Hamilton’s waterfront to transform into one of Canada’s largest industrial hubs
Published May 16, 2023 at 2:08 pm
Hamilton’s waterfront could soon turn into a massive industrial hub that would be one of the largest anywhere in Canada.
Toronto-based Slate Asset Management that acquired former Stelco lands in June of 2022 , announced on Tuesday (May 16) its plans to transform Hamilton’s “iconic” harbourfront into a “Steelport” industrial community, envisioned to be one of Canada’s largest intermodal hubs.
It would create more than 23,000 new jobs in Hamilton and across the GTA, the company says.
The hub will allow for increased trade and better connectivity by providing direct access to the Great Lakes, the St. Lawrence Seaway, the U.S. land border, Ontario’s extensive highway system, on-site rail services and both Pearson Airport in Mississauga and Hamilton International Airport.
“Steelport reflects our commitment to raising the bar for industrial redevelopment,” said Blair Welch, founding partner at Slate. “From transforming the site into a modern and accessible space to creating thousands of jobs and infusing billions (of dollars) into Canada’s economy, we believe the reach and impact of this project will be monumental.”
Based on a study conducted by EY Canada, the waterfront property has the potential to generate $3.8 billion for Ontario’s economy over the next decade once it is up and running.
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According to Ottawa-based Real Estate News Exchange (RENX), Slate plans to incorporate sustainable development principles into the project, such as upcycling steel from the demolition sites of existing buildings in the area.
Through upcycling, a higher quality or higher value product than the original is created.
“Reimagining these lands will require a forward-thinking design philosophy, vast amounts of investment and extensive collaboration,” said Welch. “We look forward to partnering with the City of Hamilton, the Province (of Ontario) and the federal government to ensure we can realize the full potential of this iconic site in a way that will create value for all its stakeholders for decades to come.”
Expected to be completed by 2033, Steelport will be developed in phases, “including demolition, remediation and construction of new infrastructure, such as roads,” according to Slate Asset Management’s press release.
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