Catherine Place North

Catherine Place North

252 – 266 Catherine Street North, Hamilton, ON

 

Conversion & Rental Opportunity

 

20 Residential Units 

 

GFA 20,000 sq. ft. 

 

                                                                            HAMILTON & THE AREA

 

       Located in the southwest corner of the Greater Toronto and Hamilton Area, Hamilton is an up-and-coming city with over 500,000 residents. With a projected 40% increase in population over the next three decades, the City of Hamilton is destined to become the next addition to the list of largest Canadian Metros, alongside Toronto, Montreal, and Vancouver.

       Hamilton is a historically significant industrial and manufacturing hub with an extensive transit and infrastructure network in place, that is projected to accommodate the bustling wave of new developments coming into the area. With several public and private infrastructure investments underway, Hamilton is designed to continue experiencing exponential growth over the next coming years. The growth is driven by the consistent increase in population growth by 3,000-4,000 new immigrants moving into the area, in addition to 5,000 international students studying at local post-secondary institutions.

        Convenient location, proximity to all large transit systems, ease of access to the City of Toronto, and scenic Lake Ontario views are among the main causes for the bustling development movement Hamilton has been experiencing in the past few years driven by the influx of demand. The West Harbour Development and APEX Condominiums are among the most notable of new infrastructures, bringing over 1,800 residential units to the rapidly growing area.

         Among other attractions, such as the $1billion dollar expansion in Hamilton LRT, the city is home to the largest port in Ontario that boasts $100+ million public/private investment capital in 2021 alone. With many international companies such as Amazon and DHL setting up Canadian headquarters and large cargo hubs in the area, the City of Hamilton has the lowest unemployment rates among all of Ontario.

 

                                                                                        THE PROJECT

 

         The Catherine North Place project spearheaded by A1 in partnership with Afflatus Consulting is a conversion and rental opportunity in Hamilton, Ontario.

         The partnership acquired a 23,000 SF parcel of land 20,000 SF of residential and commercial space in two storeys with brick and stucco façade in a favourable location in the heart of Hamilton. The space is projected to be converted into a rental building, with 20 residential units consisting of seven one-bedroom units, nine two-bedroom units, four NY-style loft units, and an average residential unit size of 1,000 SF. The process of the conversion, stabilization, and equity take-out is anticipated to take 3 years to complete.

      Upon the completion of the 3-year mark, the two firms in partnership will decide whether further operations, potential re-development, or the sale of the property would be the most beneficial course of action in accordance with the city, residents’, and shareholders’ wishes. The second option would include re-development of the property into an 8-storey mixed-use structure, allowing for a wide range of uses including apartment residential, retail commercial, and office place.