New Hamilton Waterfront
THE BENEFITS
- A significantly more vibrant, economically productive downtown
- Increased opportunities for new and existing businesses, home buyers, entertainment and recreation
- Stronger sales in existing downtown businesses
- A more compelling destination for tourists and residents
- Creation of new job opportunities
- A stronger revenue base for the City enabling increased investment throughout Hamilton
- Underground parking and a new waterfront road alleviate traffic congestion, while opening up water views
- A new retail corridor helps build the “critical mass” of retail necessary to encourage increased retail investment and attract more customers to the City
- A waterfront hotel helps reinforce Hamilton’s status as a center for tourism and international business
- Water activities and marina slips will create a more active waterfront – new business opportunities for water sports, tour and fishing boats, and provide additional public and private moorings. The new facilities will also serve as a world-class destination for international yachts.
- Parks and cultural uses will provide a new focus for civic and public activities and events
The future of your waterfront is here…
THE PROJECT
The City of Hamilton boasts one of the most beautiful waterfronts and harbours anywhere. In recent years, Hamilton’s waterfront has been the subject of various proposed master plans and much debate, predicated originally on the need to host the new generation of larger Panamax cruise ships. The Corporation has developed this waterfront plan primarily from the perspective of revitalizing the City for its residents, businesses and visitors. Cognizant of the signifi cance of this historic proposal, the Corporation retained the services of Sasaki for design services and ERA for a thorough fi nancial analysis. We are all excited by the result of our endeavours. The proposed plan revitalizes the waterfront by providing recreational and mixed-use activities; new retail space, cultural attractions, entertainment and offi ces; as well as a hotel and residences and new parks and open space for the enjoyment of all. To maximize the beauty of Hamilton Harbour, cruise ships can be accommodated on the proposed new pier off of “Albuoy’s Point,” minimizing the visual impact of cruise ships on the City and maximizing both the return on investment and the enjoyment of the new amenities.
This exciting project will create nearly 1.5 million square feet of new development over a total of 28 acres, of which 17 acres are existing land and 11 acres are reclaimed land. One level of underground parking will provide space for 800 cars and 800 motorcycles. The new waterfront edge will accommodate the cruise ship, ferry and water taxi terminals, as well as excursion boats and 6,800 linear feet of marinas.
FEASIBILITY OF THE PROJECT
- Demand is strong for retail, offices and housing. Rental rates and sales prices are high enough to support development costs and provide a good return on investment.
- The hotel and retail space, while showing lower returns in the short term, are critical for an active waterfront
- The overall program of uses is well balanced. The economically stronger uses will help support the costs of other uses.
- A developer-recruitment process will yield the best financial offers from private-sector partners
THE REDEVELOPMENT COSTS
- The total estimated cost of the waterfront redevelopment initiative is $639 million
- Phase I, with the cargo docks remaining in operation, will cost a total of $302 million, or 47% of the total
- Phase II, involving the replacement of the cargo docks, will cost $337 million, or 53% of the total
FUNDING THE REDEVELOPMENT
- Under this plan, each public dollar spent leverages five dollars in private investment
- Funds can be generated from a wide range of sources
- The Public sector ($122 million or 19% of the total investment) - the Corporation of Hamilton will oversee the creation of the new land, the shoreline, the park, and the new infrastructure
- The Private sector ($517 million, or 81% of the total) - developers and investors build the shops, apartments, offices, hotels, and marinas
- If the cost burden shifts more to the private sector, greater density or a different mix of uses may be required
