Developers and investors in the Greater Golden Horseshoe have an opportunity at 98 James Street South in Hamilton, which has been pre-approved for a high-rise project. Located in the heart of downtown, the property offers significant benefits that streamline the development process.
The site has already received conditional site plan approval and minor variance approval for a 31-story, 315-unit mixed-use condominium. A standout feature of this opportunity is $2.5 million in development costs paid in full at historical rates. These fees are tied to an existing building permit, which has been successfully extended until December 31, 2026. This extension maintains the lower development costs – a significant saving given the significant increases in recent years – and allows the future developer to proceed without additional fees.
98 James Street South, designed by McCallum Sather Architects
Within the existing site plan, potential buyers can redesign the existing plans while remaining within the existing building envelope. This flexibility provides the opportunity to increase the number of units beyond the current 315 units by adjusting unit sizes or incorporating a mix of condominiums, rental units or even hotel accommodations. Additionally, recent changes to Hamilton's bylaws could allow parking requirements to be reduced, creating further development potential.
Located on the Niagara Escarpment and Lake Ontario, Hamilton offers natural beauty and urban convenience. The city has experienced remarkable 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 last decade, with new condominiums, shops and restaurants.
Located just a five-minute walk from the planned James Street LRT station, the property is expected to benefit from Hamilton's infrastructure investments, including the upcoming 14-kilometer Light Rail Transit line connecting McMaster University across downtown to the Eastgate Square Shopping Center connects. Commuters living at 98 James Street South will also appreciate the short, two-minute walk to the Hamilton GO Center station for trains to Toronto, as well as easy access to multiple bus routes. Major arterial roads and proximity to Highway 403 provide car access, while John C. Munro Hamilton International Airport is just a 25-minute drive away.
Located near the commercial areas along James Street South and Main Street West, future residents will have numerous amenities right on 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.
98 James Street South, designed by McCallum Sather Architects
KSV Restructuring Inc. is leading the sales process as court-appointed insolvency administrator. A stalking horse bid sets the base offer, and the recipient asks for higher bids that meet certain criteria. Offers must, among other things, exceed $13,360,000, include a 5% down payment, and be unconditional with respect to financing or due diligence. Key deadlines include December 18, 2024 for qualified bids, with an auction following on December 20 if necessary. Offers must include an external closing date no later than February 28, 2025. Further details can be found here.
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