Fully Renovated Ivor Wynne?
Hello Hamilton real estate investors!
Hands up if you saw this coming. Here’s the article from the Spec and here is an online chat with Mayor Bratina and Ti-Cats owner Bob Young from the National Post.
Here are my takeaways and analysis:
- What just happened?! Of all the proposed stadium locations Aldershot in Burlington, Centennial Park, West Harbour, Aberdeen, east mountain… we have come full circle back to Ivor Wynne Stadium (IWS), home of the Hamilton Tiger Cats since 1950.
- Details are: demolish south stand, renovate north stand, do it with the Pan-Am budget ($120-million). Construction to start in 2012.
- Pros of renovating Ivor Wynne: zoning and environmental assessments will pass, budget friendly (never had the full funding for a West Harbour location, $50 million more than IWS). Big win for the lower city, Ti-Cats stay in Hamilton, stadium will meet the Pan-Am requirements
- Cons: still the same issues with Ivor Wynne: poor access to highways, public transit, lack of parking, no added benefit to rejuvinating the downtown
- Open questions: does this change the city’s transit plans? Will there be a stop added to the LRT B (east-west) line for IWS? Does this hurt the city’s ability to obtain funding for its transit plans.
- Bob Young mentions they have the funding to improve the neighbourhood. Think that might improve property values?
- Might be a good idea to scout the neighbourhood for cashflowing properties (like I am doing this afternoon!)
Till Next Time – Happy investing everyone!
Erwin Szeto
MrHamilton.ca
Real Estate Investment Adviser
e: erwin@mrhamilton.ca
p: 289-288-5019
f: 905.481.2341
PS: If you would like to learn more about investing in real estate in Hamilton please feel free to call 289-288-5019 or email me erwin (at) mrhamilton.ca.
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