71 REBECCA STREET APPROVED DOWNTOWN HAMILTON DEVELOPMENT OPPORTUNITY 1 CONTACT INFORMATION BRETT TAGGART* Sales Representative 416 495 6269 [email protected] BRAD WALFORD* Vice President 416 495 6241 [email protected] SEAN COMISKEY* Vice President 416 495 6215 [email protected] CASEY GALLAGHER* Executive Vice President 416 815 2398 [email protected] TRISTAN CHART* Senior Financial Analyst 416 815 2343 [email protected] 2 *Sales Representative TABLE OF CONTENTS 1. EXECUTIVE SUMMARY 2. PROPERTY PROFILE 3. DEVELOPMENT OVERVIEW 4. LOCATION OVERVIEW 5. MARKET OVERVIEW 6. OFFERING PROCESS 3 EXECUTIVE SUMMARY 4 01 5 THE OFFERING // EXECUTIVE SUMMARY CBRE Limited (“CBRE “or “Advisor”) is pleased to offer for sale 71 Rebecca Street (the “Property” or “Site”), an approved mixed-use development opportunity with a total Gross Floor Area (GFA) of 327,632 sq. ft. The development opportunity includes a maximum building height of 318 ft. (30 storeys) containing 313 dwelling units, with 13,240 sq. ft. of commercial floor area on the ground floor on 0.78 ac. of land along the north side of Rebecca Street, between John Street North to the west and Catharine Street North to the east in the heart of Downtown Hamilton. Positioned within close proximity to both the Hamilton GO Centre Transit Station and the West Harbour GO Transit Station, this offering presents a rare opportunity to acquire a major development land parcel that is ideally positioned to address the significant demand for both new housing and mixed-use space in Hamilton. 71 Rebecca Street is currently improved with a single storey building that was originally built as a bus terminal and operated by Grey Coach and Canada Coach Bus Lines until 1996. Since 1996, the Hamilton Urban Core Community Healthcare organization has leased and occupied the premises. The HUCCH organization lease expires on January 31, 2020, at which point HUCCH will be relocating to their new premises that are still under construction. The Property currently generates over $99,000 of annual net holding income. The Property is exceptionally well located in Downtown Hamilton within walking distance of major transit, retail and employment hubs. The Site is also well serviced by several Hamilton Street Railway routes providing connections throughout the city. McMaster University’s downtown campus, Hamilton Downtown Family YMCA, Hamilton Farmer’s Market, Hamilton Central Public Library, Hamilton Convention Centre, the Art Gallery of Hamilton, the Lloyd Jackson Square, the Hamilton City Centre, and the Theater Aquarius are all in walking distance to the Property adding to the vibrancy and convenience of the community. ASKING PRICE - $11,500,000 PROPERTY DETAILS Address 71 Rebecca Street Municipality Hamilton Lot Area 0.78 ac. John N Frontage 74 f t. Rebecca Frontage 314 ft. Catharine Frontage 145 ft. Zoning D1 Downtown Central Business District Official Plan Downtown Mixed-Use Area 6 JOHN ST N WILSON ST REBECCA ST CATHARINE ST N 7 OFFERING HIGHLIGHTS // EXECUTIVE SUMMARY APPROVED DEVELOPMENT SITE IDEAL DOWNTOWN HAMILTON LOCATION WITH SUPERB TRANSIT ACCESS Approved development opportunity permitting a 327,632 sq. ft. Within walking distance to McMaster downtown campus, City 30 storey building with 313 dwelling units. Hall, St. Joseph Hospital, General Hospital and numerous office complexes. Close proximity to GO transit and Hamilton Street Railway provides easy access to locations throughout Hamilton and the GTA. RISING HAMILTON MARKETPLACE HOLDING INCOME IN-PLACE Hamilton high-rise fundamentals have significantly Over $99,000 of annual net holding income. improved. Strong price growth over 2017-2019 and strong Negotiable lease term in place to allow on-demand absorption of units. development REBECCA ST CITY OF HAMILTON AMPLE OUTDOOR SPACE INCENTIVES The City of Hamilton offers financial incentive programs to assist Property overlooks the 2-acre John-Rebecca Street Urban with development in Downtown Hamilton. Park and will front onto the Rebecca Street woonerf. A woonerf is a living street that creates a shared space for THEY INCLUDE: cars and pedesrians, has a low speed limit and features • Development Charge Reductions trees, bushes, and planters. • Brownfield/Erase Program • Hamilton Tax Increment Grant Program • Business Improvement Area Commercial Property Improvement Grant Program • Multi Residential Property Investment Program • Commercial Property Improvement Grant Program 8 9 CATHARINE ST N ST CATHARINE REBECCA ST REBECCA Source: Hamilton Police Services Rendering, 2019 Rendering, Services Police Hamilton Source: JOHN ST N ST JOHN SUBJECT PROPERTY SUBJECT (fall 2019 completion) 2019 (fall building Services Investigative Police Hamilton DEVELOPMENT NEW BUILDING REBECCA ST. Proposed Woonerf UTILITIES (To be designed & constructed as part of separate project.) ALECTRA Multi-use Seating Rain Garden Grove Existing Property Line Tree Play Grove Future Property Line Knolls Proposed Street Trees Pine Island Open Splash & Skate Grass Pond Area CATHERINE ST. N ST. CATHERINE JOHN ST. N ST. JOHN Pavilion STATION 1 STATION DEPARTMENT King William HAMILTON FIRE FIRE HAMILTON Plaza John-Rebecca Park (under construction) (under Park John-Rebecca KING WILLIAM WOONERF/PARK ST. AC. 2 0 25m 50m JOHN REBECCA PARK Concept Plan September 2018 PROPERTY PROFILE 10 02 11 Tristan Chart* Senior Financial Analyst 416 815 2343 [email protected] PROPERTY OVERVIEW // PROPERTY PROFILE Address 71 Rebecca Street Municipality Hamilton Lot Area 0.78 ac. Approx. 74 ft. on John Street North Frontage Approx. 314 ft. on Rebecca Street Approx. 145 ft. on Catharine Street North Zoning Downtown Central Business District Official Plan D1 Downtown Mixed Use Area JOHN ST CATHARINE N ST REBECCA ST 12 Tristan Chart* Senior Financial Analyst 416 815 2343 [email protected] ADJACENT USES The site is surrounded by a variety of commercial uses and building types. The surrounding contextual relationships of different uses and different building heights play an important role in future mixed-use development configurations for the Site. ENVIRONMENTAL SUMMARY The Vendor has a Phase 1 ESA prepared December 2015, a Phase 2 ESA prepared March 2016, a Designated Substances Survey prepared in 2015, and TSSA correspondence dated April 27, 2016. All of these documents will be made available in the on-line data room. DIRECTION AWAY FROM SITE USE North Impark Parking Lot West Impark Parking Lot South Vacant Property being redeveloped into parkland/woonerf (under construction) East New Hamilton Police Forensics Facility development (under construction) 13 DEVELOPMENT OVERVIEW 14 03 15 DEVELOPMENT CONCEPT TRANSFORMATIVE MIXED-USE DEVELOPMENT The scale of the Property leads into a transformative and landmark development with +325,000 sq. ft. of mixed-use density in a single tower plus 8-storey podium configuration featuring residential condominiums and grade-level commercial uses. The adjacent uses include the future John Rebecca Urban Park/Woonerf (under construction) and the future Hamilton Police Investigative Services Building (under construction), which will incorporate significant green and publicly accessible space and amplify the vibrance of the downtown area. Key development considerations for the Site include height and density, road widening and parking. OFFICIAL PLAN AND ZONING BY-LAW AMENDMENT The City of Hamilton approved the Vendor’s development concept via Official Plan Amendment and Zoning By-law Amendment as of September 26, 2018. No Notice of Appeal was filed under either Section 17(24) or Section 34(19) of the Planning Act within the prescribed timeframes, such that both the OPA and rezoning were enacted as of October 31, 2018. As part of the rezoning, the City amended Zoning By-law 05-200, which governs the lands at 71 Rebecca Street. The enacted amendments are referred to as Official Plan Amendment 114 (By-law 18-292) and Zoning By-law 18-293, and are available in the online dataroom. As a prerequisite to finalize approvals and building permits, the site will require successful approval of a site plan application. OFFICIAL PLAN AMENDMENT Site Specific Policy Area to permit a high-density mixed-use building and increase maximum density from 300 units per hectare • 30 storey mixed use building • Max. height of 97 m. • Max. density of 1,010 units per hectare • Road widening on Rebecca Street and John Street North not required in case of a secured woonerf road concept ZONING BY-LAW AMENDMENT Zoning updated from Downtown Mixed Use (D3) Zone to Downtown Central Business District (D1, 701, H105) Zone with the below Specific Exemptions • Front Lot Line: Rebecca Street • Max. Building Setback from Street Line: 3.6 m. for first and second storey • Max. Building Height: 97 m. • Parking: • 3.0 m. wide planting strip between street and car share parking spaces shall not be required • Min. Parking Requirement: 0.65 spaces per dwelling unit, or 0.3 spaces per dwelling unit if the unit is 50 sqm in GFA or less 16 Height (storeys/meters) 30 / 97 m. Total GFA (Residential & Retail) 327,632 sq. ft. Number of Units 313 Residential GFA 306,524 sq. ft. Resident/Visitor Parking Spaces 204 Commercial GFA 13,240 sq. ft. Bicycle Spaces 162 Total Amenity Area (sq. ft.) 22,942 sq. ft. Loading 2 loading areas Interior (sq. ft.) 10,559 sq. ft. Exterior (sq. ft.) 12,383 sq. ft. Project No. 11642 H H PROJECT NORTH TRUE NORTH 0 71 REBECCA STREET MIXED USE SONOMA DEVELOPMENT GROUP Date: Scale: PROPOSED SITE PLAN COMMERCIAL AREA 2018-09-12 1:300 22260