Posted Feb 21, 2018, 1:26 PM
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Registered User
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Join Date: Feb 2018
Posts: 8
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Update from Harry Stinson;
Quote:
Hopefully everyone had a pleasant - if chilly - holiday. It certainly was colder and quieter than normal in downtown Hamilton, and we were able to spend reviewing design options for Beasley Park Lofts.
Just to recap the background as outlined in the previous email;
Despite no formal marketing, signage or pro-active sales program, all of the suites in the initial Beasley Park Lofts design quickly sold. We added a few additional floors, within the the existing 6-storey height limit, and they also sold out. Meanwhile we have been clearing out and analyzing the existing structure, as well as testing the underground environmental and soil conditions. And just when we thought we had a clear overview, the City released its new Downtown Draft Plan (new zoning, height and design guidelines).
Here is the context (including the 'positives', and the realities) in which we are reviewing the options;
1. It's pretty evident that this project is going to be a popular and premier address. People really like the location, the unique character of the building and the mixed-use 'hospitality' features of the project.
2. Despite the undeniable appeal of the brick and beam construction, nearly 2 centuries of hard use, certain of the industrial and textile activities within and a decade of unmaintained vacancy have taken a serious toll on the old structure, the roof above and the land beneath. Construction will not be simple, quick nor an inexpensive cosmetic makeover.
3. The new Draft Plan indicates a maximum height of 30 storeys for the site.
4. However, this does not mean a developer can - or should - automatically construct a 30 storey tower. There are many design-related conditions and practical limitations, and the Draft Plan is still subject to City Council review, and potential appeal.
5. The Hamilton condo market is certainly evolving and pre-construction prices are rising past $500/sq.ft.
6. It remains to be seen whether the abundance of new projects will be absorbed by the local market.
7. City Planning will not provide decisions - or even comments - on a project until a specific architectural design has been submitted, a process which collectively takes several months.
Having said all that, here is the direction we are heading.
First, we are not planning to build a 30 storey tower.
Yes, we do expect to expand the scale and are working on a 'terraced' design that slopes upwards from the park and from the primary border streets.
A particularly interesting new feature will be a 2-storey, east-west glass galleria providing visibility and access from Mary St. through to the park, separating and better defining the original historic structures and breaking up the long western wall.
The northwest Mary St facade towards Cannon will feature 'loft-style' commercial units, which we will retain and lease specifically to food-related tenants (instead of parking, which will be below grade and expanded).
While there will be some very interesting, premium suites on uppermost floors and in prime positions, generally speaking the sizes and prices of the suites will remain comparatively mid-range, affordable and carefully planned to be livable.
Our objective remains to retain, use and highlight as much as possible of the existing structure and materials, and for any additional construction to be of a complimentary 'industrial' flavour.
The next step is to prepare scaled concept drawings and elevations, for discussions with the City, and to analyze the constructibility, a process which will likely take at least 90 to 120 days. Concurrently, we will also share some of these images and designs with you for feedback (within 30 to 60 days).
Harry
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regretting my real estate decisions now...
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