New 261-unit rental apartment to help revitalize Hamilton: investor
Published July 31, 2023 at 9:23 am
Work has begun on a purpose-built rental apartment on Hamilton Mountain, a project that its lead investor says will help revitalize Hamilton and supply much-needed housing.
The project shows how multiresidential development is booming in Hamilton, industry news website Real Estate News EXchange (RENX.ca) recently reported.
The Labourers’ International Union of North America (LiUNA) celebrated the groundbreaking at 500 Upper Wellington St. in May.
LiUNA Pension Fund of Central and Eastern Canada (LPFCEC), the lead investor in the project, partnered with Fengate Asset Management and Ingenuity.
The six-storey apartment will have 261 units and more than 6,000 square feet of commercial space, including a convenient location, sustainable features and smart technology.
“In line with LiUNA’s community-building efforts throughout Canada, the United States, and around the world, this rental development is part of LiUNA’s ongoing work to drive the revitalization of Hamilton,” Fengate wrote in a press release.
Unlike other types of rentals such as condos, purpose-built rentals are meant to provide the security of permanent housing for residents since they are built specifically for long-term rental accommodation.
“LiUNA has an extensive footprint in the city of Hamilton and we are proud to continue this momentum and ensure reliable and affordable housing supply extends beyond concept and into reality,” said Joseph Mancinelli, chairman of LiUNA Pension Fund of Central and Eastern Canada, in a press release. “This purpose-built development will deliver in-demand housing supply to meet the diverse and evolving demands of our communities while moving our economy and city forward.”
Construction is expected to be done in 2026.
Residents will have nearby conveniences including access to downtown Hamilton and onsite amenities, according to Fengate.
In addition, plans for the building include “sustainability-focused features” such as a green roof, geothermal heating and cooling and energy-efficient building system. Fengate also noted integrated technology features will allow residents to manage their homes and access building services remotely.
LiUNA has invested in other projects, including 75 James Street, King William Residences and 20 Rebecca Street, which Mancinelli said “will have a positive impact on our community as we work proactively and collaboratively to meet the future growth of our city.”
The site was acquired in January 2021 for an undisclosed price, according to RENX.ca.
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