Redevelopment of Stelco’s Hamilton lands to ‘take decades’ to complete

The private equity firm behind the revitalization and redevelopment of Stelco's Hamilton lands that would open part of it to the public for the first time in a century says the project will likely take decades to complete.

Slate Asset Management purchased the approximately 800-acre parcel of industrial land once dedicated to steelmaking last June in a $518-million deal, laying out their plans to transform it into a modern commercial district.

On Tuesday, the firm announced the new name and initial vision for the massive swath of land at 386 Wilcox St. by the harbour, which will now be known as Steelport.

Blair Welch, a founding partner in Slate, told The Spectator the name is a nod to the site's history in steelmaking on the Great Lakes as well as the future of the space.

It was pretty important for the region and the country," said Blair, noting that the land has gone underutilized for several decades. We hope it gets people thinking about the site in a different way."

A timeline for the completion of the project has not been released, however, Blair noted that the redevelopment of the site will be done in phases, including demolition, remediation and construction of new infrastructure such as roads.

It's a massive site," said Blair, describing it as a large investment that will take decades" to redevelop.

According to a press release, by the time the redevelopment is completed, the site will be home to one of Canada's largest, most state-of-the-art intermodal industrial hubs."

The firm has not yet submitted a formal site plan to the city, but intends to do so in the coming months. But the intention for the lands has not changed" from those unveiled last spring, and the primary focus of the site will be employment.

Brady Welch, a founding partner in Slate, said the planned industrial park is positioned for a wide variety of uses" as it has three kilometres of deep-water port access and is close to both nearby rail lines, highways and a handful of international airports.

The lands, which verge on Lake Ontario, are also zoned for up to 12 million square feet (or 275 acres) of industrial buildings on the property, according to the company.

Brady said it could be ideal for light-industrial companies that deal in areas such as logistics, manufacturing and distribution as well as the potential for renewable energy.

A study from Ernst and Young last year found the project could create up to 23,000 new jobs and inject $3.8 billion into Ontario's economy.

Stelco will continue to have a presence on the lands, with the steelmaker already signed on for a long-term sale-leaseback of 75 acres of land and two million square feet of buildings for 35 years, with renewal options for five further 20-year terms.

Some organizations have already expressed an interest in leasing parts of the industrial park, noted Blair.

One portion of the project revealed Tuesday includes plans to open up a portion of the lands to the public for the first time in more than a century, noted Blair Welch.

As of now, the master plan for the project includes an extensive trail network through a storm water lagoon park, a waterfront promenade and a park. Retail and cultural elements are also planned for a two-kilometre loop through the site.

People will be able to see the city from a different perspective," said Blair Welch. We're excited."

The site will be accessible through road and trail networks that are set to be integrated into the city's existing infrastructure - which will include bus stops and bike share hubs.

Over the last year, the biggest change on the property has been the landscape of the site, which has changed as long-standing buildings have been demolished.

In an email to The Spectator, the City of Hamilton confirmed that 110 demolition permits have been issued for buildings on the site since 2020, with six applications still under review.

Sixty-five of the issued permits have been closed, meaning those buildings have been torn down, according to the city.

As for what residents can expect to see in the coming months, Slate spokesperson Karolina Kmiecik told The Spectator that demolition and clearing of the site is expected to continue as the company also conducts on-site studies as part of the remediation process.

Kmiecik said Slate will be meeting with city planning staff in the coming weeks, after which they plan to submit their development application. The company is aiming to have shovels in the ground" for the first phase of the development sometime next year.

Fallon Hewitt is a reporter at The Spectator. fhewitt@thespec.com