800 acres of Stelco lands in Hamilton sold to investment firm with big plans

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Published June 1, 2022 at 12:38 pm

Photo: Slate Asset Management Inc.

Hamilton’s Stelco Inc. has sold approximately 800 acres of surplus industrial land and buildings to an investment firm that plans to redevelop the land into a state-of-the-art industrial park.

According to a press release issued Wednesday (June 1), Slate Asset Management Inc. is now the proud owner of the lands in north Hamilton.

As part of the deal, which closed the same day it was announced, 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.

It is expected that Slate’s plans for an industrial park could create upwards of 23,000 jobs and has the potential to inject up to $3.8 billion into the local economy.

“This project represents a defining opportunity to reactivate a massively underutilized parcel of land that has global industrial relevance,” said Slate’s founding partner, Brady Welch, in the press release.

“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.”

Slate says the site’s location on Lake Ontario along a busy rail line, its proximity to international airports, and the U.S. land border make it a “one-of-kind industrial development opportunity.” The firm plans to see the largely underutilized parcel of land converted into a Class A industrial product.

As part of Slate’s plans to redevelop the land, environmental protection and remediation of the site will be carried out to ensure that the 800 acres are safe for workers and 3,400 metres of waterfront along Lake Ontario are reactivated.

“By incorporating best practices around sustainable infrastructure, construction, and social value across the lifetime of this project and its end use, we can redefine the legacy of this site and reintroduce it as a new standard-bearer for modern industry,” said Bozena Jankowska, Global Head of ESG at Slate.

More information about the project can be found on Slate’s website.

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