Hamilton city council has taken another dramatic step towards its vision of creating an urban neighbourhood along the west harbour.
It has voted, after meeting behind closed doors on Wednesday night, to buy out the remainder of a Hamilton Waterfront Trust lease agreement in order to gain direct control of the lands at 57 Discovery Dr.
The property, until recently, was home to Sarcoa restaurant and before that the Parks Canada Discovery Centre.
The buyout of the lease will cost a total of $3 million and is to be paid out annually over 15 years. The city says fair market value was established through an independent appraisal. The lease was not set to expire until 2054.
The city will now investigate the feasibility of incorporating the lands into the Pier 8 development which calls for 1,500 residential units, commercial space and a promenade park.
The Hamilton Waterfront Trust, which has a mandate to connect people to the water’s edge, will continue to exist as a separate entity.
Comments