16 Cannon St E

Avison Young has been retained exclusively to arrange the sale of
16 Cannon Street East (the “Property” or “Site”) is a conditionally
approved high-density redevelopment opportunity in the core of
downtown Hamilton. The site plan has been conditionally approved
for a redevelopment of the current two-storey residential building
with a 16-storey residential building with a Gross Floor Area (“GFA”)
of 89,066 SF providing 130 residential units. The Property is located
in a central area of Downtown Hamilton serviced by two of the
City’s major transit stations including the West Harbour GO within
a 9-minute walk north and the Hamilton GO Centre within an
11-minute walk south as well as the future Hamilton LRT (James Stop)
within a 5-minute walk. The surrounding area is filled with amenities
including Hamilton City Centre shopping mall, Jackson Square
Shopping Mall, First Ontario Centre, and much more.16 Cannon
Street East provides a unique opportunity for a developer to acquire
a transit-oriented nearly approved high-density development site in
one of the fastest-growing regions of the Greater Golden Horseshoe.
The City of Hamilton’s recent announcement that certain areas
of the downtown no longer require residential parking spots
for residential high-rise developments offers several benefits to
developers. 16 Cannon will be significantly improved by the change
in parking requirements. The site will now only need 8 visitor
parking spots. This will eliminate the need for parking stackers,
a car elevator and the second floor of the parking structure. The
elimination of parking requirements will allow developers to reduce
construction costs associated with building expensive underground
structures. This, in turn, allows for more efficient use of land,
potentially increasing the number of units or enhancing amenities
within the development.