Redevelopment is a point of inflection when a property’s highest and best use is no longer realized in its current state. A property is brought back to its highest yield either through conversion or ultimately demolishing the structure to make way for a new building. Converting a property to what would bring its highest yield does not always mean it is economically viable to do so.
Development plans are being submitted on a regular basis and for the third year in a row city construction permits have surpassed $1 billion dollars confirming that Hamilton is a desirable city in which to do business.
Hamilton’s downtown core is seeing the majority of redevelopment projects with over twenty multi-residential developments in the works. This bodes well for the James Street North renaissance that has brought about such positive economic stimulus and positive awareness to the city such as “Super Crawl”. The downtown core is transforming into a desirable place to live and work with increased GO service, a number of residential developments underway and increased amenities such as a new grocery store in Jackson Square.
The City owned West Harbour lands are primed for redevelopment. Several studies have been conducted to determine the best use for the area with the general consensus mixture of townhomes, condos, retail and office. Redevelopment on these lands will also benefit from the future James Street GO station.
The Hamilton venue for the Pan Am Games received a well deserved modern facility through the reconstruction of the old Ivor Wynne Stadium. With this new facility secured, the city stepped up and purchased the old Consumers Glass building on Gage Avenue. This facility was an eyesore and well past its economic life. The lands will be repurposed to make way for a recreation park.
The North end of the city is not to be discounted as several outdated industrial buildings have been demolished to be redeveloped. The old Studebaker plant located just down the street from the General Hospital has been demolished and is in the process of being divided into smaller industrial lots to be sold to developers and users.
The Siemens Plant located in the north end is another example of a large single user building that required substantial capital investment to modernize the facility. The Plant was purchased by a local company who updated the facility and turned it into a multi-tenant industrial complex that is currently fully leased.