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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

Hamilton rated one of Canada’s best locations to invest

Forge & Foster is moving! Sept. 23 will be our last day at 67 Frid St. By Sept. 27, we’ll be set up at 29 Harriet St., in the exciting, high-growth film district of Barton-Tiffany.
This week witnessed a large volume of transitions, typical for the transition period between months. It’s great to see these patterns holding even as interest rates continue to rise.
This week’s largest transaction occurred south of Kitchener in North Dumfries, where an industrial building on a large swath of land sold for $19 million.

The second largest transaction took place in Waterloo, where Village Developments purchased almost an acre of residential land for $14 million.

The largest transaction in Hamilton was in Stoney Creek, where 12.45 acres of industrial land sold for $13 million (approximately $1 million/acre).

In the news, Hamilton has been rated as one of Canada’s best locations to invest, New Horizon Development Group submitted a bid for taller buildings, and Toronto‘s average condo rents have surged to a record high.


We’re moving! 
Sept. 23 will be Forge & Foster’s last day at 67 Frid St.
As of Sept. 27, our new address will be: 29 Harriet St. Hamilton, ON L8R 2E5

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

Hamilton rated as one of Canada’s best locations to invest 
Invest In Hamilton, September 2022

Dundas site receives conditional approvals for 4 storey, 51 unit development
The Hamilton Spectator, September 12, 2022

New Horizon Development’s new bid aims taller
The Hamilton Spectator, September 12, 2022

Home construction authority moves to revoke Burlington developer’s license
The Hamilton Spectator, September 10, 2022

6 storey building set to replace three houses in Waterloo
The Record, September 9, 2022

Kitchener’s Mill St plan would transform area around LRT station with six towers up to 1,500 units
The Record, August 29, 2022

August 2022 Rent Report
Rentals.ca, September 2022

Toronto condo rents surge to record average $2,806/month
The Toronto Star, September 7, 2022

Ontario passes strong mayor legislations, providing Toronto and Ottawa veto power
CBC News Toronto, September 8, 2022

Bank of Canada expected to hike interest rate to 3.25%
The Hamilton Spectator, September 7, 2022

Tal: Interest rates could deepen Canada’s rental housing crisis
RENX, September 8, 2022

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