Hamilton's Waterfront Development Promising Potential For Millions in Tax Revenue Over Time.
Updated: Apr 27
Hamilton's waterfront is about to undergo a massive transformation that will turn scattered parking lots and buildings into stunning parks, condos and businesses, injecting millions of dollars into the city's economy. According to Chris Phillips, the Municipal Land Development Office Manager leading the project, the West Harbour redevelopment will generate $9 million annually in tax revenue for the city once it is completed. This is remarkable considering the fact that the land has not generated a dime in municipal taxes since its creation in the 1930s as landfill.
Currently, the ambitious project is expected to take between 15 and 20 years to complete, and cost the city $140 million. The focus is currently on developing Piers 5 to 8, with some smaller projects already completed. These include the Copps Pier at Pier 8 and the construction of a shorewall, fish habitat and public boardwalk at Piers 6 and 7.
The grand vision for the redevelopment includes the creation of Gateway Park at the entrance of Pier 8, which is set to open by the end of this year, and a public plaza, public art space and waterfront access at the end of James Street N., which will be done next year.
It is believed that once completed, the project will have generated $1B in private investment. All eyes are on Hamilton as this inspired waterfront redevelopment takes shape, creating a brand-new space that will surely be a source of pride for the city and attract tourists and investors from far and wide.
Transforming Hamilton's Pier 8: A Unique Blend of Private and Public Developments
Hamilton's Pier 8 is set to undergo a significant transformation, which will see the site become a unique blend of private and public developments. The site, which spans over 12 hectares, holds immense potential for Hamilton, with plans for 1,645 residential units and 70,000 sq ft of commercial space. The development is expected to generate $1 billion in private-sector investment, with the city set to sell 42 per cent of the land for development.
While a significant part of Pier 8 is planned for private development, the remainder will be owned and controlled by the City of Hamilton, according to Steve Phillips, chief planner for the City of Hamilton. This includes Waterfront Shores Corporation, the site's developer, which will lease part of Pier 8's Discovery Centre as a sales centre in the coming months for five years.
Waterfront Shores Corporation's ambitious plans for Pier 8 include a 45-storey condo tower which, if approved, would become the tallest building in Hamilton. However, some residents have raised concerns about the tower's proposed height and the potential impact it may have on views and traffic.
Despite these concerns, the Waterfront Shores proposal has received support from the City of Hamilton, with the development expected to transform Pier 8 into a "jewel" of the city's waterfront. With private and public developments in the works, Pier 8 is set to become a focal point of Hamilton's future growth and development.