Developer going all in on new downtown Hamilton arena
Vrancor Group is offering to 'reinvent' Hamilton's FirstOntario Centre. Rick Zamperin/900 CHML
There appears to be a white knight for Hamilton’s downtown arena.
Vrancor Group has provided the City with a term sheet which outlines the company’s intent to “redevelop Hamilton’s entertainment and convention properties.”
The $200-million proposal says Vrancor will “fully reinvent FirstOntario Centre into a state of the art and technologically modern facility,” while not requesting operating subsidies.
The plan also calls for the expansion and modernization of the Hamilton Convention Centre by doubling its hosting capability and adding a new four-star hotel in the downtown core.
The term sheet also says the City will continue to own the arena and FirstOntario Concert Hall and that Vrancor would be the operator.
The company has been behind the construction of new hotels, commercial and residential buildings in downtown Hamilton over the last 15 years.
On Wednesday, Hamilton councillors rubber-stamped a decision to not pursue a new arena project at Limeride Mall that had been spearheaded by Hamilton Bulldogs owner Michael Andlauer and Cadillac Fairview.
Andlauer had offered to spend $30 million on the project that included a 6,000-seat arena and parking garage at the mall.
Key points in Vrancor Group’s term sheet:
Vrancor will not request operating subsidies for any of Hamilton’s entertainment/convention properties
The City will continue to own FirstOntario Centre and FirstOntario Concert Hall, Vrancor would operate the facilities through a long-term licensing arrangement
Vrancor will not ask the City to borrow any money, or draw upon any reserves to contribute towards the development
A new four-star hotel will be constructed in downtown Hamilton to serve an expanded Hamilton Convention Centre
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