Beasley Lofts | ? | 12 fl | Proposed - Page 8

fuller · #**141** Posted **Apr 10, 2016, 4:03 AM**

He's right that the knitting mills would be best developed as a combination of residential, retail, and commercial.

But when has he ever included retail or commercial in one of his developments? I don't mean proposed, I mean actually built.

drpgq · #**142** Posted **Apr 11, 2016, 2:09 PM**

Quote:

Originally Posted by fuller

He's right that the knitting mills would be best developed as a combination of residential, retail, and commercial.

But when has he ever included retail or commercial in one of his developments? I don't mean proposed, I mean actually built.

I always thought that the Knitting Mills would be best developed as a facility for a bunch of software firms running open concept areas that wouldn't require a lot of expensive renovations. I admit that's somewhat wishful thinking for Hamilton.

Also aren't we getting to the point that Beasley isn't particularly impoverished? Part of it is basically downtown and it is already seeing gentrification.

interr0bangr · #**143** Posted **Apr 11, 2016, 3:42 PM**

Quote:

Originally Posted by drpgq

I always thought that the Knitting Mills would be best developed as a facility for a bunch of software firms running open concept areas that wouldn't require a lot of expensive renovations. I admit that's somewhat wishful thinking for Hamilton.

That's essentially what the Seedworks is, which is pretty much right across the street. I still really want it to become a Wychwood Barns kinda space with art studios and event spaces.

davidcappi · #**144** Posted **Apr 11, 2016, 6:07 PM**

This is my dream new downtown YMCA rec centre.

palace1 · #**145** Posted **Apr 12, 2016, 1:00 AM**

Quote:

Originally Posted by fuller

Are you sure it was Vranich that knocked down HMP?

I thought he had tried to purchase the corner lot, to develop along with the rest, but that the two parties couldn't come to terms.

If you're right, then it does seem like an odd decision was made. But I think you might have the wrong guy, at least in the case of the corner lot remaining empty.

The northwest corner lot at Bay and Main that remains empty used to be the Dodsworth & Brown funeral home and is now owned by the Molinaro Group.
http://www.cbc.ca/news/canada/hamilt...-lot-1.1182720

The Hamilton Motor Products building that was supposed to be saved was at the southwest corner of Bay and George.

thistleclub · #**146** Posted **Jun 9, 2016, 12:31 AM**

Harry Stinson plans boutique hotel, condos, commercial units at Cannon Knitting Mills
(Hamilton Spectator, Teviah Moro, June 8 2016)

The developer who turned an old Hamilton school into condos now owns the Cannon Knitting Mills and is planning the derelict site's transformation.

Harry Stinson sealed the $3-million deal for the sprawling group of old buildings on Cannon and Mary streets in the heart of the Beasley neighbourhood late Wednesday afternoon.

"We're calling it the Beasley Park Lofts," Stinson told The Spectator. "We're openly trumpeting the neighbourhood."

Stinson plans to build a boutique hotel, bar/restaurant, condos and commercial units when he redevelops the 110,000-square-foot property.

He estimates the project will cost between $20 million and $30 million.

"I would say people would be moving in, in a year and a half."

In 2013, the Toronto developer built the Stinson School Lofts in the central Hamilton neighbourhood of the same name. He's also selling lofts at the old Gibson School on Barton Street East.

Who would end up with the Cannon Knitting Mills has been the subject of speculation for months.

The group of seven buildings was listed in late January for $2.4 million.

In February, the city announced in a report that the owner of the property, Forum Equity Partners, had a "firm deal" to sell.

Ten years ago, Forum, a Toronto-based development firm, partnered with the city to buy the knitting mills for $200,000.

The joint venture, called the Hamilton Realty Capital Corporation (HRCC), was meant to encourage development in the core. It saw the city lend Forum $100,000 to purchase the property, which was built in stages between 1854 and 1950.

Read it in full here.

LikeHamilton · #**147** Posted **Jun 9, 2016, 1:13 AM**

Here we go again!

king10 · #**148** Posted **Jun 9, 2016, 11:46 AM**

People moving in in a year and a half. Yaaaa right.

Also boutique hotel and bar sounds eerily familliar to his failed development on main and john.

Having said that, i hope he succeeds in this project.

drpgq · #**149** Posted **Jun 9, 2016, 12:41 PM**

I'm a little surprised he can get $3 million together. He does seem pretty fixated on having a hotel and bar. I really don't get it at this location.

eatboots · #**150** Posted **Jun 9, 2016, 1:24 PM**

It will be interesting to see how parking gets worked out, this site currently has zero spaces as far as I can tell.

matt602 · #**151** Posted **Jun 9, 2016, 4:57 PM**

Another pipedream from Harry. Shall we start placing on bets on how long before he sells the place again? 3 years? 5 years?

Redeveloping 110, 000 square feet of abandoned 100+ year old building in a year and a half... what a joke.

BaconPoutine · #**152** Posted **Jun 9, 2016, 5:16 PM**

A year and a half? I want whatever Harry is smoking. The Stinson lofts still have unfinished aspects, Gibson lofts are just getting started, and he's still doing the Stinson "Mansions."

I hope it's successful, but I don't see any demand for a boutique hotel in the neighbourhood.

king10 · #**153** Posted **Jun 9, 2016, 5:29 PM**

How does he get funding for this? I wouldnt lend him credit.

davidcappi · #**154** Posted **Jun 9, 2016, 8:10 PM**

Can someone do a rundown/ link to all the stuff wrong with Stinson School?

movingtohamilton · #**155** Posted **Jun 10, 2016, 12:01 PM**

Quote:

Originally Posted by drpgq

I'm a little surprised he can get $3 million together. ..

^ This!

Also, are we getting paid back the $100k loan provided to Forum Equity Partners?

king10 · #**156** Posted **Jun 10, 2016, 12:51 PM**

Quote:

Originally Posted by movingtohamilton

^ This!

Also, are we getting paid back the $100k loan provided to Forum Equity Partners?

I don't believe so

BaconPoutine · #**157** Posted **Jun 10, 2016, 6:27 PM**

I'm pretty sure I read that it was already paid back. I'll hunt for a source.

Edit:
If the property sells, the city pays Forum 15 per cent in annual interest for the developer's share of money put toward the project under the 50/50 expense agreement.
Forum receives a full return of its principal while the city recoups its share. Anything left over after the sale, however, goes to the developer.
"The assumption is there will be something left over," Norton said.
Forum didn't respond to a request for comment over the weekend.
On Twitter, broker Derek Doyle said details of the listing will be available Monday.
Forum pays taxes on the property, but the city lends the developer half of that, Norton noted.
The city has dedicated about $185,000 for the Cannon Knitting Mills venture."

Sounds somewhat fuzzy. I'm not sure what to make of that.

Also from the article: "The city spent nearly $300,000 to create the HRCC, a cost that included a business plan and analysis of potential properties for redevelopment."

The city spent $300,000 to come of with the plan to loan $100,000 to someone else for the purchase of a property that remained vacant until resale and allowed the developer to pocket the profit. Yikes.

interr0bangr · #**158** Posted **Jun 24, 2016, 3:18 AM**

Anyone want to change the title?

Should probably be Beasley Lofts | ? | 5 fl | Proposed

Renders:

I grabbed them from this video: https://www.youtube.com/watch?v=7Ft8oBp9x7g

Beedok · #**159** Posted **Jun 25, 2016, 4:46 PM**

Hope it happens. Being Stinson I'm weary, but when he does actually do a project it tends to look nice, so that's something.

interr0bangr · #**160** Posted **Jun 27, 2016, 1:43 AM**

Harry Stinson’s grand plans for Cannon Knitting Mills

http://www.thespec.com/news-story/67...nitting-mills/