Hamilton OKs $500M redevelopment plan
The City of Hamilton announced on July 17 that it will move forward with a development proposal from the Hamilton Urban Precinct Entertainment Group to revitalize several venues in the city’s arts and entertainment district.
The project will see the firm modernize and conduct significant renovations to such buildings as FirstOntario Centre (formerly Copps Coliseum), FirstOntario Concert Hall and the Hamilton Convention Centre. It also calls for a significant investment in the Art Gallery of Hamilton, as well as new residential, affordable housing, office and retail space development. The total value of the project is approximately $500 million.
“The Precinct Group’s proposed revitalization plan lays the foundation for a world-class entertainment precinct, right in the heart of downtown Hamilton, that will drive additional tourism and serve as a premier sports, entertainment, and cultural center for all Hamiltonians,” said Mayor Fred Eisenberger.
Highlights of the Precinct Group’s plan include a $50-million renovation of FirstOntario Centre that includes a new building exterior, comprehensive transformation of the lower bowl, expanded concourse level, and a new curtaining system for the upper bowl balcony; more than $16 million in capital upgrades to the Hamilton Convention Centre, FirstOntario Concert Hall, and Art Gallery of Hamilton, and approximately $340.5 million in mixed-use developments—including affordable housing.
The plan will see the Precinct Group assume all capital costs to renew the facilities, and take responsibility for the operations and maintenance of the FirstOntario Centre and the FirstOntario Concert Hall for a period of 99 years and of the Hamilton Convention Centre indefinitely.
The approval of the proposal represents a significant step forward in the process to breathe new life in the city’s arts and entertainment district. That process began in 2017 when city council directed staff to investigate opportunities for a private sector-led redevelopment of the entertainment venues
In 2019, Ernst and Young completed a comprehensive review of the venues. The study found that eliminating the city’s ongoing subsidization and capital commitments of the venues would save taxpayers about $155 million over the next 30 years. The city then engaged with a handful of private-sector partners to explore their interest levels in the project.
In February, council received proposals from two developers—the Precint Group and Vrancor Group—to complete the work. The Vrancor Group proposal, it was revealed, came in at a budget of $200 million, but focused chiefly on updating the arena at FirstOntario Centre.
Next steps in the development process will see the city and the Precinct Group negotiate a master agreement. That is expected to be finalized by the end of this year. Renovations to the arena at FirstOntario place could start as early as fall 2021.
“The transformed arena will be a destination for sports fans, music lovers, and families, creating a first-class guest experience in the urban heart of the Greater Hamilton area,” said Precinct Group President and Carmen's Group CEO PJ Mercanti. “We also look forward to working with the Hamilton Bulldogs to ensure they have a modernized facility to call home for years to come.”
Members of the Precinct Group consortium include LiUNA, Fengate Capital, Meridian Credit Union, Paletta Group, and Carmen’s Group.