Troubled building sold again
May 08, 2009
Lisa Grace Marr
The Hamilton Spectator
http://www.thespec.com/News/Business/article/562380
The fate of 220 Dundurn St. is taking yet another turn.
Businessman Michael Corrado represents a consortium of developers that has successfully made a conditional offer on the dilapidated building to owner Denis Vranich.
Corrado said the offer is conditional on several factors. A key one is city approval for a minor variance to allow a more intensive residential development.
The current permitted density is for a four-storey building with 64 units. The developers would like to add another storey and house 170 units inside. Other changes would also have to be OK'd by the city, such as the number of parking spaces.
Corrado said the site is perfect for residential redevelopment, given the location and the plans to extend Frid Street to Longwood Road, next to the new McMaster Innovation Park and McMaster University.
"It's a neighbourhood on the upswing, for sure," he said. "There are 3.1 acres of land on that site -- you try and find that anywhere in west Hamilton. It would be so great to clean up that property. Dundurn Street is the new Locke Street."
Corrado said redevelopment plans are still preliminary.
Vranich purchased the building in January 2007 for $1.5 million. Corrado would not disclose the price of the consortium's offer.
The building on the site has been plagued with problems that have intensified since 2004 when its third floor caught fire under then-suspicious circumstances.
A public meeting on the matter will be held May 21 at 2:35 p.m. in Room 207 at the Hamilton Convention Centre.