FirstOntario Centre construction is expected to start in the fall of 2022 and run over two years.
Hi <<First Name>>,
The week saw below-average transaction levels. However, it's typical to see regressed transaction levels right after the beginning and end of the month.
In Hamilton, the largest transaction was Fengate Asset Management's purchase of a house on 2.25 acres for $2 million ($888,889/acre). The property is adjacent to the 75 acres of airport land Fengate purchased in April 2021. This new purchase provides them with street front access to Airport Rd.
The week's largest purchase in the area was in Waterloo, where IN8 Developments purchased an office building for $9 million ($169/sqft). It's an interesting purchase because IN8 Developments is known mainly for residential developments. As an office acquisition (as opposed to residential), the dollar value per square foot is low. It could indicate some vacancy, high capital expenditures or softening office values.
Recently, office transactions are becoming more frequent, however, not all office transactions are at peak values. In any case, it's great to see demand increasing to pre-pandemic levels.
In the news, the American venue group OVG will take on their first Canadian project with the renovation of Hamilton's FirstOntario Centre (formerly Copps Coliseum); Hamilton City Council and Vrancor have reached a deal for 354 King St. W.; and in downtown Hamilton, a three-alarm blaze levelled a 1920s-era building slated for redevelopment.
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