Some people used to say Hamilton's
FirstOntario Centre (originally named Copps Coliseum) was a waste because it never did what it was intended to do, at least in large part -- attract the NHL. More than 17,000 seats, rarely filled to capacity... the AHL and OHL hockey teams that have used it draw about 5,000 on a decent night, usually less. But it wasn't very expensive even for the mid-1980s ($40+ million) and has allowed the city to host large concerts and sporting events. Curtains were installed to cover the upper tier and try to make the lower bowl feel more intimate. The arena is going to be extensively renovated over the next couple of years.
Another is
Hamilton airport. In the 1980s it was expanded in anticipation of attracting more passenger flights, including a new runway and terminal. The terminal was still fairly modest, and the whole project cost $50 to $60 million back then. Some argued it was just pork-barrel politics to feed the ego of a local MP, because the passenger market was well-served by Toronto's airport (about a 65 km drive from the centre of town) and major airlines weren't going to offer duplicate serviced here. Smaller ones came and went, offering flights to a very limited set of destinations. In the mid-90s the city made a long term deal with a private operator, who have turned it into a successful cargo facility and passenger use has increased to the point the terminal has had some changes made to it. For a time it was WestJet's eastern hub, until they moved almost all their services to Pearson. Now it's mainly used by Swoop and other low-cost airlines, with charter services as well.
I'd not call either a White Elephant today, and both were rather modest investments that have benefited the city over the longer term. The airport and the
commercial/industrial development it continues to spur now make it a major generator of jobs and economic activity.
Hamilton's Eaton Centre is probably the only local example I can think of that was truly a waste. A 3-level mall opened in 1990, connected to an existing mall built during the wave of 1970s downtown redevelopment, it was only semi-successful for a few years before becoming
a sad space the city eventually moved some offices into. When Eaton's died it was re-christened the
Hamilton City Centre. With some renos I think it could have become nice, if another use could be found for it. It's about to be torn down for a condo complex.
For a while
we did have this, though.