One of the biggest headaches for developers is the lengthy approval processes that are often required for major projects, which add a significant amount of time (and money) to projects.
A chance to bypass much of this process is now available at 98 James Street Southin Hamilton, just two blocks east of Hamilton City Hall.
Conditional Site Plan approval is in place for a 31-storey mixed-use tower with 315 condominiums, saving the buyer a significant amount of time. Notably, the development charges required for the project, which amount to approximately $2.5 million, have already been locked in at historical rates and paid in full, providing substantial savings as compared to current DC rates.
There is also flexibility for adjustments to the project. Buyers can modify the mix of uses, choosing between condo, rental, or even hotel options. There is also an opportunity to densify the site within the existing Site Plan by modifying the size of the units, and new City bylaws also allow for the possibility of reduced parking requirements.
A shoring and excavation building permit is also already in place, and was recently extended until December 31, 2026, providing the buyer with substantial time to assess the market and make modifications to the project if they desire.
A rendering of the development planned for 98 James Street South in Hamilton, Ontario.
The property is located within Hamilton's Central Business District, near the James Street South and Main Street West commercial nodes. 98 James Street South is also located a block away from the existing Hamilton GO Centre Station, and a mere 350-metres away from the planned James Street Metrolinx LRT Station, making an already prime location even more ideal.
Specs
- Address: 98 James Street South, Hamilton
- Approved Use: 31-storey mixed-use development with 315 units (with potential for change of uses)
- Bids: Must exceed $13,360,000
- Listed By:KSV Restructuring Inc.
The property is being made available as part of the receivership proceedings of 98 James South (2022) Inc. and 98 James South (2022) Limited Partnership, with KSV Restructuring Inc. as the court-appointed Receiver and Manager.
The Ontario Superior Court approved a sales process on November 12, wherein the Receiver is seeking bids exceeding a stalking horse bid of $13,000,000 submitted by Vantage Acquisition Inc. Qualified bids must, among other things, exceed a purchase price of $13,360,000, include a deposit of at least 5%, be unconditional regarding obtaining financing or completing due diligence, and have an outside closing date of no later than February 28, 2025.
Offers are being sought on an "as-is, where-is" basis. Bids must be submitted by December 18, with a potential auction on December 20, if required. Any transaction is subject to approval by the Court.
To learn more, visit the development site's online portal.
This article was produced in partnership with STOREYS Custom Studio.
