- What A nearly 22-acre plot of land in Hamilton is up for grabs
- Why A pending development application calls for 195 units, but there’s potential to go higher
- What next Avison Young has the listing
A low-rise residential development site in Hamilton is on the block for $35.2m.
The nearly 22-acre plot of land at 490 First Road West, in the community of Stoney Creek, is being marketed by Avison Young.
The site can accommodate up to 285 residential units under the existing neighbourhood plan. Roughly 13 acres are designated for low-density housing, three acres for medium-density housing and five acres for parkland.
The owners, a group of investors, have submitted plans for a 195-unit development comprising 28 single-family homes, 65 townhouses up to three storeys apiece, 68 freehold condominium units and 34 back-to-back townhouses.
The proposal has not yet been approved as there are stormwater management issues that need to be resolved by the City of Hamilton. However, it is estimated that draft-plan approval could be obtained within eight months, marketing materials note.
The site is roughly 400 m east of Upper Centenial Parkway and 800 m north of Heritage Green Sports Park.
The seller will consider a vendor take-back mortgage, and offers are being reviewed on a rolling basis.
