearly 70% of the units during the first month of sales, we approached the City of Kitchener to negotiate two further density increases, which resulted in an additional six floors and 86 units. Construction began in the first quarter of 2019.
Harlo Capital and a partner currently own 0.6 acres of land at Weber St. and Scott St., a highly desirable urban location in downtown Kitchener. The property has a Walk Score of 97 and is conveniently located steps away from the ION Rapid Transit System, an $868 million public investment that simplifies travel and lowers transit costs for residents in Kitchener. The area is also strategically located in a development charge exempt zone, resulting in project savings of approximately $2 million. The lack of supply for luxury rental options in Kitchener makes 59 Weber St. an attractive rental building opportunity that directly aligns with the needs of the municipality.