Plans to develop 800 acres into a modern urban waterfront take shape
Can the harbourfront in Hamilton that was once synonymous with making steel be transformed into a 21st-century industrial site that will bring new jobs? Two brothers who are developing Steelport industrial park think so.
The goal is to develop parcels of land that can flexibly accommodate a wider range of industries and supporting facilities than the area has been known for until now. They expect to attract companies that manufacture or assemble products as well as intermodal logistics and shipping firms that can take advantage of the area’s multiple transportation and service connections.
“We only have 13.8 million square feet [of industrial space] under construction, which is really nominal and has led to low vacancy,” he explains. “Industrial vacancies in the area are about 1.1 per cent. This low vacancy rate has led to [industrial] rental rates increasing more than 20 per cent per year.”
“It’s much like the way the city of Pittsburgh reinvented itself, going from a steel-industry centre to advanced manufacturing, medical technology and research, yet still paying homage to the city’s industrial history,” he says.
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