Exchange building all fixed up and ‘ready to go’ for development

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This article was published 12/09/2022 (1139 days ago), so information in it may no longer be current.

The owners of a 117-year-old building on Ross Avenue are betting the old garment warehouse has its best days ahead of it.

A group of Toronto developers who purchased 306-310 Ross Ave., three years ago have decided to put the building back on the market after investing heavily to bring the five-storey property up to modern standards while retaining its heritage charm.

For $3.495 million, it can be yours.

According to the Manitoba Historical Society, the Leadlay Building was designed by local architect James H. Cadham and built in 1905 for use by the Leadlay Manufacturing Company. For the duration of its existence, the building has been used by companies within the garment industry, including a sportswear manufacturer, a hat-maker, and most recently, the Saxon Leather company, which operated inside starting in the 1950s. A few ghost signs representing the building’s corporate history are still visible on the exterior brick walls.

Built side-by-side and at one point attached to the now-standalone 312 Ross Ave., which still houses Bill Worb Furs, the Leadlay Building’s history as a garment industry locale appears to be reaching the end of the roll. However, the building’s life is far from over.

Wes Schollenberg, the managing director of Avison Young, who is serving as the broker for the transaction, said the building has undergone significant improvements since the current owners bought it just prior to the pandemic, when it was still filled with old sewing machines and fabric. The exterior bricks, along with the interior beamwork and hardwood flooring, have been retained and restored, as have the windows. The plumbing, electrical, and HVAC systems on each floor have been modernized. Recognized in 2019 as a municipally designated historic building, the property is in remarkable shape, especially considering its age.

“It’s fully ready to go for the next person who wants to develop,” Schollenberg said of the 27,520 square-foot building.

But as what? Schollenberg said the rooftop is the limit. Potential uses could include office space, retail, residential apartments, educational facilities, or any combination thereof.

Since going on the market in late August, there has been varied response, said Schollenberg, though that’s expected during the last moments of summer. Yet, there’s been interest from retailers including coffee shops and even from a private college, each of which likely saw in the property what the current owners fell for three years earlier.

Aside from the building’s positive attributes, Schollenberg said the Exchange District has undergone significant development in recent years while retaining the heritage appearance that sets it apart from other city neighbourhoods. Residential availability has grown significantly, including down the street at the Boyce Lofts, the Carriage Works lofts and Soho Flats apartments on Princess Street, and of course, the upcoming Market Lands, which will boast dozens of rental units on what was formerly the city’s public safety building and downtown parkade complex.

Schollenberg pointed out that a similar property elsewhere, in a more expensive city such as Toronto or Vancouver, could command a list price anywhere from five to 10 times the current cost for the building on Ross Avenue. That reality has also led to some interest from extra-provincial investors, Schollenberg said.

As interest in the property increases, and should it sell, this erstwhile garment house will likely undergo an alteration.

Who’s going to try it on for size?

ben.waldman@winnipegfreepress.com