Gibbard District: Revitalizing History into Napanee’s New Landmark

The Gibbard District project in Napanee, Ontario, is more than a real estate development; it’s a transformative journey melding history, community, and modern living. Spearheaded by visionary developer Nate Doornekamp of Doornekamp Construction—with a passion for adaptive reuse—and financially orchestrated by Canada ICI’s origination team led by Mackenzie Myles and Brody Cross, this project symbolizes the future of Napanee while honouring its storied past.

Building a Legacy of Transformation

For over 40 years, the developer behind Gibbard District has specialized in breathing new life into historical real estate assets. Doornekamp’s portfolio includes the Woolen Mill and the S&R building in Kingston—projects that have successfully converted old industrial spaces with historical significance into vibrant mixed-use communities. Drawing from their experience, Doornekamp Construction approaches the Gibbard District with the same dedication and expertise that transformed these landmarks.

“It takes expertise to take on the risks that come with redeveloping older assets,” says Brody Cross, Senior Director of Mortgage Origination at Canada ICI. “This developer sees value where others might not, especially in properties with rich histories and unique settings.”

The Vision: Creating a Destination

The developer has deep historical ties to the site. When the iconic Gibbard Furniture Factory—established in 1835—was crafting handcrafted pieces for Canadians and embassies worldwide, the Doornekamp family engaged with the McPherson family to discuss the future of their storied factory on the Napanee River. As the Gibbard Furniture Factory neared its closure, Doornekamp Construction collaborated with the original owners to envision its next chapter.

“Our goal was to preserve the small-town charm of Napanee while introducing modern amenities,” explains developer Nate Doornekamp. “We designed the Gibbard District to celebrate Napanee’s rich downtown heritage, including a public shoreline pathway and a vibrant piazza, creating spaces for community and entertainment. This project promises to bring renewed energy and opportunity to Napanee, transforming it for future generations.”

“This project is about much more than building units; it’s about shaping the community’s future,” adds Brody.

Navigating Unprecedented Challenges

While preserving the factory’s heritage was central, it came with unique challenges—both in restoration and navigating the project’s financial complexities. The developer needed to take great care to restore and integrate heritage elements into the Gibbard District, engaging the public by leveraging Gibbard’s history—such as implementing elegant cabinetry and using original factory equipment used in furniture making for the project.

“The project’s timeline, extending over several years, presented unique challenges,” notes Brody. “Initial pre-sales dating back to 2019 were based on market conditions vastly different from today’s. As construction costs soared due to economic fluctuations and the pandemic, we faced the dilemma of increased expenses against pre-existing revenue projections.”

“Our costs increased drastically, but the pre-sale prices remained the same,” he continues. “We had to work closely with the developer to adjust and find solutions.”

Innovative Financing

Canada ICI’s origination team was pivotal in structuring a complex financing solution to make the project viable. Employing an A/B note financing structure—a method that splits the loan into two tranches—they secured the necessary funding while accommodating the project’s unique cost and revenue dynamics.

“It took a lot of heavy due diligence to justify and substantiate everything from the tiniest expenses to higher costs,” says Brody. “Our team had to be resilient and resourceful, working long nights and thinking outside the box to structure the deal.”

Collaboration was key. The team worked closely with quantity surveyors and architects to ensure all costs were accurately tracked and justified. This meticulous approach was essential in gaining the trust of lenders and investors.

Looking Ahead

The Gibbard District has already attracted new families and visitors from beyond eastern Ontario to Napanee, marking a positive shift in the community’s growth. As the waterfront community nears completion, the new asset will become a central hub for families, community events, and active living.

“It’s exciting to see people who once hadn’t heard of Napanee now choosing to make it home, drawn by the unique lifestyle and charm of the Gibbard District,” shares Nate Doornekamp.

For the developer, Gibbard District marks their first foray into condominium development—a venture that has imparted valuable experience. The complexities of condo construction, sales, and market timing have provided insights that will influence their future projects.

From Canada ICI’s perspective, the project reinforced the importance of resilience, attention to detail, and the power of strong relationships. “It’s about being involved in the uniqueness of something,” reflects Brody. “We learned that persistence and collaboration are crucial in overcoming obstacles.”

Phase two is set to add over 100 residential rental units, further enhancing the community’s value. This phase will complete the development, offering a balanced mix of condos and rentals and solidifying the area as Napanee’s new landmark.

“As nearly everyone in Napanee has a connection to someone who worked at the factory, we’re committed to representing the entire community in this project,” says Nate. “Honouring the factory’s legacy and the people who were part of it has been a guiding priority, allowing us to preserve this cherished history for future generations.”

“When you stand on the site, you feel the history and see the future,” says Brody. “This isn’t just a project; it’s a landmark for Napanee.”

For more information on this project, please visit https://gibbarddistrict.ca/.