Gibson School Lofts | ?m | 4 fl | Proposed

[HillStreetBlues]

When you say “good luck with that” about the semi, you mean he won’t get 200, it’ll wind up being worth less than that? If someone is considering living in a condo, I wonder how turned off they would be on a semi.

Some people aren’t so swayed by the argument that renting is “only paying someone else’s mortgage”. What you get when you rent is a place to live, and at some times in some places renting can be a lot cheaper than buying. I wouldn’t guess how nice these studios will be, and I’m not sure how nice rental units can be in the area (I assume it’s fair to say there’s a mix), but buying a $130,000 studio would be a lot more expensive than renting a $850 a month apartment, so I wonder if that price isn’t a bit high.

If a small bungalow goes for less than 200, I’d say a 2-bedroom condo for $250,000 (and up) might be on the expensive side. I’m not saying it’s on the expensive side for anyone in particular, or even for me, just that sales could be slow if these aren’t the right prices.

[matt602]

Originally Posted by masterwhite

In my opinion Barton st would have a chance if unpaid property taxes where collected or buildings auctioned off, all abandoned building where torn down, still functional buildings repaired. Area is full of unsafe illegal rental units and this must change.

The only thing that would have resulted in was a long street full of empty gravel lots. You can't fix a socio-economic issue by just tearing out the rot. One of the biggest draw factors for a rejuvenated Barton Street IS the mostly continuous streetwalls of mid-rise store fronts from James to Sherman. Even if they're abandoned, they're still potential as long as they're structurally sound. Ripping them down isn't going to make developers any more interested in the area.

It's also incredibly hard to collect unpaid taxes when the property owners are numbered companies from outside of town. Even if the buildings are seized through foreclosure, they still need tenants or they will just be abandoned buildings on someone else's dime.

This new project is ambitious and positive but I definitely think it's a few years too early. The spill off effect from James Street has only just barely started and Gibson is a long way off from there.

[Dr Awesomesauce]

^Those prices are really surprising.

[masterwhite]

Originally Posted by matt602

The only thing that would have resulted in was a long street full of empty gravel lots. You can't fix a socio-economic issue by just tearing out the rot. One of the biggest draw factors for a rejuvenated Barton Street IS the mostly continuous streetwalls of mid-rise store fronts from James to Sherman. Even if they're abandoned, they're still potential as long as they're structurally sound. Ripping them down isn't going to make developers any more interested in the area.

It's also incredibly hard to collect unpaid taxes when the property owners are numbered companies from outside of town. Even if the buildings are seized through foreclosure, they still need tenants or they will just be abandoned buildings on someone else's dime.

This new project is ambitious and positive but I definitely think it's a few years too early. The spill off effect from James Street has only just barely started and Gibson is a long way off from there.

Gravel lots would make Barton St safer, allow for new builds to replace the "rot", provide parking for business to grow and would force out the "crack heads" that live and conduct bussiness in those abandoned buildings.

New condo next to gravel lots shows potential, new condo next to street wall of urban decay and poverty shows depreciation and hopelessness

[davidcappi]

We have enough trouble building up the gravel lots downtown as it is, having more on Barton won't do the city any good.

[NortheastWind]

The Gibson school is not too far from the new stadium precinct, so maybe a renaissance will occur from the east. A renaissance from the stadium, west to Sherman Ave and to the Gibson School Lofts. As well as a renaissance east from the stadium towards Ottawa Street. This area should be the focus, not from downtown, that is a separate renaissance that will hopefully meet redevelopment to the east.

[CaptainKirk]

Originally Posted by NortheastWind

The Gibson school is not too far from the new stadium precinct, so maybe a renaissance will occur from the east. A renaissance from the stadium, west to Sherman Ave and to the Gibson School Lofts. As well as a renaissance east from the stadium towards Ottawa Street. This area should be the focus, not from downtown, that is a separate renaissance that will hopefully meet redevelopment to the east.

A stadium has been there for about 80 years and has made no difference. It's several projects like Gibson lofts that will make a difference.

[coalminecanary]

barton improving eastbound from james won't really happen. we'll see a pocket by james, but the huge gap of food basics, beer store, prison, hospital will stop it from spreading.

Barton will have its own growth spurt focussed around the core of "Barton Village" imho

[Dr Awesomesauce]

Yeah, east of James it's like a Mountain artery with a prison thrown in for good measure. East of the General, however...

[flar]

Originally Posted by masterwhite

Gravel lots would make Barton St safer, allow for new builds to replace the "rot", provide parking for business to grow and would force out the "crack heads" that live and conduct bussiness in those abandoned buildings.

New condo next to gravel lots shows potential, new condo next to street wall of urban decay and poverty shows depreciation and hopelessness

You're wrong on every count. I won't even bother explaining why.

[CaptainKirk]

Originally Posted by flar

You're wrong on every count. I won't even bother explaining why.

Agreed!

What a head scratcher

[Dr Awesomesauce]

^There are people on Council who feel the same way. It's a very common attitude.

[old]

I thought it was obvious that barton would develop first between wentworth and victoria. That part is awesome and has the hospital as an acnhor - and the converted school on the west side of Victoria already. But agreed, there is little hope for Barton between John and Wellington unless those parking lots are filled in with street fronting commercial/residential mix.

[Beedok]

Also the prison will probably remain an issue for a while.

[thomax]

This project is moving forward...

[LINK] Gibson Lofts Investment - Stinson Developments Seminar

- The project website has been updated, gibsonlofts.com.
- The brick restoration has already begun.

[LikeHamilton]

This means he has no money for the project and is trying to get people to pay up front for his project.

[matt602]

"oin us at the "Gibson Lofts Investment" seminar on Thurs June 19th at the Holiday Inn Mississauga Toronto West on Britannia, Terrace Room, 6th floor at 7:30 PM. Learn how you can earn up to 20% fixed annual returns; RRSP/TFSA eligible!"

Oh yeah, thats shifty.

[interr0bangr]

Super excited for this. Hope it pans out.

[Zmonkey]

Originally Posted by LikeHamilton

This means he has no money for the project and is trying to get people to pay up front for his project.

I live/own in Stinson and have talked to harry few times about it. It is essentially a construction loan. You loan him money, and he is securing the loan with a unit as opposed to % of project like others do it.

My dad actually does these things in Toronto in an organized syndicate for past 7/8 years and has been doing 15-20% by doing this in the Toronto condo market. He told me to stay away from this until there whole plan is up, and you know all players involved, and payment schedule is set up. My dad only does ones where you get paid monthly/quarterly even as project goes on - Harry wants to pay at end.

Harry has vision, but doesnt organize well, and his team for Stinson is dreadful. They have failed 3x to hire window washers now. That is a latest of a long long long list. My neighbor hasn't had full kitchen for past 4 months.

[fizzle]

Originally Posted by Zmonkey

I live/own in Stinson and have talked to harry few times about it. It is essentially a construction loan. You loan him money, and he is securing the loan with a unit as opposed to % of project like others do it.

My dad actually does these things in Toronto in an organized syndicate for past 7/8 years and has been doing 15-20% by doing this in the Toronto condo market. He told me to stay away from this until there whole plan is up, and you know all players involved, and payment schedule is set up. My dad only does ones where you get paid monthly/quarterly even as project goes on - Harry wants to pay at end.

Harry has vision, but doesnt organize well, and his team for Stinson is dreadful. They have failed 3x to hire window washers now. That is a latest of a long long long list. My neighbor hasn't had full kitchen for past 4 months.

For all the 'good' he has done for Hamilton, this is why Stinson is wrong for this market. Every mess up like the school lofts or, and I'm jumping the gun here, the Gibson site, makes it harder for the legit developers moving forward, who want to set up stuff like this in Hamilton.

It's sad.