I think with the right finishes this could look really nice.
Something like this for the lighter parts, to reference a lot of the old stone buildings in the city, as well as to add visual interest.
I personally think the building would look way nicer with a dark red finish, as opposed to the matte bright new red. This combination, with traditionally cut block stone really references the local architecture, and wears really nicely. I also think that weird patch of stone in the middle of the wall ought to go, and have it just be brick all the way up.
Now imagine they used a modern wood surface paneling along the brown parts which frame the lower windows. It'd go nicely with the other two suggested surfaces, and gives a high end feel overall.
Get rid of the separate front windows and do more of a "wall of glass" sort of thing, and this building wouldn't look half bad. I also agree that getting rid of the car port thing and extend the units to the end of the lot.
Since the design is super minimal and understated, I think if they dressed the exterior work well, this could end up being a real gem. Throw in some landscaping and you've got an infill property aimed at high end renters, that people would be interested in.
As of now I don't see any reason why someone would want to pay what they're expecting to charge, over one of Hamilton's many capable 70's highrises. They'll need to up their design game on this one. It's not a hard fix, but it could make or break the building.
Even something along the lines of 80 Metropolitan in Brooklyn would be awesome. They utilized black brick, and kept the facade extremely minimal, but it pays homage to old factory style buildings. It's also similar in scale and features window sizes similar to what the city has allowed.