Slate Asset Management has obtained approximately 800 acres of industrial land and structures in Hamilton, Ontario from Stelco Inc.
Slate programs to redevelop the site into a world-class industrial park with the opportunity to create up to 23,000 new employment across the Higher Toronto & Hamilton Region and inject up to C$3.8 billion into Ontario’s economic climate, according to an economic analyze conducted by EY.
Slate claimed the site’s strategic site presents a one-of-a-kind industrial advancement option in North The usa, giveing immediate obtain to the Good Lakes and the St. Lawrence Seaway, the U.S. land border, Ontario’s highway method, on-internet site rail connecting into Ontario’s higher Golden Horseshoe network, as very well as nearby global airports in Hamilton and Toronto.
“Having developed up in the space, Brady and I realize firsthand the historical past and significance this website has had in the Hamilton neighborhood and in broader Ontario for well in excess of a century,” explained Blair Welch, Founding Spouse at Slate.
“Our vision is to restore this internet site to its optimum likely, reimagining it as a entire world-course industrial park that will go on to engage in a important part in the economic system of the city and our province extensive into the upcoming century,” he additional.
Brady Welch, Founding Spouse at Slate, extra: “This challenge signifies a defining possibility to reactivate a massively underutilized parcel of land that has world wide industrial relevance. We are committed to doing work in near partnership with community establishments, government, and local community teams to produce a condition-of-the-artwork industrial park that is present day and sustainably formulated, attracting world-course tenants and restoring economic vitality to the place.”
Under the conditions of the transaction, Slate has agreed to a extended-expression sale-leaseback of 75 acres of land and 2 million square ft of properties for 35 decades to Stelco.
The remaining 725 acres will be prepared by Slate for improvement into very coveted, Course A industrial product or service. The site’s curhire zoning permits for a wide array of industrial uses with the probable to create up to 12 million sq. feet, generating an unrivaled industrial growth pipeline.
Slate will also make investments into the environmental security and remediation of the internet site, guaranteeing that 800 acres of land is clean and secure for personnel and 3,400 metres of waterfront along Lake Ontario are reactivated.
The Larger Toronto & Hamilton Place is found at the western conclude of Lake Ontario in the Golden Horseshoe, an industrialized region of nearly 10 million men and women encompassing the metropolis of Toronto, which accounts for 20 p.c of Canada’s GDP. The place has a various economic system, from producing and steel manufacturing to financial services, engineering, well being treatment, and tourism.
The Golden Horseshoe also has strategic entry to important U.S. markets, with a inhabitants of 130 million men and women inside of a 500-mile radius. The region has two global airports serving 200 places in 55 international locations and gains from Canada’s intercontinental trade agreements that offer obtain to approximately 1.7 billion consumers globally with a combined GDP of additional than US$62 trillion.