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Developers and investors in the Greater Golden Horseshoe are being presented with an opportunity at 98 James Street South in Hamilton that's pre-approved for a high-rise project. Located in the heart of the city's downtown, the property comes with significant advantages that streamline the development process.
The site has already secured conditional site plan approval and minor variance permissions for a 31-storey mixed-use condominium featuring 315 residential units. A standout feature of this opportunity is the $2.5 million in development charges fully paid at historical rates. These charges are tied to an existing building permit, which has been successfully extended through December 31, 2026. This extension preserves the lower development charges — a considerable savings given the substantial increases in recent years — while allowing the future developer to proceed without additional fees.
Under the existing site plan, potential buyers can reimagine the existing plans while remaining within the established building envelope. This flexibility allows for the possibility of increasing the unit count beyond the current 315 units by adjusting unit sizes or incorporating a mix of condominiums, rental units, or even hotel accommodations. Additionally, recent changes in Hamilton by-laws may permit a reduction in parking requirements, adding further development potential.
Set against the Niagara Escarpment and Lake Ontario, Hamilton offers natural beauty and urban convenience. The city has experienced notable growth, driven by more affordable housing compared to Toronto, a robust job market, and a vibrant arts and culture scene. Downtown Hamilton, in particular, has seen significant redevelopment over the past decade, with new condos, businesses, and eateries.
Situated just a five-minute walk from the planned James Street LRT stop, the property stands to benefit from Hamilton's investment in infrastructure, including the forthcoming 14-kilometre Light Rail Transit line connecting McMaster University to Eastgate Square Shopping Centre via Downtown. Commuters living at 98 James Street South will also appreciate the brief, two-minute walk to the Hamilton GO Centre station with its trains to Toronto, plus easy access to multiple bus routes. Major arterial roads and proximity to Highway 403 provide connectivity for drivers, while John C. Munro Hamilton International Airport is just a 25-minute drive away.
Close by commercial strips along James Street South and Main Street West, future residents will have numerous amenities at their doorstep. The area is known for its trendy shops, restaurants, and cultural attractions, making it an attractive location for young professionals, families, and retirees alike.
KSV Restructuring Inc., acting as the court-appointed receiver, is managing the sale process. A stalking horse bid sets the baseline offer, and the receiver is soliciting higher bids that meet specific criteria. Offers must, among other things, exceed $13,360,000, include a 5% deposit, and be unconditional as it relates to financing or due diligence. Key deadlines include December 18, 2024, for qualified bids, with an auction to follow on December 20 if needed. Offers must contain an outside closing date no later than February 28, 2025. More details available here.
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UrbanToronto has a research service, UTPro, that provides comprehensive data on development projects in the Greater Golden Horseshoe — from proposal through to completion. We also offer Instant Reports, downloadable snapshots based on location, and a daily subscription newsletter, New Development Insider, that tracks projects from initial application.
