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 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.
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