1 APPROVED HIGH DENSITY DEVELOPMENT OPPORTUNITY
64 MAIN STREET EAST, HAMILTON, ON
HAMILTON CENTRE
HUNTER ST E
MCNAB ST S
SUBJECT PROPERTY
MAIN ST E
JAMES ST E
CATHARINE ST S
KING ST E HUGHSON ST N
JOHN ST N
KING WILLIAM ST
1Approved minor variance and site plan with conditions INVESTMENT HIGHLIGHTS THE OFFERING
CBRE’s Land Services Group is pleased to offer for sale a 100% freehold interest in 64 Main Street East (known as the “Property” or “Site”) in the City of Hamilton. Strategically located at the corner of Main Street, John Street and Bowen Street, the Property allows for the development of a high density, mixed-use building with 183 residential units and a total GFA of 181,978 sq. ft. with just IDEAL under 5,000 sq. ft. of commercial space at grade. Based on the current plans, EXCELLENT ACCESS POTENTIAL MUNICIPAL the development has a clearly defined character that is both reflective of the TO TRANSIT FINANCIAL INCENTIVES DEMOGRAPHICS surrounding neighbourhood that is progressive in design. The Site is a 4-minute walk to the Hamilton Centre Opportunity for a purchaser to receive financial Within 1km of the Property, the population is GO Station proving future residents with direct incentives for remediation and development on expected to increase 9% by 2025, which is almost GTA developers have gravitated toward markets such as Hamilton for new access across the GTA and convenient commuting. a brownfield site as per the ERASE Community double the rate at which Hamilton in total is condominium and purpose built rental projects. At present, there are 5 separate Improvement Plan. anticipated to grow (SiteWise, 2021). condominium projects, having opened since 2016, that are achieving pricing upwards of $800 per sq. ft (RealNet, 2021). There are also 2 condominium projects listed as coming soon within the area. In addition, this market is supportive of purpose-built rental projects, with steady rental demand and supply leading to a healthy overall vacancy rate of 3.5%. As per Urbanation’s Q4 2020 market rental report, there are a number of high performing purpose DUNDAS VALLEY built rental projects within the Central Hamilton submarket. Namely, Oscar on CONSERVATION AREA Bold by Valour Group and Treble Hall by Yoke Group are achieving average rents per sq. ft. of $3.40 and $3.33 respectively. These factors provide excellent flexibility for a range of purchasers, making this an attractive RBG COOTES PARADISE BORER’S FALLS SANCTUARY CONSERVATION AREA development project for either condominium or purpose-built rental product.
BURLINGTON BAY The Property is exceptionally well located in downtown Hamilton within walking distance of the Hamilton Centre GO Station allowing for direct connections across the GTA. In addition, the proposed Hamilton LRT line is planned to run along Aeon Bayfront Studios Main Street, providing unprecedented transit opportunities for future residents. with 80,000 sq. ft. film and production facility. The Site is nearby an array of local amenities and services, including Locke BURLINGTON BAY Street and James Street North which are well-known streets with a number of independent shops, restaurants and cafes. Hamilton is a thriving, vibrant city that is currently in a phase of rapid growth. With adiverse local economy, the City BAYFRONT PARK continues to provide opportunities for growth and development.
JOHN C. MUNRO COMING SOON AIRPORT 21 MIN PROPERTY COMING SOON LOCKE STREET PHASE 1 & 2 COMING SOON INFORMATION
WEST HARBOUR PIN 171700420 Lot Size 0.3 acres (13,627 sq. ft.) Approximately 138 ft. along Main Street E, 99 ft. along Frontage John Street and 99 ft. along Bowen Street BAY ST S Downtown Urban Growth Centre & Downtown Mixed Official Plan Use Area
DUKE ST COMING SOON DURAND PARK COMING SOON Zoning D3 (Downtown Mixed Use)
MAIN ST E Development It is our understanding that there is an opportunity for
COMING SOON Charges Development Charge exemptions for the Property.
The Site is vacant and unimproved. The Site was HAMILTON SUBJECT PROPERTY Existing Conditions previously occupied by a Shell Gas Station, which has CENTRE KING ST E since been decommissioned. JAMES ST S 2 MIN
KING WILLIAM ST JOHN ST S HUGHSON ST S
AUGUSTA ST HUNTER ST E Close-Up Aerial
YOUNG ST JOHN ST S CHARLTON AVE E CATHARINE ST S FOREST AVE BOWEN ST JACKSON ST E
WALNUT ST S
FUTURE LRT LINE
MAIN ST E ABOUT THE DEVELOPMENT
The Site provides an exciting opportunity for an 18-storey mixed-use building with 3 levels of underground parking that includes a total of 69 parking spaces. Based on the Site Plan from December 2018, the development will have a total GFA of 181,978 sq. ft. of which 4,924 sq. ft. is proposed to be commercial space at grade. The Site offers an ideal suite mix with 17 bachelor units, 33 1-bedroom units, 99 2-bedroom units and 34 3-bedroom units for a total of 183 residential units. The development has an FSI of 13.43.
STATUS OF APPROVALS
In 2017, a minor variance was obtained to permit a height increase on the SUITE GYM LOBBY Property from 44.5 metres to 54 metres, allowing a purchaser to build up to Conceptual Rendering Conceptual Rendering Conceptual Rendering 18 storeys. The minor variance approval also permitted the parking reduction to 69 parking spaces, and various other built-form provisions. The existing GROUND FLOOR PLAN (2018) land use policies permit high density development on the Site and as such an Official Plan Amendment was not necessary. MAIN STREET EAST The Site Plan was approved with conditions in September 2017 and in 2019 there was a second approval to modify the conditions to reflect the change in process to permit remediation and filing for building permits to occur concurrently. An extension for Site Plan approval was obtained until August 2021 to fulfill the remaining conditions. It is our understanding that the remaining conditions have to do with executing a Shoring Agreement, External Works Agreement and Encroachment Agreement with the City. A Record of Site Condition (RSC) will also need to be filed. A building permit was filed in December 2017. Parkland dedication will be satisfied via a cash-in-lieu contribution to be finalized prior to the issuance of a building permit by the City. It is our understanding that once the remaining conditions have been fulfilled then the building permit can be finalized by the purchaser with the City of Hamilton.
OTHER CONSIDERATIONS
SITE REMEDIATION Shell has agreed to pay up to $1,000,000 to facilitate remediation on the Property. Please refer to Document Centre for Agreement and the Remediation Plan.
DOWNTOWN HAMILTON SECONDARY PLAN AND STREET BOWEN
IMPLEMENTING ZONING JOHN STREET SOUTH
Following the approvals on the Site, the City of Hamilton updated the Downtown Hamilton Secondary Plan and subsequent Zoning By-Law. A “Transitional Provision Letter” was obtained from the City in May 2018 that confirms that any development of the Property will be reviewed against the regulations and approvals received prior to the implementation of the revised Downtown Zones. As such, the updated City plans and revised zoning do not impact the approvals of the Property.
CURRENT ZONING APPEAL The City has passed a separate update to the parking regulations contained within 05-200 By-Law, which has been subsequently appealed. There is a Case Management Hearing on April 1, 2021. It is understood that the appeal Ramp to underground parking Residential space (includes lobby, Ground floor will have no impact on the current approvals. garage (via Bowen Street) elevators, garbage and storage) commercial space Chedoke Falls Hamilton Harbour Waterfront Trail Royal Botanical Gardens - Hendrie Park
NEARBY AMENITIES
Source: sg.trip.com Source: marinas.com Source: google.com/maps/IvanMykolyshyn RETAIL & GROCERY
10 11 1. Hamilton Farmers' Market 2. Canadian Tire 3. Shoppers Drug Mart WEST HARBOUR 7 MIN 4. Giorgio's No Frills
20 5. Walmart Supercentre 23 6 6. Giant Tiger 8 1 12 E 3 7. Costco Wholesale B 9 C D SUBJECT PROPERTY 8. Nations 13 16 A 2 4 HAMILTON PARKS AND RECREATION CENTRE 18 2 MIN 9. Core Entertainment 15 14 10. Hamilton Bay Sailing Club 17 11. Eastwood Park 19 NEARBY RENTAL BUILDINGS 22 12. Jackson Square Developer/ Avg Rent 21 Building Units Vacancy 5 Owner ($/sq. ft.) 13. Hamilton Downtown Family YMCA A Oscar on Bold Valour Group 32 0% $3.40 14. Sam Lawrence Park
B Treble Hall Yorke Group 16 6.3% $3.33 15. Highland Gardens Park 7 NEARBY DEVELOPMENTS 16. Chedoke Golf Club Unit Sizes Available Number Construction Development Builder Opening Occupancy Unit Prices Sold (sq. ft.) $/sq.ft. of Units Status 17. Chedoke Falls
Emblem 1 Jarvis 2/21/2021 1/15/2024 $366,990 to $575,990 435 to 840 $720 354 TBD1 Pre-Construction C Developments
KiWi Condos on D Rosehaven Homes 5/23/2019 2/1/2023 $334,990 to $619,790 540 to 960 $638 266 262 (98%) Under Construction King William INSTITUTIONAL
Areacor E Jamesville Lofts 11/25/2017 7/1/2021 $392,120 to $598,120 487 to 787 $786 40 29 (72%) Under Construction Developments Inc. 18. St Joseph's Healthcare Hamilton Dundurn Castle Hamilton Downtown Spencer Gorge Wilderness Area McMaster University 19. St. Joseph's Healthcare Hamilton, West 5th Campus 20. Hamilton General Hospital 21. Mohawk College 22. Hillfield Strathallan College 23. McMaster University
1No sales recorded on Realnet as project opened Feb 2021 Source: fumioweddings.com Source: flickr.com Source: conservationhamilton.ca Source: mcmaster.ca
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Layout ID:L03 MapId:7957202 OFFERING PROCESS
CBRE’s Land Services Group has been retained by Goldhar & Associates Ltd., as court-appointed receiver (“Receiver”), for the Site to seek offers for the disposition of 64 Main Street E, Hamilton. The Receiver’s objective is to maximize upfront cash sale proceeds and preference will be given to offers with limited (or no) conditionality and a timely closing. The Receiver is not obligated to accept any offer. Any offer that is accepted by the Receiver is subject to Court approval. The sale is on an “as is, where is” basis. All inquiries regarding the Property or for further information should be directed to the advisors below. OFFER SUBMISSIONS All offers are requested to be submitted to the attention of: Lauren White | [email protected]
OFFERS ARE DUE: TUESDAY, MAY 11, 2021 BY 4:00 PM (EST)
CONFIDENTIALITY AGREEMENT Potential purchasers that require access to the Document Centre must complete a CA:
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Lauren White* Mike Czestochowski** Emelie Rowe* Evan Stewart Senior Vice President Executive Vice President Planner Sales Representative T +1 416 495 6223 T +1 416 495 6257 T +1 416 495 6306 T +1 416 495 6205 [email protected] [email protected] [email protected] [email protected]
*Sales Representative **Broker | All outlines are approximate. This disclaimer shall apply to CBRE Limited, Real Estate Brokerage, and to all other divisions of the Corporation; to include all employees and independent contractors (“CBRE”). The information set out herein, CBRE Limited including, without limitation, any projections, images, opinions, assumptions and estimates obtained from third parties (the “Information”) has not been verified by CBRE, and CBRE does not represent, warrant 2005 Sheppard Ave E, Suite 800 or guarantee the accuracy, correctness and completeness of the Information. CBRE does not accept or assume any responsibility or liability, direct or consequential, for the Information or the recipient’s reliance upon the Information. The recipient of the Information should take such steps as the recipient may deem necessary to verify the Information prior to placing any reliance upon the Information. The Information Toronto, Ontario M2J 5B4 may change and any property described in the Information may be withdrawn from the market at any time without notice or obligation to the recipient from CBRE. CBRE and the CBRE logo are the service marks of CBRE Limited and/or its affiliated or related companies in other countries. All other marks displayed on this document are the property of their respective owners. All Rights Reserved. Mapping www.cbre.ca/mclsg Sources: Canadian Mapping Services [email protected]; MapPoint, DMTI Spatial, Environics Analytics, Microsoft Bing, Google Earth 02/2021. We acknowledge that the sale of the Property is on an “as is, where is” basis and that none of CBRE and the Receiver is making any representation or warranty, express or implied, as to the accuracy or completeness of the information in this marketing package and the other information being delivered to us with respect to the Property, and none of these parties, or any of their officers, directors, employees or representatives or agents, will have any liability to you or any other person resulting from your use of the said information. Mike Czestochowski** Lauren White* Derek Peacock* Evan Stewart Emelie Rowe* Executive Vice President Senior Vice President Associate Vice President Sales Representative Planner 416 495 6257 416 495 6223 416 495 6237 416 495 6205 416 495 6306 [email protected] [email protected] [email protected] [email protected] [email protected] CONFIDENTIALITY AGREEMENT 64 MAIN STREET EAST · HAMILTON, ON The undersigned hereby acknowledges that CBRE Limited (“CBRE”); through the Land Services Group, has been retained by Goldhar & Associates Ltd., as court-appointed receiver (“Receiver”) on an exclusive basis to arrange the sale of 64 Main Street East, Hamilton, ON (the “Property”). All inquiries and communications with respect to the Property shall be directed to any of the listing agents of CBRE. We have requested from the Receiver and CBRE, information, including confidential and proprietary information, which has not been generally disclosed to the public, for use in evaluating a potential purchase of the Property. In exchange for good and valuable consideration provided by the Receiver and CBRE, the receipt and sufficiency of which is hereby acknowledged, we agree to keep confidential any and all information supplied to us concerning the Property that is not a matter of public record and not to utilize any such information for our own benefit (or for the benefit of anyone else) other than for the evaluation of theroperty P with respect to a potential purchase. We understand that we may transmit any such information to partners, officers, directors, employees or legal or financial advisors (collectively, “representatives”) but only to the extent that they need to know such information for the purpose of such evaluation. We undertake to inform such representatives of the confidential nature of such information and that they will be bound by the terms of this Agreement. We agree to be responsible for any breach of this Agreement by our representatives. We agree that any legal, financial or any other third party advisors that are retained by us, to act on our behalf, will be compensated by us. This shall include outside brokers. We understand that upon the Receiver’s request we will provide all pertinent financials of the company looking to purchase the above-mentioned property to the Receiver in a timely manner and that these statements will only be used for the purpose of determining the financial feasibility for this transaction. We agree to read and examine all material provided by the Receiver on the above-mentioned property and will do so prior to submitting an Agreement of Purchase and Sale or Letter of Intent. We agree to return all documentation provided herewith, and any notes or copies made thereof if we decide not to pursue or complete this opportunity. We also agree not to use the information provided in any way detrimental to the Receiver (or any parties assisting the Receiver), either before or after cessation of our pursuit of property purchase. The provisions of this Agreement are binding on our successors or assigns. We acknowledge that the marketing package and the other information being delivered to us with respect to the Property is subject to the limitations on liability and disclaimers for the protection of the Receiver and CBRE contained in the marketing package. We agree to indemnify and save harmless the Receiver and CBRE from any claims, losses, damages and liabilities whatsoever (including legal fees on a substantial indemnity basis and disbursements) arising out of a breach by us or any of our representatives of any of the terms or other provisions of this Agreement. CBRE and the Receiver also reserve the right not to release information. We agree to continue to work through the Land Services Group at CBRE Limited for the above-mentioned property including offers within 12 months after the expiration of the Listing Period, so long as we wish to make any offer within said time-frame and we were introduced to the Property during the listing period or shown the Property during the listing period, which we have acknowledged by signing below. We agree that any signage CBRE has installed on the Property shall remain for a period of 6 months after the closing period. We agree that any and all communication with regards to this property shall be done so through CBRE. We agree and/or our representative will not at any time contact the Receiver directly. CBRE and the Receiver shall not be responsible for the payment of brokerage or other fees to any outside agents or consultants in connection with this offering. CBRE is exclusively representing the Receiver and will not act on behalf of any potential purchasers. With the execution of this Confidentiality Agreement, the undersigned acknowledges that they are undertaking this investigation of the Property at their sole risk and expense and that under no circumstances will any amounts expended by the undersigned for its due diligence investigation or review be paid or reimbursed by the Receiver or CBRE. A digitally submitted or a scan of a signed copy of this Agreement shall be deemed to be an original signed copy. We acknowledge that the sale of the Property is on an “as is, where is” basis and that none of CBRE and the Receiver is making any representation or warranty, express or implied, as to the accuracy or completeness of the information in this marketing package and the other information being delivered to us with respect to the Property, and none of these parties, or any of their officers, directors, employees or representatives or agents, will have any liability to you or any other person resulting from your use of the said information.
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