Aeon Studio mixed-used development is scrapped, city goes back to drawing board
https://bayobserver.ca/aeon-studio-m...drawing-board/
Coming on the heels of the approval of the Barton-Tiffany as the site of a sanctioned homeless encampment comes word that the ambitious mixed-use development for the area, advanced by Aeon Studios has been scrapped. The move comes as the new housing market—particularly the condo market is in a slump.
The city released a statement, reading, “The City of Hamilton is disappointed with the outcome of the City and Aeon Studio Group’s mutually agreed upon termination of the Memorandum of Understanding (MOU), effective immediately. This difficult decision came as a result of the City concluding that the MOU required termination due to a combination of factors, including high interest rates and slow construction growth within both the land development and film and television industries, as well as several site-specific issues. The City is working diligently to re-envision a new long-term strategy for the lands that will benefit all residents. “
Kind of a bummer.