Hamilton City Centre | ? | 3x30 & 24 fl | Proposal

[movingtohamilton]

Originally Posted by oldcoote

La Senza is gone. Place is getting more ghetto by the day.

Cheer up. Bowling and a new downtown casino will make this place sizzle.

[sil]

Originally Posted by oldcoote

La Senza is gone. Place is getting more ghetto by the day.

Yes because LaSenza was the break through of all retail.... Get rid of those stores and make this an entertainment complex

[ScreamingViking]

Originally Posted by oldcoote

La Senza is gone. Place is getting more ghetto by the day.

I guess they didn't see a market for bowler's lingerie.

La Senza has been struggling overall the past few years - they closed a bunch of stores, and their owner also operates Victoria's Secret which has been expanding in Canada.

[Dr Awesomesauce]

Yeah, I don't think the future of the Sh*tty Centre is in retail anyway. Bars, restaurants, bowling, arcade, karaoke, hotel, convention facility - entertainment seems to be the way it's going.

[NortheastWind]

A modern movie theatre that has stadium seating and serves alcohol would be nice.

[Dr Awesomesauce]

IMAX would be amazeballs.

[oldcoote]

Originally Posted by NortheastWind

A modern movie theatre that has stadium seating and serves alcohol would be nice.

That ain't gonna happen.

[Berklon]

I like the idea of making it an entertainment complex - whatever that entails.
From the outside, it does kind of look like a building made for that purpose.

It'll probably struggle for a few years at first, but as more people live downtown (especially those moving from Toronto), I can see it start thriving.

[arch100]

Walking through the other day I noticed that the La Senza now appears to be closed. All merchandise is removed and I believe the signage was down too.

Edit - just noticed someone already flagged this a few days ago!

Hopefully the entertainment complex breathes some life back into this place!!

[thistleclub]

Fercan-related: The Star marks the 10th anniversary of the Molson grow-op bust.

[bluevue]

http://www.theprovince.com/Partners+...201/story.html

Interesting comment:
Abrams visited the Hamilton City Centre property in April and said he was dismayed by the lack of national tenants and the “substantial amount of physical vacancy.”


REALLY? nobody knew this ahead of time or cared to look up the store directory? REALLY? Talk about due-diligence. CRAZY!

[thistleclub]

Originally Posted by bluevue

http://www.theprovince.com/Partners+...201/story.html

Good find. I imagine that there will be no progress on the property until the legal battle has concluded and ownership is clarified. Will be interesting to have a forensic third-party assessment of the value of the property.

Here's the Orange Capital statement (May 5 2014).

Elsewhere in the press:

OSC eyeing battle between Partners REIT and U.S. activist investor
(Financial Post, Barry Critchley & Theresa Tedesco, May 5 2014)

Attempts to quietly resolve a dispute over an apparently cozy $90-million deal between Partners REIT, a publicly traded real estate investment trust and Holyrood Holdings Ltd., a private real estate company, appear to be headed toward a very public showdown.

As Orange Capital, LLC, a unit holder of Partners REIT, continues to voice its criticism of the property transaction — one that resulted in Holyrood securing a 19% share of the REIT — a spokesperson at the Ontario Securities Commission confirmed to the Financial Post Monday that its staff is “aware of the matter and are looking into it.”

The New York-based investment firm, a minority unit holder of Partners REIT, is demanding the resignations of all the trustees of the investment trust as well as “an independent forensic” investigation to examine the controversial deal that closed April 23...

Orange Capital has demanded a forensic probe of the REIT and all of its transactions under the direction of Mr. McCowan. Partners REIT responded May 3 by asking Holyrood to unwind the deal, while also announcing that Mr. McCowan had resigned and had been replaced by Jane Domenico, the REIT’s chief operating officer. And it has offered a board seat to Orange Capital.

However, the U.S. investor does not appear to be mollified. In a statement released Monday, Orange claimed the admission by the trustees represents “an unprecedented admission of incompetence by a board of trustees in the Canadian REIT industry.”

Read it in full here.

Partners REIT launches strategic review, seeks financial adviser
(Financial Post, Barry Critchley, May 7 2014)

There seems to be no letting up in events surrounding Partners Real Estate Investment Trust, a trust with a market cap of about $120 million.

Late Tuesday, the company announced that it has commenced “a process to review strategic alternatives to maximize value for unitholders.” The REIT, which over the weekend announced that it’s trying to unwind a recent $90 million acquisition because of a “close business relationship” between its former interim chief executive and the owner of the seller of the properties, indicated “there are many potential outcomes of the strategic review process and there can be no guarantee that a transaction will take place.”

Indeed it’s early days given that financial advisers have yet to be hired. But to ensure that no outside party makes a pre-emptive run at the REIT – whose units have fallen about 50% over the past six months – the board extended its unitholder rights plan. That plan, which was set to expire in May, has now been extended to its annual meeting, where it will be put to unitholders. The plan has not been blessed by the Toronto Stock Exchange, which has “deferred approval.”

And the REIT has decided to give its view of some recent dealings with Orange Capital LLC, the New York-based hedge fund that has a less than 10% stake in Partners, but which last Thursday called for a “forensic investigation” of the recent $90 million purchase of three southern Ontario properties.


Read it in full here.

[BCTed]

Originally Posted by bluevue

http://www.theprovince.com/Partners+...201/story.html

Interesting comment:
Abrams visited the Hamilton City Centre property in April and said he was dismayed by the lack of national tenants and the “substantial amount of physical vacancy.”


REALLY? nobody knew this ahead of time or cared to look up the store directory? REALLY? Talk about due-diligence. CRAZY!

I think you misread. Brendon Abrams is an equity research analyst who covers the Partners REIT and came to the Hamilton City Centre to help come up with his own independent assessment --- he is not someone who was actually involved in the proposed deal.

[drpgq]

I notice that there's now an IDA in the basement. I wonder with Mac redoing the James part of Jackson if the City Center ends up with better stores.

[matt602]

A chain store that isn't a discount store located in the city centre? I don't even remember the last time that happened.

[SteelTown]

Carmen’s Group moves corporate headquarters downtown Hamilton
“We love that space because it’s right where my father and my uncles used to sell newspapers back in the 60s”

https://www.thespec.com/news-story/8...town-hamilton/

Carmen's Group is returning to its roots.

The local hospitality and entertainment company has relocated its corporate headquarters to the Hamilton City Centre on James Street North from Stone Church Road East — a move that began right before the holidays and coincides with Carmen's 40th year in business.

"We love that space because it's right where my father and my uncles used to sell newspapers back in the 60s," said PJ Mercanti, CEO of Carmen's Group.

"It's kind of a perfect space for us to build the dream that is the Carmen's Group right where my family started their journey many, many years ago."

In 1978, Peter, Sam and Morris Mercanti partnered with their uncle Carmen Mancini to start a bakery on Concession Street.

The bakery's catering division expanded, and the brothers were able to buy land on the east Mountain where they opened their event venue, Carmen's Banquet Centre, in 1987.

The company has continued to grow over the years and now operates five establishments in the region and employs close to 400 full-time and part-time staff.

The new space, which is around 7,000 square feet and includes a boardroom and common area for private events and small gatherings, will allow the organization to continue to grow, said Mercanti.

The relocated head office will also be within a 15-minute drive from all of its locations, which include a contract to manage the Hamilton Convention Centre by Carmen's, the food and beverage operations in the Dundas Valley Golf and Curling Club and The Lakeview on Van Wagners Beach Road.

With their office overlooking the intersection of James and King William streets, the new location also positions the company "right in the middle of all of the action with what's going on in the hospitality scene and the arts scene," Mercanti said.

"We want a good component of our growth plan to be executed in the downtown area, so it just made a lot of sense for us to be here for that reason as well."

[SteelTown]

Brad Lamb Really Wants Hamilton City Centre, Goes to Court to Try Close Deal Gone Sideways

Famed developer Brad Lamb’s corporation Lamb Development Group and affiliated Hamilton-based Movengo Corporation tried to purchase the Hamilton City Centre in early 2017 for $55-million, a court ruling in a legal dispute reveals.

Lamb and Movengo created a corporation for the sale, 2587508 Ontario Inc., and reached an agreement of intent to purchase the City Centre at 77 James Street North from the owner Hamilton City Centre Holdings (HCCH).

HCCH purchased the City Centre in 2014, in a deal which included two other properties and was valued at $90-million. The City Centre had sold in 2011 for $25-million.

https://www.thepublicrecord.ca/2018/...gone-sideways/

[TheRitsman]

If Brad Lamb owned City Centre, that would be amazing. That place needs a massive overhaul, and I have no doubt the capital behind Lamb is something that could hit the ball out of the park.

If Brad Lamb is trying to purchase City Centre, that means the downtown is open for business. He obviously sees enough people coming to downtown to make the City Centre relevant.

[SteelTown]

Adding residential to the City Centre, will really kick the area into high gear. Might even see some 24/7 shops. Would definitely have a spill over effect for Jackson Square too.

I won't shed any tears for the demolishing the fake flags and the James St N monster brick wall. "Mr. Lamb....tear down this wall!"

[JoeyColeman]

Originally Posted by TheRitsman

If Brad Lamb is trying to purchase City Centre, that means the downtown is open for business. He obviously sees enough people coming to downtown to make the City Centre relevant.

He definitely wants it. Talked to a few lawyers about the case before publishing, each of them stated it is very rare for someone to file ex parti in this manner.

This will be an interesting case I'll watch. That its confirmed the foundation can support a new larger building makes this an extremely value piece of property beyond just its location.