Quote:
Originally Posted by dandori
I've got news from a private meeting Harry Stinson had with buyers from Beasley Park lofts, Gibson School lofts, and the Buffalo hotel project.
Basically, the 4th and 5th floors of Gibson School will not be built.
Apparently, this is because city officials are saying he will have to rebuild the foundation of the entire building to accommodate for the additional 2 floors on the building. This was not originally required in the review of the plans, but now they want it. So owners of the 4th/5th floor suites are basically fucked.
He also mentioned the city offered $4 million loans to anyone developing in the city of Hamilton (downtown), but the city never actually gave out these loans and it was all just word of mouth stuff that he was depending on.
So now, the owners of the 4th/5th floor suites will either have to take a refund or transfer their downpayment to another one of his developments with an 'equity credit' meaning that they will get some additional monies for the time their money has been sitting in the development trust.
Let me know if you guys have any questions.
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I'd think the Gibson school property would fall under the Barton St CIPA as opposed to the downtown CIPA.
https://d3fpllf1m7bbt3.cloudfront.ne...-12/16-125.pdf
8.1.1 Hamilton Downtown, Barton and Kenilworth Multi-Residential
Property Investment Program
The Hamilton Downtown, Barton and Kenilworth Multi-Residential Property
Investment Program supports residential development within Downtown
Hamilton, the Barton Village BIA and the commercial corridors along Barton
Street, east of the Barton Village BIA and along Kenilworth Avenue North as
identified in the Downtown and Community Renewal Community Improvement
Schedule “A” to By-law No. 16-126 (Page 27 of 38)
Downtown and Community Renewal Community Improvement Plan, May 2016
Project Area By-law. The Program offers financial assistance to projects that
result in predominantly residential development, including:
• the creation of a new multiple dwelling upon vacant land or parking areas;
and / or
• a building addition containing at least three new dwelling units; and / or
• the conversion of existing commercial, industrial, institutional space into a
multiple dwelling; and / or
• renovations to existing multiple dwellings.
A multiple dwelling must contain at least three dwelling units. Projects involving
fewer than three dwelling units may be eligible for the Commercial Corridor
Housing Loan and Grant Program (see Section 8.1.4).
The maximum loan is $4 M per development. The loan is based on 25% of the
project’s Cost to Construct Budget including uses accessory to the dwelling units
(e.g. parking, laundry, gym / pool used by residents); for mixed use projects, only
the residential component of the project’s Cost to Construct Budget, together with
uses accessory to the dwelling units, is factored into the loan amount.
The maximum loan term is five years and six months from the date of the final
advance exclusive of holdback. The loan interest rate will be 0% for the first five
years. For the last six months of the loan, interest shall be payable on the
principle outstanding at the then prevailing rate established by Council for
interest on tax arrears.
The detailed program description, terms and administrative procedure for the
Hamilton Downtown, Barton and Kenilworth Multi-Residential Property
Investment Program, as adopted by City Council resolution, are provided in
Appendix “A” to this Community Improvement Plan.
https://d3fpllf1m7bbt3.cloudfront.ne...-12/16-126.pdf