A Toronto-based investment firm says it intends to bring a redevelopment initiative to the Hamilton area in an effort to turn Eastgate Square into a combined retail and residential area.
Investment firm Harrison Equity Partners, along with Retail Ventures CND Inc., is boasting the proposed revitalization will convert the 45-acre site in east Hamilton into an “accessible and affordable destination.”
“The proposed redevelopment will maintain its market leading position by adding a focused array of existing and new shops and services to cater to the local community’s daily needs with a focus on healthcare, wellness, pet care and similar core services inside a re-imagined and re-designed complex,” the firm said in it’s proposal.
The current incarnation of Eastgate is generally just a mall anchored by Fortino’s, Shoppers Drug Mart and Winners.
Easy access to transit and major roadways is also being pitched in the proposal citing pedestrian connections with the soon to be built Hamilton Light Rail Transit (LRT).
“We believe that with a careful appreciation of the local community’s needs we can make Eastgate Square the kind of special place where people will come to live, work, shop and be together,” CEO and Founder of Harrison Equity Partners Mark Newman said in a release.
A specific proposal has yet to be submitted to the city as of Wednesday, according to a city spokesperson.
However, mayor Fred Eisenberger said the idea is in line with an official plan to intensify and develop higher density neighborhoods as part of a strategy to reduce urban sprawl.
“This is an exciting, visionary plan that will not only restore Eastgate Square to a regional destination for retail shopping but also transform it into a brand new thriving community,” Eisenberger said in a release.