Corktown Plaza Redevelopment | 91m | 27 & 14 fl | Cancelled - Page 11

King&James · #**201** Posted **Mar 27, 2023, 11:00 PM**

Quote:

Originally Posted by urban_planner

Not disagreeing with any of the above but it pisses me off that the BOC intentionally is going to cause people to lose their jobs.

Blame inflation, going to be very tough to tame when the jobs market is on fire, which I think is a direct outcome of a pull-forward in retirement .

TheHonestMaple · #**202** Posted **Mar 27, 2023, 11:10 PM**

Don't forget that this particular round of inflation was directly caused by the global lockdowns. Turns out completely disrupting the supply chain has a real impact on the price of goods, who would have thought. If only cooler heads prevailed during that bizarre two year period.

Fruitloops · #**203** Posted **Mar 28, 2023, 12:47 AM**

Have to wonder if figures exist as to how many of the already under construction units were bought as investments either to flip or Airbnb etc. The interest rates effect the disposable income of would be buyers but builders as well. This doubly whammy makes me wonder if projects like Corktown, City Centre, FOC and many others are a long way from reality. Affordable housing is the real crisis.

TheHonestMaple · #**204** Posted **Mar 28, 2023, 1:15 AM**

Exactly. The fact that this one hasn't started yet concerns me.

Also city centre was supposed to be demolished in early Feb, yet now we're almost in April and still nothing. Also concerning.

Corktowner · #**205** Posted **Mar 28, 2023, 2:31 AM**

Brandon Donnelly from Slate (developer for the Corktown Plaza) was tweeting about this very issue just the other day: https://twitter.com/donnelly_b/status/1639620398714068993?cxt=HHwWgoCx_ZiEjcEtAAAA. So yeah, I think it's safe to say this development is going to move more slowly than originally planned.

Fruitloops · #**206** Posted **Mar 28, 2023, 2:56 AM**

This and most other planned projects were probably budgeted around 2018, 2019 when int rates were near zero. Wage inflation hasnt worked worked through the economy yet. So to get the same building when first drawn up likely costs upwards of 40+% more. Do you scale back on an already dreary design or just put it on hold. Lord knows we are near the breaking point on simply charging more for a unit or higher rent.
A lot of projects seem stalled out Rebecca and John, Main W and Longwood and this one to name a few.

TheRitsman · #**207** Posted **Mar 28, 2023, 3:08 AM**

City Centre is on its way, demolition of that large a property requires a lot of working with the city. Taking down the bridge will require closure of York Blvd and James St will be a mess during demo. I'll ask for an update on that though.

TheHonestMaple · #**208** Posted **Mar 28, 2023, 3:34 AM**

But they kept saying it was supposed to happen in early Feb. Two months delay already isn't very promising. I'm concerned that they haven't secured financing or something. I do appreciate your optimism though, and thanks for getting an update. Keep us posted.

TheRitsman · #**209** Posted **Mar 28, 2023, 3:43 AM**

Quote:

Originally Posted by TheHonestMaple

But they kept saying it was supposed to happen in early Feb. Two months delay already isn't very promising. I'm concerned that they haven't secured financing or something. I do appreciate your optimism though, and thanks for getting an update. Keep us posted.

I double they have secured financing, they haven't started selling yet. A 2 month delay on what will likely be a 10 year project isn't a huge thing, especially not with this city and it's administrative nightmare.

Corktowner · #**210** Posted **Mar 28, 2023, 11:55 AM**

Bringing this discussion back around to the Corktown Plaza, I should mention that a few weeks ago there were renovations happening inside the corner unit of the plaza, where Planted restaurant used to be. Total speculation, but I wonder if they might be gearing up to turn it into a condo presentation centre?

SteelTown · #**211** Posted **Apr 12, 2023, 1:53 PM**

New rendering from Instagram

https://www.instagram.com/p/Cq8BwlMgzHs/

LikeHamilton · #**212** Posted **Apr 12, 2023, 2:14 PM**

Where is the 2nd tower?
Where is the podium?
????

Hawrylyshyn · #**213** Posted **Apr 12, 2023, 2:30 PM**

Quote:

Originally Posted by SteelTown

New rendering from Instagram

https://www.instagram.com/p/Cq8BwlMgzHs/

Edit: I asked on their post, apparently second tower/podium is Phase 2

Berklon · #**214** Posted **Apr 12, 2023, 2:46 PM**

Maybe it's just me, but I'm losing track of where some of these developments are going.
Where's this going again?

King&James · #**215** Posted **Apr 12, 2023, 2:49 PM**

Quote:

Originally Posted by Berklon

Maybe it's just me, but I'm losing track of where some of these developments are going.
Where's this going again?

John S/ Young / Forest/ Catharine

Berklon · #**216** Posted **Apr 12, 2023, 3:10 PM**

Quote:

Originally Posted by King&James

John S/ Young / Forest/ Catharine

Ah, right... thanks. Good location.

Corktowner · #**217** Posted **Apr 13, 2023, 12:52 PM**

An interesting tidbit from Twitter. According to Brandon Donnelly from Slate, they’re still working on trying to incorporate a grocery store into this development: https://twitter.com/donnelly_b/status/1646326416038830080. That would be amazing.

TheHonestMaple · #**218** Posted **Apr 13, 2023, 12:54 PM**

Amazing! My bet is it will be a Sobeys Urban Fresh or The Market by Longo's

shoelessjoe · #**219** Posted **Apr 13, 2023, 2:54 PM**

Could also be Farm Boy...

Innsertnamehere · #**220** Posted **Apr 13, 2023, 2:59 PM**

I'm quite confused by that as the latest plans had the largest retail space at 4,500sf.. That's way too small for a grocery store. The generally accepted minimum for a full-service grocer is about 15,000sf. Some Sobey's Urban Market apparently get down to about 12,000sf.. but a grocery tenant doesn't really work in 4,500sf.

Either they are trying to sign on something closer to a Rabba here, or they are hoping to redesign the second phase somewhat if they land a grocery tenant to accommodate them. Even then, it would probably have to be a second floor tenant to actually get 15,000sf, which gets $$$$ and I'm not sure the grocery market in Hamilton can accommodate that.

Here's hoping they work something out!