Transforming Hamilton City Centre: Condo tower will rise at James and York, says builder
It could be 10 years before the condo towers that Darryl Firsten pictures rising from the rubble of Hamilton City Centre reach their skyline-altering peaks.
But rise they will, says Firsten, president of IN8 Developments, the Toronto-based firm that bought the long-ailing downtown mall in December.
We're going to build this thing out, sooner rather than later, hopefully," he said Monday, predicting construction could start by mid- or late-2022.
Last week, IN8's architects presented its vision for a mixed-used residential complex of four towers - three at 30 storeys and one at 24 - to the city's design review panel.
The towers are to sit on a nine-storey base building with commercial space fronting onto York Boulevard and James Street North.
Firsten estimates the roughly 2,000-unit redevelopment, to be built in phases and include 972 parking spaces, will be a $700-million project.
I'm an urbanist and I believe there's an amazing demand for people who want to work, live and play downtown, and I think that block is the centre."
It was the location of Hamilton's city hall before it was flattened to build an Eaton's department store in 1960.
But ever since Cadillac-Fairview opened its $70-million Eaton Centre in 1990, the three-level shopping mall adjoining Jackson Square has languished.
A decade later, with Eaton in bankruptcy, Fercan Developments bought the 424,000 square-foot centre for $3.6 million.
It changed hands again in 2011, this time to Ron McCowan for about $25 million.
In 2014, the centre sold in a $109-million swap involving four retail centres for equity in a real estate investment trust.
Firsten's plan changes the focus to residential, with the ground floor mostly commercial space.
It also flips the mall's inward-facing orientation to one that looks outward with patrons and residents accessing storefront locales and their homes from James and York.
A glass exterior will make for a more attractive street scape than what's there, Firsten says. It's going to look a hell of a lot better than that."
He says the design review panel made useful recommendations his team will examine.
The project awaits city site-plan approval and studies that show it accords with the downtown secondary plan.
But the proposed height and density don't require any changes in that part of the core.
So he's picked the right spot," Coun. Jason Farr said about the area's land-use policies.
Farr also said Firsten's plan bodes very well for walkability" on James Street North, providing more residents to visit shops, galleries and restaurants.
What I visualize isn't so much the esthetic; it's the number of new customers."
IN8 advances its Hamilton City Centre redevelopment just as council prepares to give final approval for a massive revamp of the downtown's entertainment venues.
On Friday, council announced Hamilton Urban Precinct Entertainment Group will renovate FirstOntario Centre, FirstOntario Concert Hall and the Hamilton Convention Centre.
The consortium led by PJ Mercanti of the Carmen's Group overcame a rival pitch by Vrancor Group, the development firm owned by Darko Vranich, during four months of confidential talks with city staff.
The deal will see the Precinct Group also take over operation and maintenance of the venues at no cost to taxpayers, councillors say.
The arrangement is rooted in a long-term lease - 99 years for the arena and concert hall, and indefinitely for the convention centre.
A mixed-use development, including affordable housing, is also part of the overall blueprint.
Council approved a memorandum of understanding but told city staff to hammer out a master development agreement.
No further details will be shared until that's inked, Norm Schleehahn, the city's director of economic development, wrote in an email Monday.
The parties have signed nondisclosure agreements that protect commercially sensitive information during negotiations, he noted.
Teviah Moro is a Hamilton-based reporter at The Spectator. Reach him via email: tmoro@thespec.com