Gibson School Lofts | ?m | 4 fl | Proposed

[matt602]

I agree that the modern addition at the front of the school looks hideous but if it were re-clad and opened up with storefronts like in the rendering, it could look good.

I'd also be willing to bet that Harry won't be finishing this project himself. I'm willing to bet that it gets turned over to someone like core urban halfway through. Maybe Spalacci would be interested given their experience with the West Ave conversion further up the street.

[Dr Awesomesauce]

They likely did a lot of damage to the facade when they added the front portion (gymnasium, I'm guessing) to the school. It'll look good once once they carve out some windows, do some landscaping, etc.

[interr0bangr]

I saw a public notice sign posted on the front doors a few days ago when I drove by but when I walked back to check it out more closely last night it had been taken down. Anyone know what it said? Does the city have a public, online list of active demo/variance permits anywhere?

[palace1]

Originally Posted by interr0bangr

Does the city have a public, online list of active demo/variance permits anywhere?

There is an online Building Permit status search
http://www.hamilton.ca/UPP/BuildingS...rmitSearch.htm

You have to search by address (unless you know the permit number) and large projects can have several possible addresses so it's not very user-friendly.

I don't know of anything online for zoning variance applications other than the current process of posting notices in windows.
It doesn't make sense expecting someone driving by at 50 km/h to notice them. Even walking by you need a pen and paper or a camera to take down the information, and would then have to spend the time to call the city and ask what the variance is for.

Every time I see one posted in a window, I'm curious what by-law #### is and what the variance requested is, but I have never taken the effort to call the city to find out.

[LikeHamilton]

New video for the Gibson School Lofts published on Feb 18, 2015

https://www.youtube.com/watch?v=tFnYZ_nB36Q

[interr0bangr]

Looks real nice.

[thmx]

thespec.com - Sales launched at Gibson School Lofts



Source


By Meredith MacLeod

The developer behind the rebirth of Gibson School as condos is confident he will easily sell out the project.

Harry Stinson officially launched public sales of 80 units at the century-old Barton Street landmark Monday.

"There is great interest in it," said Stinson, who added his confidence in selling even the bigger units is growing as prospective buyers call and visit his office.

Stinson says the reception is completely different from the early days at his first school conversion in Hamilton, the Stinson Lofts. Lenders who weren't interested in financing that project are now calling him, he says.

"Hamilton is on the radar of the big lenders now."

The Gothic school features large windows, wide corridors, interior brick walls, hardwood floors and 14-foot ceilings. Even the basement units have 10-foot-high ceilings.

The Gibson project includes 26 glass-wrapped penthouse units on a fourth storey that will be built and a café in the former school office that Stinson plans to own himself.

There are plans for six townhouse units in the former gymnasium and more on the school grounds that could eventually bring the total number of units to 106.

Stinson is offering a builder buyback program in which he will offer a fixed rate of return — 10 per cent on a $20,000 investment, for instance — upon completion of the project. The rate of return climbs with increased investment.

Stinson says it helps to line up construction financing and, for him, it's a means to cash in on greater profits because units sell for more as projects are completed.

Stinson says Barton reminds him of Toronto's Queen Street West at the time he and partners made what was seen as a crazy investment in a derelict former factory. The Candy Factory Lofts is credited for being a catalyst of gentrification in that neighbourhood.

"I think the turnaround on Barton would happen like that," he said. "I'm prepared to gamble on the future of the area."

There are a dozen units left of the 66 condos in the former Stinson School. Stinson says he recently sold a one-bedroom on the penthouse level for $460,000.



By the numbers

Prices at the Gibson Lofts range from $99,900 for a 450-square-foot studio to $499,900 for a three-bedroom, 1,500-square-foot corner penthouse.

Parking spaces are $14,900 and monthly condo fees, which includes security and a daytime concierge, will be 45 cents per square foot.

[HillStreetBlues]

Originally Posted by MeIsThomas

Stinson is offering a builder buyback program in which he will offer a fixed rate of return — 10 per cent on a $20,000 investment, for instance — upon completion of the project. The rate of return climbs with increased investment.

Could someone explain this to me? He's asking for investments from purchasers? Earlier in the article, it made it seem like lenders were calling him. Is this kind of thing usual?

[interr0bangr]

Originally Posted by HillStreetBlues

Could someone explain this to me? He's asking for investments from purchasers? Earlier in the article, it made it seem like lenders were calling him. Is this kind of thing usual?

This video explains it: https://www.youtube.com/watch?v=oH66Yi5Br98

[Zmonkey]

I live in Stinson school, a building which has many issues. So just be cautious if you will hand this man your money.

[LikeHamilton]

Originally Posted by Zmonkey

"I live in Stinson school"

?????????

[Zmonkey]

Originally Posted by LikeHamilton

?????????

It was a comment on dealing with stinson and his development group/operations.

[DDP]

I went in to talk to these guys about the project (as an investment) over weekend. They really were pushing the construction loan angle over buying an actual unit. The whole thing seemed shady - not to mentioned completely over priced. I mean if you are going to ask those kind of prices - at least have a show room and a website that isn't designed by a grade 10 student.

[interr0bangr]

Really surprised there's no sign out in front of the school hyping up the project or even just informing people units are for sale.

[Dr Awesomesauce]

Stinson project, right? Hmmm...

[interr0bangr]

[ScreamingViking]

Given that this thread started in April 2014, this project is moving along at a very un-Harry pace so far.

[interr0bangr]

Approved.

Jason Thorne ‏@JasonThorne_RPP Aug 15

#HamOnt's next #adaptivereuse project approved this week = 1914 Gibson School 2B converted to 80 unit condo

https://twitter.com/JasonThorne_RPP/...46196494508032

[interr0bangr]

25% sold according to Stinson himself.

[interr0bangr]

Also, he's already raised prices. Cheapest units were initially 129k and now they start at 169k.