Jamesville Lofts | 11-15 Cannon St. West | ? | 6 fl | Under Construction

[craftbeerdad]

Originally Posted by johnnyhamont

Nope!

[ScreamingViking]

How much expense did that car elevator added to the building cost?

I wonder if a new company taking over could negotiate to remove that altogether. I.e., zero car parking spaces on site. Or work out a deal for tenants in the municipal lot next door.

[matt602]

Originally Posted by TheRitsman

Ouch

lol ALL of that aged terribly. Meanwhile several years later we haven't heard anything about the Connolly aside from the usual pandemic excuses, never mind the "VERY soon".

[TheHonestMaple]

Originally Posted by matt602

lol ALL of that aged terribly. Meanwhile several years later we haven't heard anything about the Connolly aside from the usual pandemic excuses, never mind the "VERY soon".

Can't remember where I read it, but the last I heard a few months ago the current owner has basically abandoned the project. Something about financial issues again.

[StEC]

Is it just me or does it seem a handful of projects have stalled and new proposals have slowed to a trickle the last year? We had a flurry of proposals and construction starts the last 5 years but it seems all the buzz has gone dormant.

Hoping the lightening strikes again soon and we see all the stalled proposals start up and new proposals start rolling in again!

[urban_planner]

Originally Posted by StEC

Is it just me or does it seem a handful of projects have stalled and new proposals have slowed to a trickle the last year? We had a flurry of proposals and construction starts the last 5 years but it seems all the buzz has gone dormant.

Hoping the lightening strikes again soon and we see all the stalled proposals start up and new proposals start rolling in again!

I kinda feel the same way. Covid could be playing a part.

[TheRitsman]

Originally Posted by TheHonestMaple

Can't remember where I read it, but the last I heard a few months ago the current owner has basically abandoned the project. Something about financial issues again.

May want to read the previous page lol

[TheHonestMaple]

Originally Posted by TheRitsman

May want to read the previous page lol

I was quoting a previous comment that mentioned The Connolly.

[atnor]

This situation is all too Hamilton.

[matt602]

Originally Posted by StEC

Is it just me or does it seem a handful of projects have stalled and new proposals have slowed to a trickle the last year? We had a flurry of proposals and construction starts the last 5 years but it seems all the buzz has gone dormant.

Hoping the lightening strikes again soon and we see all the stalled proposals start up and new proposals start rolling in again!

Its true that a lot of projects have gone tits up since the pandemic happened but in the same time several projects have also been finished that started before it, or even some that started after have also finished. I think overall development in the Hammer is chugging along at a positive pace, with or without the pandemic being taken into consideration. Once we're finally out of it for awhile and LRT construction starts, I think we'll see a new boom. Land values have definitely caught up and I think banks aren't as skeptical to lend money as they would have been in Hamilton 5 years ago.

[ScreamingViking]

Originally Posted by StEC

Is it just me or does it seem a handful of projects have stalled and new proposals have slowed to a trickle the last year? We had a flurry of proposals and construction starts the last 5 years but it seems all the buzz has gone dormant.

How much is this just the nature of the business? Hamilton has only recently reached a point where there's enough momentum and reason to believe development prospects are positive. The stalled LRT decision didn't help either, for the core or major redevelopments along the route (e.g., Eastgate, Main W.)

matt602 noted skepticism about financing from banks. This has been an issue downtown for a long, long time. I too think that's changing, and it's becoming more about the individual developers (i.e., the Stinsons of the world) for the lenders rather than the downtown and other parts of the city being no-go zones for financing large residential projects that are not single-family homes and townhouse complexes.

[Innsertnamehere]

I'm not sure I would say the pace of proposals has slowed. Most DRP meetings have a good number of projects on them.

2019 and 2020 had a huge number of units proposed in the downtown, enough to supply years of Hamilton's growth, so it was never sustainable to have a new 2-tower, 700 unit proposal every month.

Downtown Hamilton has an insane amount of proposed developments right now, far more than it has ever had, I'm more concerned about making sure they change from proposed to actually under construction. That seems to be happening more this year than any other year before too, so I remain hopeful.

There are still a bunch of low margin operators in the downtown trying to squeeze by like what historically happened in the core, this project included, as well as other projects like The Connoley, Moderne, Stinson, etc... but also a lot of well heeled, big players who are more likely to actually build and have real financing behind them like Slate, Emblem, Bentall Kennedy, Lamb, Kaneff, Rosehaven, etc. These are all medium-large builders in the GTA who have a long history of successfully building and should have no problem getting their projects done.

[TheRitsman]

Downton Hamilton has something like 12,000 units proposed right now and 2500 under construction. Hamilton's downtown is about to explode. Once those 2500 units are done there will be even more under construction and Hamilton's downtown will have 3500 new residents roaming around.

The point about multiple towers every year not being sustainable was part of the point that Thorne made to me when speaking about the height limit. The height limit ensures that all the demand doesn't get concentrated into too small an area, and all parts of the downtown and eastern urban areas see growth. We don't want to wait 50 years for Centre on Barton to be redeveloped. I'd love to see it get started in the next 10. If we produce enough supply in one section of the city though, that will never happen.

[TheHonestMaple]

I wonder if 3500 more people in the downtown core will be visibly noticeable. I think it will be.

[Innsertnamehere]

very much will be. The impact from the Royal Connaught alone is quite noticeable downtown and that's a much smaller project..

[TheRitsman]

I've been living downtown since 2018, and it's been very noticeable. Bars and restaurants we used to go to and they always had space are now packed, despite there being more bars than before. When sitting in the front of Farside we counted 50 people approximately be turned away at the door at full non-covid capacity a few weeks ago.

[StEC]

All very good points/responses to my question. Thank you everyone you set my mind at ease haha. Happy St.Patty's Day 🍻

[escolt45]

Update:

https://12ft.io/proxy?q=https://www....velopment.html

[drpgq]

I wonder if some developer would be tempted to go bigger.

[urban_planner]

Originally Posted by drpgq

I wonder if some developer would be tempted to go bigger.

I was wondering this as well. From what I can tell 44 meters is the max here. not saying it will happen but defiantly something taller is possible.