Spectator building to become part of Hamilton's life sciences mega-hub

 

The Toronto-based media company that owns the Hamilton Spectator and the building that houses the local paper’s operation, announced Monday (March 2) that the sale of the building has been finalized.

In a press release, Torstar Corporation said that it has completed the sale of the land and building used by the Hamilton Spectator at 44 Frid Street in West Hamilton, for a massive purchase price of $25,750,000.

As it turns out, the purchaser is McMaster Innovation Park with plans to expand their current footprint beyond their building at 175 Longwood, just around the corner from the Spec.

We are excited to share that MIP has acquired the Hamilton Spectator building!” MIP tweeted out Tuesday morning.

We are very excited for this new growth.”

A press release sent out Tuesday said that MIP’s planned expansion “at full build-out will encompass 2.5-million square feet of purpose-built facilities dedicated to innovation, commercialization and entrepreneurship.”

The goal is to create a life sciences mega-hub, the press release says, to support companies in life sciences and biotech, advanced materials and manufacturing, and information and communications technology

It is expected when all is said and done, approximately 5,000 people will be working in the park, which will be “twice the size of the Chrysler Building in New York City, bigger than Toronto’s Scotia Plaza and on par with First Canadian Place,” according to MIP CEO Ty Shattuck.

Today, entrepreneurs, leading global companies and investors in the life sciences see the GTA-Buffalo nexus as a global-calibre life sciences hub and MIP is at the epicentre.”

Shattuck also pointed out that the buildings will be carbon neutral.

Huge thank you to everyone involved in making this endeavour come to fruition!” MIP Tweeted following the announcement. “We are one step further in our innovation journey.”

There’s still no word as to where the Hamilton Spectator will find a new home. The Frid Street building has housed the paper and its operations since the late 70s.

Photo courtesy McMaster Innovation Park Facebook

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