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Stelco sells 800 acres to build world-class industrial park in Hamilton

Slate Asset Management closed a deal to purchase a large portion of Stelco’s prime waterfront land for $518 million earlier this week with plans to turn the area into a state-of-the-art industrial park and shipping container yard.

The announcement was made by Slate in a media release on Wednesday, unveiling their plans to transform about 800 acres of industrial land into a brand new commercial district. According to a study by Ernst & Young, the new development could create up to 23,000 new jobs and $3.8 billion for Ontario’s economy.

This historic sale includes all of Stelco’s underused land, which is located at 386 Wilcox Street by Hamilton Harbour. It includes a long-term sale-leaseback of 75 acres of land so Stelco can continue its cokemaking and value-added steel finishing operations at the Hamilton site.

The remaining land will be developed into very desirable industrial space. Its proximity to Lake Ontario, a busy rail line, international airports, and the U.S. land border make it a truly unique industrial development opportunity.

While it is not yet certain what the plans for the site will look like, the industrial park is fit for a variety of use cases as it will be designed for businesses that use intermodal containers. Early estimates show that Slate could build up to 12 million square feet – or about 275 acres – of industrial buildings on the property.

The deal also involves investing in remediation and environmental protection of the site.

This news coupled with the current redevelopment of Pier 8 — which itself is currently being redeveloped into 1,292 condo units including 65 affordable housing units spread across 20 buildings — will radically transform the appearance of one of Hamilton’s most prominent waterfront areas.

You can find more information about the deal on Slate’s website.

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