Hamilton Steelport | ?m | ?s | Slate | Gensler

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Slate Asset Management Announces Acquisition of Approximately 800 Acres of Industrial Land and Buildings in Hamilton, Ontario from Stelco Inc.

TORONTO — Slate Asset Management (“Slate” or “the firm”), a global alternative investment platform targeting real assets, announced today the acquisition of approximately 800 acres of industrial land and buildings in Hamilton, Ontario from Stelco Inc. (“Stelco”). Slate plans to redevelop the site into a world-class industrial park with the potential to create up to 23,000 new jobs across the Greater Toronto & Hamilton Area and inject up to $3.8 billion into Ontario’s economy, according to an economic study conducted by EY.

The site’s strategic location presents a one-of-a-kind industrial development opportunity in North America, offering direct access to the Great Lakes and the St. Lawrence Seaway, the U.S. land border, Ontario’s highway system, on-site rail connecting into Ontario’s greater Golden Horseshoe network, as well as nearby international airports in Hamilton and Toronto.

“Having grown up in the area, Brady and I understand firsthand the history and significance this site has had in the Hamilton community and in broader Ontario for well over a century,” said Blair Welch, Founding Partner at Slate. “Our vision is to restore this site to its highest potential, reimagining it as a world-class industrial park that will continue to play a crucial role in the economy of the city and our province long into the next century.”

Brady Welch, Founding Partner at Slate, added: “This project represents a defining opportunity to reactivate a massively underutilized parcel of land that has global industrial relevance. We are committed to working in close partnership with local institutions, government, and community groups to deliver a state-of-the-art industrial park that is modern and sustainably developed, attracting world-class tenants and restoring economic vitality to the area.”

Under the terms of the transaction, Slate has agreed to a long-term sale-leaseback of 75 acres of land and 2 million square feet of buildings for 35 years to Stelco, a high-quality tenant with a strong balance sheet and limited corporate liabilities. The remaining 725 acres will be prepared by Slate for development into highly coveted, Class A industrial product. The site’s current zoning allows for a wide range of industrial uses with the potential to develop up to 12 million square feet, creating an unrivaled industrial development pipeline.

Slate will also invest into the environmental protection and remediation of the site, ensuring that 800 acres of land is clean and safe for workers and 3,400 metres of waterfront along Lake Ontario are reactivated.


This means Slate has purchased and will redevelop basically everything on the second graphic except for the lands labelled "2".

Stelco demolished the old blast furnaces (the building labelled "5") last year.
 
Hopefully this doesn’t just end up being another Sparrows Point – the massive Bethlehem Steel plant in Baltimore that’s just become warehouses for Amazon and other retailers.
Given the job numbers claimed it sounds like it will be a bit denser but that rendering doesn't inspire much confidence.

Whatever ends up in here, it'll be far better than what's there today, and will represent a badly needed commercial tax base for Hamilton. The decline of the steel mills has done terrible damage to the city's commercial tax base.

At the end of the day these employment uses need to go somewhere, as well.
 
There has been comment on other threads about the loss of port services in Toronto. Here is an opportunity to add to the existing port services offered in Hamilton, and capitalize on the rail services on site. And, of course, then Doug Ford could extend HWY 413 through the escarpment and the RBG , Cootes Paradise etc to link up with the Nikola Tesla Expressway. And further, as we are thinking big, we could just not run larger container ships into Lake Ontario, larger then a small feeder class (less then 1,000 TEU) currently seen. Something the size of a Feedermax making regular calls through Lake Ontario would be worth studying. One could only dream of a Panamax sliding through the Burlington Shipping Channel into Hamilton Harbour....
 
There has been comment on other threads about the loss of port services in Toronto. Here is an opportunity to add to the existing port services offered in Hamilton, and capitalize on the rail services on site. And, of course, then Doug Ford could extend HWY 413 through the escarpment and the RBG , Cootes Paradise etc to link up with the Nikola Tesla Expressway. And further, as we are thinking big, we could just not run larger container ships into Lake Ontario, larger then a small feeder class (less then 1,000 TEU) currently seen. Something the size of a Feedermax making regular calls through Lake Ontario would be worth studying. One could only dream of a Panamax sliding through the Burlington Shipping Channel into Hamilton Harbour....

Uh.....No.

Under no circumstances. Trashing an Environmentally Sensitive Area and a leading tourist attraction; part of a World Biosphere Reserve for a Highway is a non-starter a few times over.
 
Uh.....No.

Under no circumstances. Trashing an Environmentally Sensitive Area and a leading tourist attraction; part of a World Biosphere Reserve for a Highway is a non-starter a few times over.
yea.. that route would be... rough, and there is just no need to go that way, like at all.
 
Sorry, it's been a long week and the reference to the 413 through some well known areas of Ontario's natural heritage resources was a weak attempt at Doug Ford humor, after all highways trump all. Perhaps I will refrain from that in the future.

However the traffic situation from the QEW/Red Hill interchange, to the 403 west of the Mountain, eastwards through the Freeman interchange along the QEW to the 403 interchange in Oakville can, and is chaotic and paralyzingly slow. Often seven days a week. It cannot be long until the Mid-Peninsula Expressway resurfaces.

And Hamilton Harbor does offer opportunities for enhanced ocean/lake to rail/truck transport linkages within the GTA.
 
It's Gensler, for the thread title (@interchange42 / @AlvinofDiaspar / @Art Tsai).

But beyond that, I'm sorry, you want to try and develop Hamilton into a Great Lakes, intermodal, container facility?? Are you *high*? Also, "on-site rail" (something that's absolutely required for a container port) is a bit of an ambitious way to describe the existing mess of CPKC spurs and stubs that connect Stelco to the Grimsby Sub. That sub, you'll remember, is also projected to take a huge increase in GO traffic with once the Confederation and Grimsby eastward expansions come online.

Best o' luck, folks...
 
It's Gensler, for the thread title (@interchange42 / @AlvinofDiaspar / @Art Tsai).

But beyond that, I'm sorry, you want to try and develop Hamilton into a Great Lakes, intermodal, container facility?? Are you *high*? Also, "on-site rail" (something that's absolutely required for a container port) is a bit of an ambitious way to describe the existing mess of CPKC spurs and stubs that connect Stelco to the Grimsby Sub. That sub, you'll remember, is also projected to take a huge increase in GO traffic with once the Confederation and Grimsby eastward expansions come online.

Best o' luck, folks...
It's CPKC spurs connecting to a CN line? If they are CPKC, they would use the sketch connection through the Delta down to CPKC's corridor, no?

you know.. this one:

1684325900287.png


with regards to container shipping - definitely optimistic, but there is a nascent container shipping industry on the Great Lakes right now. Not sure if it demands a container terminal of that scale.. but it's definitely there. The Port of Hamilton already handles a small amount of container shipping, Cleveland also does, and now so does Duluth.
 
...I mean, is this something that is needed? And will it be enough create a sustainable economy here?

Someone above indicated the one in Baltimore is not doing so well or something...so I'd hate to see ghost warehouses replacing ghost steel mills. And Hamilton would then be no better off.
 
It's CPKC spurs connecting to a CN line? If they are CPKC, they would use the sketch connection through the Delta down to CPKC's corridor, no?

you know.. this one:

View attachment 477846

with regards to container shipping - definitely optimistic, but there is a nascent container shipping industry on the Great Lakes right now. Not sure if it demands a container terminal of that scale.. but it's definitely there. The Port of Hamilton already handles a small amount of container shipping, Cleveland also does, and now so does Duluth.
My bad - you're correct. The harbour is CPKC (apparently, see my last sentence), but the Grimsby Sub is CN. They would cut along the Hamilton Belt Line (depicted in your picture) to the Hamilton Sub, which is CPKC's mainline towards the boarder.

*The RAC Atlas has the stuff in yellow as the Hamilton Port Authority, but Open Railway Map has it as CPKC, so I'm not entirely sure of the ownership.

1684327495796.png
 

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