The long-discussed future of the surplus Stelco lands became clearer today with the news that a major Canadian real estate investment company has announced plan to redevelop 800 acres of surplus Stelco lands into a world-class industrial park. In a release Slate Asset Management says an Ernst and Young study reports the complex, when developed, has the potential to create up to 23,000 new jobs across the area and inject up to $3.8 billion into Ontario’s economy.
Slate describes the property as “a one-of-a-kind industrial development opportunity in North America, offering direct access to the Great Lakes and the St. Lawrence Seaway, the U.S. land border, Ontario’s highway system, on-site rail connecting into Ontario’s greater Golden Horseshoe network, as well as nearby international airports in Hamilton and Toronto. Slate is the same company that recently announced plans to build a massive retail and condo project in Hamilton’s Corktown.
“Having grown up in the area, Brady and I understand firsthand the history and significance this site has had in the Hamilton community and in broader Ontario for well over a century,” said Blair Welch, Founding Partner at Slate. “Our vision is to restore this site to its highest potential, reimagining it as a world-class industrial park that will continue to play a crucial role in the economy of the city and our province long into the next century.”
Brady Welch, Founding Partner at Slate, added: “This project represents a defining opportunity to reactivate a massively underutilized parcel of land that has global industrial relevance. We are committed to working in close partnership with local institutions, government, and community groups to deliver a state-of-the-art industrial park that is modern and sustainably developed, attracting world-class tenants and restoring economic vitality to the area.”
Under the terms of the transaction, Slate has agreed to a long-term sale-leaseback of 75 acres of land and 2 million square feet of buildings for 35 years to Stelco,, The remaining 725 acres will be prepared by Slate for development into Class A industrial product. The site’s current zoning allows for a wide range of industrial uses with the potential to develop up to 12 million square feet, creating an unrivaled industrial development pipeline.
Slate will also invest into the environmental protection and remediation of the site, ensuring that 800 acres of land is clean and safe for workers and 3,400 metres of waterfront along Lake Ontario are reactivated.
Mayor Fred Eisenberger said: ” we can’t wait to see these unique and iconic lands transform into a showcase job site of the future where we will create good-paying jobs, grow the economy, and protect and remediate Hamilton’s waterfront for the benefit of all.”