Downtown Update

[ScreamingViking]

Originally Posted by TheHonestMaple

I wonder what Toronto's number would be? Say, per capita. Would be a good metric to measure how quickly Hamilton is developing.

Toronto (city) is around 5 times larger in population, so that would be one way to compare. But factor in that it's Canada's alpha city too, though. Increases the multiplier.

[Innsertnamehere]

Originally Posted by TheHonestMaple

I wonder what Toronto's number would be? Say, per capita. Would be a good metric to measure how quickly Hamilton is developing.

https://www.toronto.ca/wp-content/uploads/2018/02/8df4-EDC-Building-Permits.xlsx

Toronto issued $8.8 billion in permits in 2017, if that’s worth anything. That’s the same as Hamilton issuing $1.7 billion in permits per capita.

Toronto is actually not a super high growth city though. It just looks it because it's so huge, all growth is 100% intensification, and is mostly geographically focused in the downtown area. Vast areas of Toronto experience little to no new development.

The fastest growing cities in Ontario are actually the likes of Milton and Brampton. They will have the largest building permit values per capita.

[TheHonestMaple]

Good info, thanks

[Markus83]

I wasn't sure where to put this but it mainly points out from his email that the City has approved the 6 story development in Westdale and that the LRT is seeing signs of progress with the MTO now concerning themselves into the project. A positive sign yes?

Your Greater Hamilton Real Estate update for 29/03/21.

This week witnessed a decent amount of transactions take place, but no giant 8 figure + acquisitions that we've grown recently accustomed to. Of note, multi-residential assets finally transacted after taking a short hiatus and have also witnessed an increase in average value. A multi-residential property sold in the Durand neighbourhood, which requires extensive renovations, for $140,000/suite. This would have been the average $/suite in 2019. This speaks to me as an investment for the potential of the area and the city, but also demand for the asset class. In addition, both St. Catharines and Brantford witnessed higher than average $/suite transactions which indicates housing is in demand in all subject markets in any form. In the news, city councillors have approved a six storey student residence in Westdale and the MTO looks to be moving forward with Hamilton LRT as they're seeking public feedback for a yet to be formalized project. If you have any questions about the various CRE transactions or news, please feel fee to reach out.

Take Care,

Alex Manojlovich

[Hawrylyshyn]

New photos of the proposed Stadium Precinct Park at Gage and Lloyd


Credits: Nrinder Nann, Councilor Ward 3

[Pipedreams]

Looks impressive! Love the mix of sports facilities and nature. Hopefully they can keep whoever was responsible for the John/Rebecca park well away from having any influence over the design before this ends up another ashphalt covered "park".

[King&James]

Trying to find a good place to put this announcement , but a long dream of mine is to develop over the north end rail shunting yards, seeing as though CN doesn't seem interested in moving, perhaps they would sell their air rights and make way for a whole new community. Noting here the players of this Toronto development of the same type of proposal are very familiar in these haunts.

https://renx.ca/fengate-liuna-partners-downtown-toronto-orca-project/

[Bubba9000]

would be nice. keep in mind all of Toronto's many surface parking lots had to be gobbled up before this was floated. Once the Barton Tiffany lands are built out your dream just become a reality

[TheRitsman]

I suspect they will move eventually. Land redevelopment is a metric of the land value. Once the land is worth more than the profit made from selling and relocating, they will do so. Simple as that.

[ShavedParmesanCheese]

As the West Harbour is given back to nature, CN will have fewer and fewer reasons to keep their shunting yard in such a precarious place, especially with GO (and Amtrak!!!) service increasing.

[eatboots]

There is enough room at Alderhot to have a shunting yard and there is nothing around there but highway but I think the big problem is CN owns the rails from this yard to Niagara. Would it be better for Hamilton if it moved? 100% Would it be better for CN? I don't think they care.

[ScreamingViking]

Originally Posted by eatboots

There is enough room at Alderhot to have a shunting yard and there is nothing around there but highway but I think the big problem is CN owns the rails from this yard to Niagara. Would it be better for Hamilton if it moved? 100% Would it be better for CN? I don't think they care.

For CN it is an expense and they will want big bucks to do it. CP wanted something on the order of a hundred million (or was it closer to two) to do that with the yard off Aberdeen when stadium locations were being debated and it got proposed as a site.

I seem to recall the idea of an Aldershot railyard being floated in the past, but vigorously opposed by locals.

There may be sites with enough open or former industrial land elsewhere in the city's north end, or farther east, where it could be moved. CN will want the money to pay for it but the public investment may be worthwhile.

[Innsertnamehere]

The problem is nimbyism in new yard locations too. CN is trying to build a new yard in the middle of nowhere in Milton and is facing unbelievably fierce opposition.. like, if not there, where?

[craftbeerdad]

That CN shunting area is prime land along the Harbour & the longer a developer/commercial real estate broker waits, it's going to be even more $$$. Who knows what clean up costs might be, so that could effect land value.

I'm sure the city would be pretty ecstatic to have from Dundurn Castle along the Harbour over to Pier 8/9 developed over time. What a paradigm shift that would be. Maybe a little too lofty expectations under this council but I'm sure Thorny is thinking it!

[craftbeerdad]

Here's a good spot for this nugget

CEO of Equiton's from Hamilton and recently his firm purchased two buildings in the inner city neighbourhood of Beasley/Landsdale.

The Equiton Residential Income Fund has made its first acquisition of what founder and CEO Jason Roque expects to be a busy 2021. The fund has expanded into Hamilton with the purchase of two linked apartment buildings, totalling 360 units, for $54.3 million.

Located in the Beasley neighbourhood of East Hamilton, the buildings are at 125 Wellington St. N. (18 storeys) and 50 Cathcart St. (six storeys). They contain a mix of bachelor, one-, two-, and three-bedroom apartments, and occupy nearly an entire city block.

https://renx.ca/equiton-acquires-two-building-hamilton-apartment-complex/

[bigguy1231]

Originally Posted by Innsertnamehere

The problem is nimbyism in new yard locations too. CN is trying to build a new yard in the middle of nowhere in Milton and is facing unbelievably fierce opposition.. like, if not there, where?

They can oppose it all they want but the reality is railroads are under federal jurisdiction and not subject to local or provincial zoning or planning processes. They can basically build where ever they want.

[Innsertnamehere]

Originally Posted by bigguy1231

They can oppose it all they want but the reality is railroads are under federal jurisdiction and not subject to local or provincial zoning or planning processes. They can basically build where ever they want.

Oh I know - but Halton Region is sinking a ton of money trying to block it everywhere it can. Even if they can technically proceed on it, the process becomes much more complicated and slow when a municipality opposes you on it. Lawsuits, etc. get involved making it more expensive and slow.

Also, I love that park plan posted above. No idea a park was being planned there.

[ScreamingViking]

Originally Posted by bigguy1231

They can oppose it all they want but the reality is railroads are under federal jurisdiction and not subject to local or provincial zoning or planning processes. They can basically build where ever they want.

It's more complicated than that. But CN and CP do have far more clout than your typical developer.

[mishap]

Originally Posted by bigguy1231

They can oppose it all they want but the reality is railroads are under federal jurisdiction and not subject to local or provincial zoning or planning processes. They can basically build where ever they want.

I seem to recall that Burlington even zoned against the railyards, knowing full well that it meant nothing.

[Bubba9000]

Government hierarchy in Canada:
Municipal<Provincial<Federal<Railroads