New Hamilton condo project for those looking to enter the real estate market
Hamilton real estate is almost unattainable at the moment, particularly to first-home home buyers looking to enter the market.
According to Zolo.ca, between Jan. 16 and Feb. 12, 2021, the average home sold for $771,000.
The recent real estate trends for the city don’t offer much hope for most buyers but there are options for those willing to wait a few years.
Toronto-based developer, Emblem Developments is setting up shop in Hamilton at 1 Jarvis. If you’re not sure where Jarvis Street is, you’re not alone. The tiny sliver of a street is nestled between King and King William, as well as Ferguson and Wellington. 1
Jarvis was also the location of the Hamilton Tiger-Cats’ head office and player facilities while the club awaited the construction of Tim Hortons Field.
Emblem Developments will be accepting sales in late February for its 15-storey tower with 354 mixed condo units, ranging from one to three bedrooms and prices starting in the mid-300s, which is well below the current market.
“We want people who appreciate condo-living to have an opportunity to get into the housing market,” said Shamil Jiwani, who is the director at Emblem Developments.
The company believes 1 Jarvis is situated perfectly in the downtown core and offers the perfect opportunity--a 15 to 20-minute walk to the entertainment district without paying James Street North prices.
The location has a Walk Score of 87, meaning most errands can be accomplished on foot, a bike Bike Score of 90, and a Transit Score of 80, thanks to its proximity to major bus routes and the Hunter Street GO Station.
“When we’re looking at where we want to develop--whether it be Toronto, Mississauga, or other parts of the GTA--Hamilton presents us with the greatest opportunity,” continued Shamil. “Billions of dollars are being invested and development dollars are pouring in. The private and public sectors fundamentally believe in Hamilton.”
Shamil added that the provincial government’s announcement of a re-vised LRT plan that would most certainly include a stop near 1 Jarvis is “icing on the cake.”
The company also sees potential with the large pedestrian space on Ferguson Avenue as it connects to the ground floor of the condo building, which is zoned for commercial space. Emblem Developments says it hopes to utilize the area for patios and outdoor dining.
The company is well-aware of the trepidation from Hamiltonians when it comes to Toronto developers coming in and making a quick buck while driving up prices.
“We believe so much in the Hamilton market that we just bought another 1-million square-feet of area,” added Shamil. “For us, it’s not about coming into Hamilton and doing one project and leaving. It’s about making long-term investments and offering the highest quality without some of those crazy prices.”
Shamil highlighted specific design features that aren’t typically found in Hamilton condos, like frameless glass showers and stone countertops and backsplashes.
The units inside 1 Jarvis will range in size and price and the developer promises to pack the building with amenities, including a yoga and fitness studio, as well as a co-working space.
While a completion date has not been finalized, Emblem Developments says they’re “two or three years” out.
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