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230 James St N

14-storey residential development proposed for King & Caroline in Hamilton

230 James St. N. in downtown Hamilton has sold.
This week witnessed a good level of transitions for all subject markets.

For the second consecutive week, the largest purchase occurred in Kitchener, where a 58-unit, multi-residential building at 475-477 Lancaster St. W. sold for $16.5 million ($285,000/unit). It’s a slightly high purchase price, but that’s understandable, considering multi-residential is the most robust asset class.

In Hamilton, the most exciting transaction was for 230 James St. N. The downtown mixed-use building was purchased for $2.35 million ($358/sq. ft). This purchase price appears fair: In 2021 and 2022, James St. has witnessed similar buildings trade in the high $300s to low $400s/sq. ft.  

Hamilton’s Design Review Panel has reviewed three proposals, including a 14-storey, 68-unit multi-residential development for the southwest corner of King and Caroline, which is currently the site of a small retail plaza.

The intersection is on the future LRT line and is attracting extensive development:

  1. The northeast corner is the site of the Radio Arts residential development by Canlight.
  2. The southeast corner saw a 30-storey proposal in 2021 by Vrancor Group.
  3. Just one address to the east, McMaster University’s 30-storey graduate residence is under construction.

The GHA Sales Transaction Database offers you this week’s CRE transaction activity.

Ales Manojlovich

News Headlines

Hamilton Design Review Panel: October 2022
215-217 King St W
160 King St E
2900 King St. E.

ArcelorMittal Dofasco’s ‘green steel’ transformation to start in January
The Hamilton Spectator, October 14, 2022

Municipal Benchmarking Study, Greater Toronto Area
Altus Group, September 27, 2022

Canada’s permanent resident application backlog is forcing thousands of skilled workers to quit and return home
The Globe & Mail, October 12, 2022

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What is an Accredited Investor?

FIRST THINGS FIRST, WHY ACCREDITED INVESTING?

Accredited investing opens up a whole shiny new world of investing made available to you. These include private equity, venture capital, angel investing, and hedge funding.  

WHAT IS AN ACCREDITED INVESTOR?

The accredited investor is someone who has a special status so that they can have investments that are typically more high-risk. While this definition varies from country to country, it also varies from province to province. While there’s no formal process in Ontario, legislation requires that you meet specific criteria to participate in certain investments. This simply means you’ll need to be prepared to provide documentation proving you meet the criteria.

THE CRITERIA

 According to the Ontario Securities Commission (OSC), an accredited investor means you have a:

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  • Net income before taxes combined with a spouse of more than $300,000 in each of the two most recent calendar years and expected combined net income of more than $300,000 in the current calendar year.
  • Financial assets, alone or with a spouse, of at least $1 million before taxes but net of related liabilities
  • Financial assets include cash and bank deposits but not the value of a house.
  • Net assets, alone or with a spouse of at least $5 million. Net assets generally include all of your assets after subtracting your debt.

Contact the OSC’s Inquiries & Contact Centre to learn more about these rules.

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Emblem Purchases Third Downtown Development Site

This week saw an average amount of transactions, with Brantford noticeably slow during August and September.

The most significant transaction for the second consecutive week was a high-density residential land sale in Hamilton. Emblem Developments has purchased its third site in the city, 100 John St. N. and 61 Wilson St. — currently the site of an office and a retail building — for $8 million (approximately $13.8 million/acre). It’s slightly above market value, but this valuation could signify things to come with increasing condo unit values.

In the second largest transaction of the week, NorthWest Healthcare Properties REIT sold a medical office building for $294/sq. ft in Hamilton‘s east end.

In the news, more details have been revealed about last week’s Connolly sale, the Television City condos are expected to be built by 2026, and a study has found that OLT decisions have favoured developers 97% of the time.

News Headlines

Connolly Site Sold
The Hamilton Spectator, September 22, 2022

Television City condo expected to be built in 2026
The Hamilton Spectator, September 9, 2022

Ontario Land Tribunals decisions have favoured developers 97% of the time
The Hamilton Spectator, September 20, 2022

Deeply affordable Cityhousing building first of its kind in Hamilton
The Hamilton Spectator, September 24, 2022

Plan to build 23 homes on small lots in Kitchener sparks concerns over traffic
The Record, September 21, 2022

Renting growing twice as fast as home ownership
CBC News, September 21, 2022

Job vacancies hit record high in Q2 
BNN Bloomberg, September 20, 2022

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Renderings for the Radio Arts building, which is set to begin construction in November at 206 King St. W. in Hamilton.

Radio Arts condo development to begin in November

This week witnessed below-average transaction volumes. However, there was a variety of noteworthy deals.

This week’s largest transaction was in Hamilton, where Guido De Brès Canadian Reformed High School Society purchased a former elementary school for $15.5 million ($175/sq. ft). That price is in line with a former school in Dundas that sold two weeks ago.

In the hospitality sector, Big Coffee Inc. purchased the former Masonic Hall in Dundas for $1.65 million ($332/sq. ft), and Radius Hospitality Corp. picked up 18-20 Hess St. S. for approximately $2.3 million ($446/sq. ft).

Also of note: local firm Effort Trust purchased 37.75 acres of vacant land in Thorold for $4.7 million ($124,000/acre).

In the news, the Radio Arts condo development will start construction in November, Hamilton saw a big drop in per capita municipal spending, and Canada will fund a rent-to-own program as part of its $2 billion housing plan.

The GHA Sales Transaction Database offers you this week’s CRE transaction activity.
News Headlines

Plan underway to remove 206 King St W building debris, Radio Arts development to commence November
CHCH News, September 4, 2022

Hamilton sees big drop in per capita municipal spending 
The Hamilton Spectator, August 27, 2022

MLS ® Residential Market Activity for REALTORS® Association of Hamilton and Burlington Areas
August 2022

Canadian universities rushing to address student housing shortage
The Globe & Mail, August 28, 2022

Revised plan for Schneiders site in Kitchener includes 12 new buildings, 2,400 rental units
The Record, August 26, 2022

Three highrises more than 500 rental apartments proposed for South Kitchener
The Record, August 31, 2022

Labour shortage has Canada planning to pick and choose immigrants 
The Financial Post, August 31, 2022

Canada to fund rent-to-own program under $2 billion housing plan
The Financial Post, August 30, 2022
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Hamilton’s Highest Value Development Projects for 2022 (so far)

This week witnessed lower than typical volumes, with Hamilton being the top performer for the third consecutive week and Kitchener-Waterloo/Cambridge providing a very, very rare no-show. St. Catharines also did not register a commercial real estate transaction.

With the Bank of Canada interest rate increases, we’re beginning to materially see a slowing in the market, however, values have continued to hold.

This week’s largest transaction occurred in Brantford, where 102 acres of vacant prospective residential land at 531 Powerline Rd. sold for approximately $24 million or $238,000/acre, which usually indicates the land requires substantive land entitlement before development can be implemented.

Of note for Hamilton, Vrancor Group purchased 21 Queen St N, a house abutting their King St and Queen St block development, for $500,000 or $10 million/acre.

In the news, The Spec provided a story on Hamilton’s highest value development projects for 2022, IKEA purchases 65 acres of Hamilton land (as reported last week), and the unemployment rate drops in Hamilton.
News Headlines

Hamilton’s highest value development projects for 2022

IKEA purchases 65 acres of land in Hamilton for $82 million

Unemployment rate drops, economic growth ‘optimistic’ for Hamilton 

Hamilton architect says Barton apartment would be first in 100 years

July 2022 RAHB Stats

North American leader in logistics expands facility in Hamilton

The first tiny home show in Hamilton takes place this week 
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Aeon Studio Group, TAS and Forge & Foster aim to turn 14 acres of barren land at Tiffany and Barton into a film production hub.

Alex Manojlovich’s Weekly Market Report: Exodus of Toronto suburbs driving Hamilton growth

This week witnessed a great volume of deals, even by month-end standards.

This week’s big winner was residential land, plus it’s good to see the office and retail assets continuing to trade at pre-pandemic levels.

Hamilton‘s largest transaction was near the airport for an unaddressed piece of land on the corner of Upper James St. and Twenty Rd. The commercially zoned 61.63 acres sold for $13.6 million ($220,000/acre).

The area’s largest transaction was in Brantford, where 110 acres sold to Primont Homes for $46 million ($414,000/acre). This purchase price suggests further land entitlement may be required. Also of note, Concert Properties purchased two plots of land in Kitchener for prices suggesting high-density development.

In the news: Torontonians are flocking to Hamilton, Council debates affordability for Hamilton’s future film district, and CBRE’s 2022 Q2 Industrial and Office figures are released.

The GHA Sales Transaction Database offers you this week’s CRE transaction activity.
Sign up for Alex Manojlovich’s Weekly Market Reports and receive valuable local commercial real estate market research in your inbox each Tuesday.

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News Headlines

Exodus of Toronto suburbs driving Hamilton growth
The Hamilton Spectator, July 7, 2022

Council debates affordability for Hamilton’s future film district
The Hamilton Spectator, July 5, 2022

MLS® Residential Market Activity for RAHB Areas
Realtors Association of Hamilton-Burlington, June 2022

Three 31-storey condo towers planned for downtown Hamilton parking lot
The Hamilton Spectator, July 4, 2022

Affordable housing projects in jeopardy, non-profits say
The Hamilton Spectator, July 6, 2022

City council approves Hamilton 100 agreement
The Hamilton Spectator, July 4, 2022

Hamilton Main St to be reduced from 5 to 4 lanes
The Hamilton Spectator, July 6, 2022

Tale of two markets: industrial space almost non-existent in KW, while downtown office vacancies among highest in Canada
The Record, July 6, 2022

Canadian Industrial Figures: Continued industrial demand sees heightening rental rate growth
CBRE, Q2 2022

Canadian Office Figures: Office market steadying, with Vancouver and suburban markets leading the recovery
CBRE, Q2 2022

Critics demand less talk, more action on zoning plan to tackle Toronto’s housing crisis
CBC News, July 1, 2022

Labour shortages leading to cancelled projects in superheated construction sector
The Financial Post, July 7, 2022

Canada to enter moderate and short-lived recession in 2023 warns RBC
The Globe & Mail, July 7, 2022

Sweating it out at a high-end gym attracts workers back to the office
The Globe & Mail, July 5, 2022
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Alex Manojlovich’s Weekly Market Report: Condo Towers coming to Hamilton with new Slate development

This week witnessed excellent transaction levels.

The area’s largest transaction was in Hamilton at 970 Upper Wentworth St. Everest purchased the 79,000 sq. ft retail plaza for $26 million ($329/sq. ft). It illustrates a high price-per-square-foot for retail that was more commonplace pre-pandemic.

970 Upper Wentworth St. is across from the Lime Ridge Mall, which made the news recently thanks to Cadillac Fairview‘s proposal to demolish the former Sears building and replace it with two 12-storey residential towers.

It’s great to see retail continuing its comeback in 2022.

The region’s second-largest purchase was in Waterloo, where Lexington Park Real Estate Capital purchased a 31,800 sq. ft industrial building at 80 Lodge St. for $12.5 million ($393/sq. ft). That’s an absolutely massive valuation for industrial.

In the news, Slate plans to break ground on Corktown condo highrises in 2023; the OLT approved 25 storeys for Vrancor‘s residential project at 354 King St. W.; and DeSantis is planning luxury condos in rural Winona.

The GHA Sales Transaction Database offers you this week’s CRE transaction activity.

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News Headlines

Hamilton condo towers on Slate’s busy development slate
RENX, June 24, 2022

OLT approves 25 storeys at 354 King St W
The Public Record, June 28

Luxury Fifty Rd condos to replace rural Winona homes 
The Hamilton Spectator, June 27, 2022

City to appeal $100/acre tax ruling on Hamilton steelmaking land
The Hamilton Spectator, June 18, 2022

US tech company focused on trust verification opening Canadian office in Hamilton
The Hamilton Spectator, June 22, 2022

Hamilton mountain residents still cautious about proposed development of former Sherwood Centre Bowling Lanes
The Hamilton Spectator, June 22, 2022

Canadian industrial to continue delivering historic returns
RENX, June 22, 2022

Toronto could see up to 5,000 condo unit cancellations
The Globe & Mail, June 18, 2022

Toronto’s housing crisis of 1922 rooted in policies that still make housing unaffordable
The Globe & Mail, June 17, 2022

Calgary Tower office space may make way for farming
Calgary Herald, June 21, 2022

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Barton-Tiffany lands

New partner in Hamilton west harbour film hub project

TAS joins Aeon and Forge and Foster in plan to redevelop barren Barton-Tiffany lands

By Teviah Moro, Spectator Reporter

Fri., June 10, 2022
A plan to create a film studio hub on city-owned lands at Hamilton’s west harbour has added a cast member.

TAS — a Toronto-based firm that focuses on mixed-use projects and commercial community hubs — is to lead the proposed redevelopment of the roughly 14 acres of barren land between the CN rail yard, Queen, Tiffany and Barton streets.

Meanwhile, Aeon Studio Group, which already has a production studio on Queen near the city-owned parcels, is “thrilled” to have TAS aboard, partner Jeff Anders said.

The consortium, which aims to turn the properties into a mixed-use creative arts and residential district anchored by film and television production studios, also includes Forge and Foster, a local real estate investment firm.

In February, Aeon opened its Bayfront Studios in an 80,000-square-foot former manufacturing building at 243 Queen St. N., across from the city-owned lands eyed for the mixed-used development.

READ MORE >>

 

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Alex Manojlovich’s Weekly Market Report: Slate purchases 800 acres of Stelco land for $518 million

This week witnessed slightly below-average transaction levels.

In Hamilton, the largest transaction was for a retail plaza located across from Westdale Secondary School. The retail and office property sold to Westdale Properties for $14,850,000 ($277/sqft). It’s a decent price considering the large office exposure.

Kitchener-Waterloo witnessed two massive transactions. The largest was for 52 acres of industrial land in Cambridge. This property was purchased by Fengate Asset Management for $91,320,000 ($1,750,000/acre). It’s an absolutely massive value for industrial land. It seems there’s no limit in sight.

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There’s also lots of Hamilton news across the board:

  • Slate has acquired 800 acres of Stelco land for $518,000,000 and plans to develop a world-class business park
  • Eastgate Mall plans for 42 storey tower and multiple residential developments
  • Lime Ridge Mall is planning two 12-storey towers
  • The first iteration of the Delta Secondary School development has been released
  • Slate looks to break ground on their Corktown development in 2023

The GHA Sales Transaction Database offers you this week’s CRE transaction activity.

Alex Manojlovich

News Headlines

Slate closes on 12m sqft of Hamilton Stelco industrial land
RENX, June 1, 2022

Slate purchases Stelco land for $518m
The Hamilton Spectator, June 1, 2022

Eastgate Mall proposes 42 storey tower, multiple residential buildings
The Public Record, June 6, 2022

Lime Ridge Mall plan two 12 storey residential towers
The Public Record, June 4, 2022

First development for east Hamilton Delta Secondary school site submitted to City
The Public Record, June 2, 2022

Downtown boomtown: ‘Hamilton is the new Brooklyn’
The Hamilton Spectator, June 1, 2022

Slate set to break ground on Corktown Condos in 2023
The Hamilton Spectator, May 31, 2022

OLT supports Ancaster townhouse development for 15 Church St
The Hamilton Spectator, June 6, 2022

Hamilton vacant homes tax
The Hamilton Spectator, June 2, 2022

May 2022 RAHB stats
MLS ®  Residential Market Activity for RAHB Areas, May 2022

Rent for 2 bedroom in Hamilton nears $2,000/month
The Hamilton Spectator, May 31, 2022

Hamilton Downtown BIA creates “memory lane” self-guided tour
The Hamilton Spectator, May 31, 2022

Montez buy Waterloo factory square office complex for $122m
RENX, June 2, 2022

London, ON Cherryhill Village sells for record $571M
RENX, May 30, 2022

Ontario home buyers flocking to Quebec
The Toronto Star, May 28, 2022

BoC raises rate to 1.5%
CBC News, June 1, 2022

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On Saturday, June 11 at 10 a.m., take time to celebrate and learn about the street art in downtown Hamilton through a guided tour. 

✏️ Register now!

You’ll find out the meaning behind some of Hamilton’s most beautiful street art and hear stories about the transformation of local buildings and businesses along the way.

The tour starts at One West Avenue S. It’s a Forge & Foster building adorned with the famous ‘Raise’ mural by Lester and Norman Coloma.

Your guides will lead you to locations around downtown. Bring water and wear comfy shoes. Register now before space fills up.

Admission is free but a donation to the Hamilton Community Fridge is welcomed.

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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.

By Paul Morse, The Hamilton Spectator, Wed., June 1, 2022

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 >>

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