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Connolly Site

Connolly Site at 98 James Sold to Milborne Group

The number of transactions this week was about average, with Niagara seeing an increase in activity while Brantford was a no-show.

This week’s most exciting and expensive sale was at 98 James St. S. in downtown Hamilton. The Connolly Site sold for $24 million ($75 million/acre). It’s an astronomically high price, but it could make sense at an estimated value of $80/buildable sq. ft, although that’s still very high for Hamilton. Alternatively, the price could include some other form of value, like an approved site plan or pre-construction deposits.

The former James Street Baptist Church, constructed between 1878 and 1882, has had a tumultuous decade:

  • It was demolished in 2014, except for its historic stone facade, by developer Louie Santaguida for a planned $80-million, 30-storey condo development dubbed The Connolly.
  • That project was placed in receivership in 2017.
  • In 2018, it was sold to Hue Developments, which proposed a 31-storey tower with 315 units.
  • The buyer this time is Toronto’s Milborne Group. They bill themselves as Canada’s leading marketer of urban, master-planned, multi-phased communities. They’re affiliated with the 1 Jarvis development and the 75 James Condominiums, kitty-corner to 98 James St. S.
In the news this week beyond the Connolly, Lamb Developments has sold a 50% interest in 428 Main St. W. in Hamilton to local developer New Horizon Development Group for $2.25 million ($2.8 million/acre). Once the site of Zizzo’s Car Care & Mor (sic), 428 Main St. W. is now a vacant lot across from the Westgate on Main condo development by Matrix Development Group.

In the Niagara region, Starlight Investments has purchased a 75-unit multi-residential asset in Welland for $11 million (nearly $150,000/unit).

This week’s second-largest transaction was in Beamsville, where a grocery-anchored retail plaza sold for $15.1 million ($280/sq. ft).

In the news, Empire Homes has proposed 1,000 homes in Hagersville, Rentals.ca released their September rental report, and the former GM site in St. Catherines has been approved for high-density zoning.


News Headlines

Empire Homes proposes 1,000 homes on Hagersville quarry site
The Hamilton Spectator, September 13, 2022

Dispute over Land Back Lane injunction continues at court 
CBC News, September 13, 2022

September 2022 Rent Report
Rentals.ca, September 2022

St. Catharines high-density zoning approved for former GM site
The Standard, September 13, 2022

Redevelopment of Guelph parking lot approved
The Toronto Star, September 13, 2022

Waterloo residents fret as developer pushes for taller than permitted development
The Record, September 10, 2022

Monthly Housing Update
RBC, September 15, 2022

Housing inventory may reach crisis point in major Canadian cities
The Financial Post, September 12, 2022

Editorial: Canada’s population is booming and we aren’t building nearly enough
The Globe & Mail, September 17, 2022

downtown Hamilton cranes

Downtown boom town: ‘Hamilton is the new Brooklyn’

Since 2017, over $733 million in residential and commercial building permits were issued in the city’s core.

The smiles on the faces of Judy Lam and Norm Schleehahn gave the glorious sunshine a run for its money on May 12 as the city’s two top downtown revitalization leaders stood beside Hamilton’s Gore Park fountain and turned slowly to take in the nearby forest of building cranes reaching into the sky.

“Last year was the highest number of residential unit building permits downtown ever,” Schleehahn, the city’s director of economic development, said. “The developers have really seized an opportunity.” In fact, 2021 hit a record $2 billion in building permits across all of Hamilton, he said.

He and Lam, the city’s manager for commercial districts and small business, are helping to usher in an unprecedented highrise building boom that’s transforming Hamilton’s downtown from a commercial real estate dead zone a little more than a decade ago to today’s construction bonanza.

READ MORE >>

Alex Manojlovich

Greater Hamilton Real Estate Update: Downtown Hamilton’s Major Redevelopment Is In The Works

It’s been a quiet week for commercial real estate (CRE) transactions in Hamilton.  February is turning out to be a low as a whole.

Hamilton’s most significant transaction was in Ancaster, where industrial commercial institutional (ICI) land traded for $7.6 million ($905,000 per acre). Hamilton’s industrial land values continue to rise.

The largest transaction of the week was in Kitchener, where Broccolini traded $23 million for 69 acres of ICI land.

In the News Headlines section below, you’ll find:

  • The latest on downtown Hamilton projects
  • Updates on the flurry of activity around John C. Munro Hamilton International Airport
  • The February stats from the REALTORS® Association of Hamilton-Burlington (RAHB)
The GHA Sales Transaction Database offers you this week’s CRE transaction activity.
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News Headlines 

Major redevelopment in the works for Hamilton’s Downtown
The Hamilton Spectator, February 24, 2022

Hamilton airport attracts flurry of activity 
RENX, March 1, 2022

Preparation to demolish Jamesville in Hamilton North end underway
The Hamilton Spectator, February 25, 2022

3054 Homestead Drive (Fengate) proposed development
UrbanSolutions Planning & Land Development Consultants Inc.

February 2022 RAHB stats
RAHB, March 2022

Lawsuit over derailed LRT land deal looms over resurrected Hamilton project
The Hamilton Spectator, March 1, 2022

Saving Sobi: Hamilton will pay to keep bike-share network on the road
The Hamilton Spectator, February 26, 2022

Builder wins 11 storey Stoney Creek condo battle
The Hamilton Spectator, March 1, 2022

Broccolini expands GTHA industrial land bank
RENX, February 18, 2022

Large development proposal coming to downtown Burlington
The Hamilton Spectator, February 23, 2022

Ontario cottage country sees record low supply
Storeys Real Estate News, February 24, 2022

BoC hikes rate for first time since 2018
BNN Bloomberg, March 2, 2022

Industrial demand for SW Ontario industrial continues to grow
RENX, February 28, 2022

Investor frenzy rips through housing market
The Globe & Mail, February 18, 2022

Riocan REIT outlines new fiver year growth strategy
RENX, February 24, 2022

Census data field debate over supply and demand
The Globe & Mail, February 18, 2022

 

Copps Colosseum

Hamilton’s downtown challenge

Hamilton’s downtown challenge

How do we develop the sort of downtown that is equally appealing to tourists and local residents, but is at the same time inclusive.

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