$2.35-million sale of downtown Kitchener parking lot up for approval

City of Kitchener seeks development proposals for a piece of land on King Street

The future of a downtown Kitchener property currently used as a parking lot will likely be decided next week.

City councillors will vote Monday night on what to do with 345 King Street West – a property located between Water and Francis streets.

The recommendation from city staff is to sell the land to Perimeter Development, which has redeveloped a number of properties in the downtown and already owns several pieces of land in the same block as the parking lot, for approximately $2.35 million.

Redevelopment plans for the site were a key factor in the city’s decision-making process when it came to which bid to accept. Once the deal is approved by council, the winning bidder will have to obtain a building permit within 12 months.

The 345 King Street West property is about 0.14 hectares, or 0.35 acres, in size. It contains 43 parking spots, 33 of which are used for monthly pass parking.

Money received from its sale will be put aside to be invested in future parking infrastructure for the city.