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 © 2021 CBRE Limited. Data © TeleAtlas, Google, AerialExpress, DigitalGlobe, Landiscor, USGS, i-cubed. The information contained herein (the “Information”) is intended for informational purposes only and should not be relied upon by recipients hereof.
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