Продажа коммерческой земли гавани в Гамильтоне приостановлена из-за спада на рынке недвижимости

The City of Hamilton’s planned sale of waterfront land for commercial redevelopment has been put “on hold” amid a real estate slowdown that has also stalled a high-profile residential West Harbour redevelopment. The city had previously put four small development blocks up for sale between piers 5 and 7 in 2020 in the hopes of attracting new restaurants, retail or even a boutique hotel to its reimagined waterfront. The hoped-for commercial redevelopment area sits alongside Pier 8, where the planned Waterfront Shores condo and townhouse project is also delayed. The city said in an email the sale of the development blocks has been paused due to the “current slowdown” in the real estate market, as the “broader economic conditions” are impacting the “viability” of the development locally and nationally. As a result, the city said the sale of the four pier-side properties — meant to serve as a “commercial village” that fits into the surrounding area — has been deferred, although separate plans for public buildings on piers 6 and 7 are unaffected. The unsold blocks rang in size from just over one-third to just over half an acre. The city also officially delayed the long-anticipated Waterfront Shores residential development late last year — potentially for an extended period — due to the poor housing market. That project, envisioned since 2018, would add roughly 1,645 residential units and 70,000 square feet of commercial space across nine Pier 8 blocks encircled by a ring of park green space and pathways already created by the city. Downtown councillor Cameron Kroetsch told The Spectator it’s disappointing the potential sales of the blocks have been put on hold. He added the delay is an example of the issues brought about by the development downturn. However, he also noted council voted down his motion to have the city investigate other options for the waterfront development after staff recommended delaying the project due to market conditions late last year. Kroetsch said the community “needs” more rental stock and affordable housing — which his motion would have had staff look at — but council “sat on their hands.” The city said via email the pause does not reflect a change in “intended plans” for the site, noting staff continue to assess market conditions and the “feasibility” of the intended commercial redevelopment. “The city remains committed to transforming its waterfront lands into welcoming, publicly-accessible spaces for residents and visitors to enjoy, while building on the significant progress made to date,” the city said. Error! Sorry, there was an error processing your request. There was a problem with the recaptcha. Please try again. You may unsubscribe at any time. By signing up, you agree to our terms of use and privacy policy. This site is protected by reCAPTCHA and the Google privacy policy and terms of service apply. Want more of the latest from us? Sign up for more at our newsletter page.