Hamilton City Centre | ? | 3x30 & 24 fl | Proposal

[King&James]

Their cost base must be so low, that any flip for as is where is would be more profitable than a spruce up and sell

[craftbeerdad]

Have to imagine they'll sell as is with no $$$ put into the mall. They've been milking that property for years. Don't even care if spaces are vacant or not.

It could be so much more, but part of it needs a cash injection. The mall needs more light. Subterranean tunnel malls are a thing of the past. Look at all the natural light in malls (Square One, Sherway, Yorkdale, Eaton Centre, even Limeridge).

[ScreamingViking]

Aside from the phase expansions, which largely happened in the 1980s, changes have mainly been cosmetic.

Remember the carpeting in the first phases of the mall?

[Chronamut]

Originally Posted by craftbeerdad

Have to imagine they'll sell as is with no $$$ put into the mall. They've been milking that property for years. Don't even care if spaces are vacant or not.

It could be so much more, but part of it needs a cash injection. The mall needs more light. Subterranean tunnel malls are a thing of the past. Look at all the natural light in malls (Square One, Sherway, Yorkdale, Eaton Centre, even Limeridge).

Unfortunately that's just not possible with the design of it - esp with areas having skyscrapers like the hilton plopped on top, and that giant unused roooftop in question taking up the rest - there are skylights here and there but yeah itll never be super glassy like a regular mall - that's just not its design.. its more like the underground life toronto has leading UP to its mall.

But yeah it was a great idea - just executed so poorly - I still say make it into an arborium - just make it a place to relax with trees and exotic plants etc. Glass it all in and make it a retreat to wander through.. the one in gage park is AMAZING for that. There is so little nature downtown that I think injecting more green space would be great for peoples mental health.

[woreg75]

Unsure if posted before. Sorry in advance.

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

[drpgq]

A look at the developments expected to bring thousands of residential units to downtown Hamilton

https://www.thespec.com/news/hamilto...66ca2d673.html

A plan for four highrise towers at the site of a vacant downtown Hamilton shopping mall promises to locate thousands of new residents in the core.

The influx of people living at the redeveloped City Centre on James Street North would be a welcome shot in the arm of downtown, situating them within walking distance of businesses pining for more foot traffic.

That’s not lost on developer Darryl Firsten, who figures roughly 4,000 people will live in the 2,200 units once they’re built next to Jackson Square.

But for now, “nothing” is happening with the project in a sluggish market.

“We are motivated better than anyone on the planet to start this development,” said Firsten, president of IN8 Developments.

“Our carrying costs are in the many millions of dollars. It’s painful.”

Firsten initially predicted excavators would start razing the 1990s-era mall at the end of 2022 or early 2023 for a years-long, phased build-out.

But last December, he said construction — with three towers of 30 storeys and one at 24 — would be “on pause” until the market improved.

.......

A sharp drop in Hamilton’s housing starts — basically when builders pour foundations — helps tell the tale.


As of October this year, there were 1,348 starts, according to Canada Mortgage and Housing Corporation (CMHC) data.

By the same time in 2023, Hamilton had 2,694 starts, and went on to tally 3,347 for what turned out to be a banner year overall.

Similarly, the previous two years — 3,352 starts in 2022 and 3,304 in 2021 — also posted strong numbers.

But the current lull is one of the most severe for Hamilton in the past decade, CMHC analyst Anthony Passarelli points out.

[Innsertnamehere]

I think the market will start to pick up again in the spring with interest rates falling.

Part of the problem here is that the City is arguing about DCs in multi-phased developments, and refusing to honor the locked DC rate which occurs at the filing of site plan for subsequent phases.

This results in literally millions of dollars in additional fees if a developer doesn't build everything at once. It's a big reason I think Emblem went ahead with the third tower at Design District despite limited sales, and it's why IN8 appealed their site plan here. It's a bit of a mess. IN8 is never reasonably going to start 2200 units at once, but yet the City is intent on penalizing them if they don't. So they build none.

[ScreamingViking]

Originally Posted by Innsertnamehere

I think the market will start to pick up again in the spring with interest rates falling.

I've been seeing stories about Toronto's housing market getting hotter again. Unless there's a big change in the economy, I think there's little doubt that will spread to multi-unit dwellings and other regions.