SLATE TO START BUILD STELCO WITH SOT FEES Slate Asset Management purchased the approximately 800-acre parcel of industrial land once dedicated to steelmaking in June 2022 in a $518-million deal, laying out their plans to transform it into a modern commercial district.
On Wednesday, the firm unveiled new renderings for the development at an event hosted in the shadow of former Stelco buildings at the corner of Gage Street North and Burlington Street East.
New renderings released by Slate Asset Management show some of the potential public spaces that could be created through the redevelopment of Stelco’s Hamilton lands.
Slate Asset Management Those renderings, released as part of Slate’s formal city consultation package, laid out what could be possible for the lands, which span nearly the same size as Central Park in New York City.
Included in the renderings were proposed public parks hinging on existing industrial remnants, creative office spaces and film studios, as well as a waterfront district that could include spaces for restaurants, retail, entertainment, recreation, education and culture.
New renderings released by Slate Asset Management show some of the potential public spaces that could be created through the redevelopment of Stelco’s Hamilton lands.
Slate Asset Management
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Blair Welch, a founding partner in Slate, told The Spectator that the firm hopes that most of the elements included in the latest renderings can make it into the formal site plan for the lands — either now or later as the development evolves.
“We want to try and fit in a lot of things, so we’ve been working with the city to try and tick the boxes on what works for everyone,” he said. “What you see in the renderings are based on those conversations that we’ve had so far … so we’re excited about it.”
Welch noted that opening up a portion of the site for public-use remains a high priority for the firm, pointing to the proposed multi-use trail network through a storm water lagoon park, as well as a new waterfront promenade.
The firm hopes to submit its formal master plan “in the next month or two,” he added.
Beyond the proposed public spaces, the main focus of the lands remains employment, with a 2022 study from Ernst and Young finding the project could create up to 23,000 new jobs and inject $3.8 billion into Ontario’s economy.
The planned industrial park features three kilometres of deep-water port access in addition to Hamilton’s proximity to rail, highways and airports.
The lands, which verge on Lake Ontario, are also zoned for up to 12 million square feet (or 275 acres) of industrial buildings on the property.
Welch told The Spectator that the firm has plans to begin the first phase of the project next year, with that stage of the development focusing on the southeast corner of the lands, which are set to be used for mid-to-large industrial businesses.
That part of the project has already seen “significant interest” from companies looking to lease space in the proposed industrial park, which is set to be completed in a “couple of years,” he added.
The firm welcomed its first tenant earlier this year when GH Power Inc. set up shop in a former Stelco maintenance building at the end of Gage Avenue North back in January.
“We want to get this going next year,” said Welch. “Everything is going as planned and we’re excited to just get started.”
While a timeline for the completion of the entire project has not been formally released, the firm wrote in the consultation package that the final phase of the project is expected to wrap up in 2032 — exactly a decade after the lands were acquired.