123 James St North | ? | ? | Complete

[drpgq]

Pic, source me.

[Katrillion]

Finally! It's starting to be built! But even though I wish to see this building sprout up ASAP and hopefully it'll rise as quickly as McMasters new building is! DAMN!

[movingtohamilton]

More on the story here. http://www.raisethehammer.org

[thistleclub]

Via Judy Marsales:

Second Floor: 5,000 sf @ $22.50/sf
"A Class Amazing Office Space in this new build... Fully accessible building. Underground parking. Elevator access to roof top terrace. Occupancy May 2014."

Ground Floor: 1,000-5,000 sf @ $22.50/sf
"Retail space available below 20,000 sq. ft. of office space. Terrific location on James North between Cannon & Wilson."

[mattgrande]

I don't know much (anything) about commercial real estate. Is $22.50/sq ft reasonable, and is that per month? Year? Something else?

[ScreamingViking]

Originally Posted by mattgrande

I don't know much (anything) about commercial real estate. Is $22.50/sq ft reasonable, and is that per month? Year? Something else?

$13.25 for Jackson Square's office space
http://www.realpropertieslimited.com...ilability.html (same rate for all 4 towers)

I figured that would be per month, but it's probably annual. When you do the math: if someone leased an entire floor of 100 King W. it would cost them about $225k.

This site notes that Robert Thomson is Class C... I imagine it's the same in the other buildings too, based on the rates being the same.

[Jon Dalton]

Originally Posted by mattgrande

I don't know much (anything) about commercial real estate. Is $22.50/sq ft reasonable, and is that per month? Year? Something else?

$ / ft^2 / year is the standard measure for commercial real estate. That is high for the area, but not unreasonably high considering this is new construction. It also depends what is included in the rent as taxes and utilities can be huge.

I'm sure there are businesses that can afford and are willing to pay that rent, particularly chains with more capital to throw at a new location. They tend to prefer new or extensively renovated spaces.

[SteelTown]

Subway is one tenant signed up.

[oldcoote]

price per square foot is annual.

So 1000 sq feet at 22.50 is $22,500 per year or $1875/month

TMI (Taxes, Maintenance, Insurance) might be added to this figure as well.

It might be on the high side for the neighbourhood, but it is a new build. Be interesting to see who they sign, aside from Subway.

[Katrillion]

Originally Posted by steeltown

subway is one tenant signed up.

nooooooooo!!!!!!!1

[sil]

Originally Posted by Katrillion

nooooooooo!!!!!!!1

a little dramatic arent we katrillion

[ScreamingViking]

Originally Posted by sil

a little dramatic arent we katrillion

I tend to agree with Katrillion. I've got nothing against Subway, in fact I prefer their fast food to others, but there's something good about keeping James N. free of the big chains (though it's probably inevitable that we'll see some of them)

[ihateittoo]

subway, in my travels, seems to be the most proliferated of fast food chains... so if a subway happens to come to james north I hope its not at the expense of the subway on King St E. Even though an anchor tenant raising the average rent may be a plus to making development attractive in downtown but for this to be a step forward we don't want to just shuffle the businesses we already have in the core.

[Jon Dalton]

Subway just opened at York and Bay. Maybe they plan to move once 123 James North is built. It sure seems like nothing can survive long at that awful strip plaza anyway.

I was also hoping the Subway rumour was false, as I'd like to see something better. Still, they have a different customer base and will bring exposure to the other businesses on the street. There's still all the other ground floor units to fill.

[CaptainKirk]

Jack Beume remembers Hamilton like it was decades ago.

“It was active, money-driven,” he said. “And then it literally died.”

Beume is a local developer who wants to bring downtown Hamilton back to life with his projects, the latest being a new commercial space on James Street North, at Vine Street.

"It will be a very attractive, warm, red brick building," Beume said.

The three-floor commercial building has 31,600 sq. ft. of net, or useable, space, he said, designed to accommodate four retailers and an office space. He already has tenants who have signed on. Those tenants will also be privy to a rooftop garden, and both surface and underground parking.

Right now, Beume's construction team is putting beams in the ground to prevent the street from caving in when digging begins. Beume said there will be crane in the ground come September and “once that happens, [the building] will go up zip-zip."

Beume is also proud that his project is homegrown.

“This building is Hamilton-driven: Hamilton developer, Hamilton builder, Hamilton lender,” he said.

Tenants are expected to be able to move in June 2014, Beume said.

http://www.cbc.ca/hamilton/news/stor...ntruction.html

[thomax]

Construction Update:


Source

[urban_planner]

Interesting that this will require what wounds like a tower crane. Thats fine with me though

[Dr Awesomesauce]

'And then it literally died...'

Yeah, I wonder what happened, Jack. Perhaps it was all those property speculators who tore down buildings, carving out a giant hole in the city centre. Perhaps it was strip malls being built downtown at places like James and Wilson. Perhaps, Jack. Perhaps. But thank God you're here now to save us with your made-in-Hamilton solution. Cheers for that. And cheers for the Subway.

[urban_planner]

Originally Posted by pEte fiSt iN Ur fAce

I don't wanna be a d*ck here but the situation at that corner is completely speculative at this point. It's exactly what I'd do if I owned the property and was trying to either a) get investors or b) unload it.

I will happily eat crow if I'm wrong but I can't imagine any other scenario.

How's the Crow

[Dr Awesomesauce]

Sure, it's tasty. And, yeah, I'm pretty stunned that something's actually happening. I mean, he's sat on this property for forty-odd years, for God's sake!