Posted on June 09, 2023
Real estate investors Slate Asset Management revealed preliminary plans for the development of key lands on Hamilton’s harbourfront last month.
The company acquired an 800-acre parcel of land from Stelco Inc. in June 2022. Slate’s aim is to turn the underutilized port into one of Canada’s largest intermodal industrial hubs.
The site’s current zoning allows Slate to develop up to 12 million square feet.
“Reimagining these lands will require a forward-thinking design philosophy, vast amounts of investment, and extensive collaboration,” said Brady Welch, founding partner at Slate. “We look forward to partnering with the City of Hamilton, the Province, and the federal government to ensure we can realize the full potential of this iconic site in a way that will create value for all its stakeholders for decades to come.”
Steelport, the 800-acre site on the historic harbourfront of Hamilton, will reshape an underutilized port into one of the largest, state-of-the-art intermodal industrial hubs in the country, giving enhanced access and opportunity back to people and the city, and connecting the region to the world.
The redevelopment is projected to create up to 23,000 new jobs across the Greater Toronto and Hamilton Area and inject up to $3.8 billion into Ontario’s economy over the next decade, according to an economic study conducted by EY.
Current zoning allows Slate to develop up to 12 million square feet, creating an unrivaled industrial development pipeline.
“Steelport reflects our commitment to raising the bar for industrial redevelopment,” said Blair Welch, founding partner at Slate. “From transforming the site into a modern and accessible space, to creating thousands of jobs and infusing billions into Canada’s economy, we believe the reach and impact of this project will be monumental.
“Reimagining these lands will require a forward-thinking design philosophy, vast amounts of investment, and extensive collaboration.”
To address a range of future climate, social, and energy challenges steel collected from the demolition of existing, outdated buildings has been recycled and Slate will invest in the environmental protection and remediation of the site, ensuring the land is clean and 3,400 metres of waterfront along Lake Ontario are activated.
The master plan includes an expansive trail network that ties together a storm water lagoon park, waterfront promenade, and a potential battery park amenity. Cultural elements and retail amenities are planned around a two-kilometre loop through the heart of the site.
A road and infrastructure network will integrate new public transportation lines into the site and the Bayfront Area transportation and trail vision and will accommodate new servicing built to municipal standards and sized to support the demands for the proposed development and future potential growth.