Slate Asset Management acquires 800 acres of Hamilton industrial lands from Stelco with plans to create a new industrial park
Great news for the city’s North End as Slate Asset Management has announced their acquisition of approximately 800 acres of Hamilton industrial lands and buildings from Stelco. Slate’s current plans are to redevelop the site into a world-class industrial park. A study completed by Ernst & Young notes that the site will have the capacity to support 23,000 jobs across the Greater Hamilton and Toronto area while also injecting potentially $3.8 billion into the Ontario Economy.
The terms of the sale allow for potentially 12 million square feet of land to be developed within the 800-acre parcel. The site further boasts more than three kilometers of deep-water port access. This investment is another example of how Hamilton’s multi-modal transportation networks can offer a clear advantage for companies who are looking to invest in the city.
Jason Thorne, General Manager of Planning and Economic Development in the City of Hamilton stated that “the scale of this is really significant,” and that, “it is a great opportunity for the city to have these lands back in production.”
Similarly, Hamilton Mayor Fred Eisenberger noted that Slate’s investment in these lands stands as a “vote of confidence” in Hamilton. The Mayor further stated that, “We can’t wait to see these unique and iconic lands transform into a showcase job site of the future where we will create good-paying jobs, grow the economy, and protect and remediate Hamilton’s waterfront for the benefit of all.”
The potential creation of another industrial park is also welcome news for Hamilton’s advanced manufacturing sector, which has been continuing to grow and support industrial greening and decarbonization initiatives in recent years.
Click here to learn more about Slate Asset Management, and further details about this exciting opportunity.