Slate Asset Management is bullish on the Hamilton market as it launches two major projects in the city – the two-tower Corktown condos and its 800-acre Steelport industrial development.
Corktown is Slate’s vision for a design-forward residential 27-storey tower and 14-storey mid-rise, with retail spaces at the ground level. It will have more than 700 condos on completion.
Steelport, on the historic harbourfront of Hamilton, was acquired from Stelco Inc. in 2022.
Slate has introduced the new name, along with a new identity and preliminary vision for the industrial lands and buildings. Its vision is to reshape the underutilized property into one of the largest, state-of-the-art intermodal industrial hubs in the country.
The redevelopment will bring new industry to Hamilton, create up to 23,000 jobs and inject up to $3.8 billion into Ontario’s economy over the next decade, according to an economic study conducted by EY.
Brandon Donnelly, managing director of development for Slate, said the two projects are part of the company’s broader long-term commitment to Hamilton.
“We think of ourselves as city-builders, meaning we think beyond each of our individual projects and more about what we can give back to the communities we invest in,” Donnelly told RENX.
“With Corktown, not only are we bringing quality architecture and design to the region, but we are investing in jobs, economic development and the greater Toronto housing market. We think this commitment to the City of Hamilton is really the beginning of a renaissance and we’re excited for what’s to come.”
Slate is a Toronto-based global alternative investment platform targeting real estate assets. Its platform has a range of real estate and infrastructure investment strategies, including opportunistic, value-add, core-plus and debt investments.
Steven Dejonckheere, senior vice-president at Slate, said the company’s thesis for a while has been that Hamilton is primed to evolve and grow in a big way.
“I think that’s based on a number of things. Of course there’s the spillover from demand and affordability in the GTA,” he said. “But I think beyond that we’ve always seen Hamilton as the first major municipality outside the GTA that is kind of its own city. It has its own history, its own infrastructure, it’s less dependent on being a bedroom community of the GTA.
“I think along with that there’s all the underlying fundamentals of a growth story there from first-class universities that are bringing in high talent, to sophisticated medical systems, to a thriving arts and cultural system, to the affordability factor that’s bringing in a lot of young professionals. We felt that all of those elements sort of set up Hamilton to really grow when we’re looking out for the next decade or two.”
A “revolution” in the steel industry, which has been Hamilton’s calling card for decades, is opening up further opportunity.
“You fold into that all the changes happening to the steel industry and the fact that it is getting completely revolutionized over the next decade and really changed the image of the heavy industry that has been in Hamilton . . . we know that of course will continue to be part of Hamilton’s story but it’s going to evolve and change and open up room for a lot of new, exciting manufacturing and logistics industries and jobs that come along with that,” Dejonckheere said.
“That’s a complete picture of good momentum that we believe is going to be long-lasting in Hamilton and we believe makes it a good investment for all of our projects.”
Corktown is a full city block development in the downtown. The first phase will be the 27-storey Corktown East tower.
Corktown West will be a 14-storey mid-rise building – an L-shaped building fronting on John Street. The first tower will include 372 condo suites and the second phase, which is yet to launch, will likely be about the same unit count.
Donnelly said the mix of units includes about 60 per cent one-bedroom and one-bedroom-plus-den and the remaining 40 per cent are larger suites including two and three bedrooms. The first phase launched in May.
“We’ve seen really great response to the offering, so we’re close to 60 per cent sold in that first phase,” he said. “We plan to start construction on that tower next year and then we’ll also launch sales in the future for the second phase.”
The first phase has a target completion of 2028 with the mid-rise completing later in 2028 or 2029.
The development is two blocks south of the Hamilton GO station and transit hub.
“That’s really something that we look for in all our development projects, especially our residential projects,” he said. “We’re focused entirely on infill projects. We look for existing urban centres where we can build on top of existing infrastructure like transit.
“We like transit. We like walkable communities, urban amenities. Those are the types of things we look for when selecting sites.”
Dejonckheere said Steelport will be a state-of-the-art intermodal and industrial hub second to none in Canada.
“It has north of 3.4 kilometres of actual water frontage. Half of that is deep-water dock wall,” Dejonckheere said. “From our knowledge, it’s the longest deepwater port on the Canadian Great Lakes. So really this is going to be a world-class manufacturing and logistics hub.”
Stelco will continue to operate a cold-roll steel mill on 75 acres near the centre of the site.
“That will open up a little more than 700 acres of new development surrounding that and we foresee it being a wide range of industrial and manufacturing uses,” Dejonckheere said..
“We’re anticipating somewhere between 11 and 12 million square feet of new industrial uses, everything from your large-scale big-box logistics uses down to new-age technologies and manufacturing, energy production, logistics that are associated with the port and the rail connectivity.”
He said the development will be interwoven with retail offerings and areas for use by residents and visitors.
“It really is the majority of the Hamilton waterfront,” Dejonckheere said. “So, interwoven through all the development we’re planning is a pretty extensive public realm network that will help bring people out to the waterfront and also currently is envisioning proposing retention of some of the steel manufacturing structures and potentially repurposing them into public amenities as well.”
Steelport will be a 10-plus-year project. Officials anticipate it will house everything from one-million-square-foot distribution centres to smaller unique spaces.
“We’ve designed the plan to centre the larger structures and locate those at the centre of the plan and urbanize the edges of the site some more,” Dejonckheere said. “What I mean by that along the waterfront for instance, which is pretty unique, we anticipate more flex office, small-bay industrial, perhaps opportunities to work with institutions for some sort of innovation, or knowledge or bio-tech based campus setups.
“We’ve also seen interest from creative industries and the film industry.”
Donnelly said Slate believes Steelport is the largest private investment in Hamilton, with a total investment of more than $3 billion when all the buildings and infrastructure are built.
The site is so large Donnelly said Steelport comprises three times the total area of downtown Hamilton.
Source Renx.ca. Click here to read a full story
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Stephen & Mariya Lilly
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RE/MAX Hallmark Realty Ltd., Brokerage
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RE/MAX Hallmark Realty Ltd.
630 Danforth Ave
Toronto, ON M4K 1R3
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RE/MAX Hallmark Realty Ltd.
785 Queen Street East
Toronto, ON
M4M 1H5
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RE/MAX Hallmark Realty Ltd.
685 Sheppard Avenue East
Suite 401
Toronto, ON
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RE/MAX Hallmark Realty Ltd.
2277 Queen Street East
Toronto, ON
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RE/MAX Hallmark Realty Ltd.
968 College Street
Toronto, ON
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RE/MAX Hallmark Realty Ltd.
170 Merton Street
Toronto, ON
M4S 1A1
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RE/MAX Hallmark Realty Ltd.
9555 Yonge Street, Suite 201
Richmond Hill, ON
L4C 9M5
Office: (905) 883-4922
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RE/MAX Hallmark York Group Realty Ltd.
25 Millard Ave West Unit B
Newmarket, ON
L3Y 7R5
Office: (905) 727-1941
Fax: (905) 841-6018
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RE/MAX Hallmark First Group Realty
314 Harwood Ave. South, Suite 200
Ajax, ON
L1S 2J1
Office: (905) 683-5000
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RE/MAX Hallmark First Group Realty
1154 Kingston Road
Pickering, ON
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RE/MAX Hallmark First Group Realty
304 Brock Street South, 2nd Floor
Whitby, ON
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RE/MAX Hallmark Realty Ltd.
515 Dundas Street West
Oakville, ON
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RE/MAX Hallmark Chay Realty
152 Bayfield Street
Barrie, ON
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112 Caplan Avenue
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RE/MAX Hallmark Chay Realty
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RE/MAX Hallmark Chay Realty
20 Victoria St W Box 108
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RE/MAX Hallmark Chay Realty
22 Queen St S Box 636
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RE/MAX Hallmark Chay Realty
4-450 Holland Street
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RE/MAX Hallmark Realty Group
Unit# 200 4366 Innes Road
Ottawa, ON
K4A 3W3
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RE/MAX Hallmark Realty Group
Unit# 101 2255 Carling Avenue
Ottawa, ON
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RE/MAX Hallmark Realty Group
344 O'Connor Street
Ottawa, ON
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610 Bronson Avenue
Ottawa, ON
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RE/MAX Hallmark Realty Group
700 Eagleson Road
Ottawa, ON
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6159 Perth Street
Ottawa, ON
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RE/MAX Hallmark Realty Group
100-1073 Greenbank Rd
Ottawa, ON
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513 Westney Road South
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20 Victoria St W Box 108
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2 Summerset Place
Angus, ON
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Aurora, ON
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15004 Yonge Street
Aurora, ON
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15105 Yonge Street
Aurora, ON
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374 Huronia Rd.
Barrie, ON
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152 Bayfield Street
Barrie, ON
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112 Caplan Avenue
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152 Bayfield Street
Barrie, ON
L4M 3B5Office: 705-722-7100
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450 Holland Street Unit 4
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2095 Thompson Street
Innisfil, ON
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685 Sheppard Avenue East, Suite 401
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344 O'Connor Street
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610 Bronson Avenue
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6159 Perth Street
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105-700 Eagleson Rd.
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2255 Carling Avenue, Suite 101A
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1154 Kingston Road
Pickering, ON
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Fax: (905) 831-8147
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1154 Kingston Road
Pickering, ON
L1V 1B4Office: 905-831-3300
Fax: 905-831-8147
Richmond Hill
9555 Yonge Street, Suite 201
Richmond Hill, ON
L4C 9M5Office: 905-883-4922
Fax: 905-883-1521
Riverdale
724 Pape Avenue
Toronto, ON
M4K 3S7Office: 416-462-1888
Fax: 416-464-3135
The Beach
2277 Queen Street East
Toronto, ON
M4E 1G1Office: 416-699-9292
Fax: 416-699-8576
Yonge
3434 Yonge Street
Toronto, ON
M4N 2M9Office: 416-489-3434
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College
968 College Street
Toronto, ON
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Mount Pleasant
723 Mount Pleasant Road
Toronto, ON
M4S 2N4Office: 416-486-5588
Fax: 416-486-6988
Leslieville
785 Queen Street East
Toronto, ON
M4M 1H5Office: 416-465-7850
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Re/Max Hallmark Batori Group Inc.
357 Eglinton Ave W
Toronto, ON
M5N1A3Office: 416-485-7575
Fax: 416-484-4448
Re/Max Hallmark Ari Zadegan Group Realty
3434 Yonge Street Suite 101
Toronto, ON
M4N2N9Office: 416-489-4287
Fax: 416-352-0118
Re/Max Hallmark Estate Group Realty Ltd
2277 Queen Street East Suite A
Toronto, ON
M4E1G5Office: 416-699-2992
Fax: 416-699-8576
Re/Max Hallmark Bibby Group Realty
723 Mount Pleasant Road Suite 105
Toronto, ON
M4S2N4Office: 416-481-0888
Fax: 416-486-6988
Re/Max Hallmark Corbo & Kelos Group Realty Ltd
785 Queen St. East Suite 301
Toronto, ON
M4M1H5Office: 416-462-4787
Fax: 416-463-7850
Re/Max Hallmark Elite Group Realty
685 Sheppard Avenue East, Suite 401-11
Toronto, ON
M2K1B6Office: 416-494-8557
Fax: 416-494-7653
Re/Max Hallmark Emerson Group Realty Ltd
2277 Queen Street East Suite 104
Toronto, ON
M4E1G5Office: 416-690-2727
Fax: 416-699-8576
Re/Max Hallmark Francis Group Realty
785 Queen St. East Suite 7
Toronto, ON
M4M1H5Office: 416-466-1888
Fax: 416-463-7850
Re/Max Hallmark Fraser Group Realty
685 Sheppard Avenue East, Suite 401-47
Toronto, ON
M2K1B6Office: 416-494-7686
Fax: 416-494-0016
Re/Max Hallmark Joy Verde Group Realty
723 Mount Pleasant Road Suite 104
Toronto, ON
M4S2N4Office: 416-481-5666
Fax: 416-486-6988
Re/Max Hallmark Kathy McLachlan Group Realty Ltd
723 Mount Pleasant Road Suite 103
Toronto, ON
M4S2N4Office: 416-486-6565
Fax:
Re/Max Hallmark Montano Group Realty
785 Queen St. East Suite 201
Toronto, ON
M4M1H5Office: 416-424-3038
Fax: 416-465-7850
Re/Max Hallmark Pierre Carapetian Group Realty
785 Queen St. East
Toronto, ON
M4M1H5Office: 416-424-3434
Fax: 416-465-7850
Re/Max Hallmark Richards Group Realty Ltd
2241 Queen Street East
Toronto, ON
M4E1G1Office: 416-699-0303
Fax: 416-699-8576
Re/Max Hallmark Yu Group Realty Ltd
685 Sheppard Avenue East, Suite 401-19
Toronto, ON
M2K1B6Office: 416-494-9858
Fax: 416-494-0016
Muskoka
C/O Yonge St. Office (3434 Yonge Street)
Toronto, ON
M4N 2M9Office: 416-489-3434
Fax: 416-489-5445
Re/Max Hallmark Jamie Dempster Group Realty
685 Sheppard Avenue East, Suite 401
Toronto, ON
M2K1B6Office: (416) 494-7653
Fax: (416) 494-0016
Tottenham
22 Queen St S Box 636
Tottenham, ON
L0G 1W0Office: 905-936-3500
Fax: 905-936-5356
Re/Max Hallmark Lino Arci Group Realty
3420 Major Mackenzie Dr Suite 103
Vaughan, ON
L4H4J6Office: 416-479-1550
Fax: 416-913-2044
Whitby
304 Brock Street South
Whitby, ON
L1N 4K4Office: 905-668-3800
Fax: 905-430-2550
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