Gibson School Lofts
Gibson School Lofts is a sequel project to the famous Candy Factory Lofts with two main differences; location and price.
The Candy Factory is in Toronto with lofts amongst the most valuable in Canada; currently valued from $700,000 to $1,600,000. Gibson School Lofts is in Hamilton with pre-construction sales starting from $159,000.
The two projects also have two main things in common; the same pre-construction price of $159,000 and the same developer; Harry Stinson, a man with a visionary track record of being in the right place at the right time with the right product.
When The Candy Factory was just getting started, Queen Street West was a scruffy industrial area; the Candy Factory itself had been abandoned for 20 years. Neighbouring stores were either shabby or empty and the loft market was unproven leaving industry experts skeptical.
Stinson’s instincts however, were proven correct and the original Candy Factory buyers were very happy with both their homes and their investment. Three years later, pre-construction values doubled by occupancy and have since doubled again. Now, Stinson Developments is letting history repeat itself with the Gibson School Lofts on Hamilton’s Barton Street.
A century ago, Hamilton and Toronto were equivalent cities. Toronto’s Queen Street and Hamilton’s Barton Street were both the primary commercial avenues of their respective cities lined with imposing banks, churches, bustling shops and restaurants. In the mid 1900’s, industry became mechanized, cars became affordable, generic homes in the suburbs became fashionable, and old urban buildings were abandoned. By the late 1900’s, technology became affordable, commuting became stressful and downtown became fashionable again with an increased popularity in renovated old buildings.
This urban evolution has happened time and time again in cities all across North America. Although eclipsed by Toronto, Hamilton by contrast, enjoys prices that are very affordable for many residents as well as practical for investors. The city of Hamilton’s real estate market is coming alive!
Not surprisingly, Stinson started acquiring property in Hamilton years ago. Appropriately, the first Hamilton project was The Stinson School Lofts, the restoration of an 1894 landmark building located on Stinson Street. Occupied in 2013, this project has won both design and heritage awards while transforming the neighbourhood into a fashionable address, already doubling local property values.
The Gibson Lofts project is a mixed-use complex larger than most, occupying a full city block. The building itself has serious ‘street presence’; a classic “Collegiate Gothic” structure that has been a Hamilton landmark for over a century. When finished, the development will include residential lofts, townhouses, retail and live/work units, and a landscaped parkette with its own café patio.
Things are happening on Barton Street. To the west, a new GO train station has just opened providing direct service to Union Station. To the east, the new Tim Horton’s stadium played host to the Pan Am Games, and will shortly include the CFL Football Museum as well as a major community sports complex.
Hamilton’s Centre Mall has had a $100,000,00 makeover, with new ‘big box’ outlets for Walmart, Canadian Tire, Metro Foods, Best Buy, Shoppers, Indigo, Rainbow Cinemas, Royal Bank; corporations that don’t spend a penny without intense market research.
Hamilton General Hospital continues to expand, spilling over to adjacent blocks, employing thousands of professionals and service staff working round the clock. Around the corner from Gibson Lofts is the castle-like Cotton Factory; restored as a major arts complex. All up and down Barton Street, properties are being aquired by investors. It’s not uncommon to see former bank buildings renovated into cafés and restaurants. Perhaps most important is the plan for U.S. Steel to sell 800 acres of waterfront property; an event which will transform both Hamilton’s economy and image.
Now is the Time
Yes, things are happening in Hamilton, and The Gibson Lofts on Barton Street will have a front row seat. In two years the area will have grown and matured beyond recognition. So will the prices!
Now is your opportunity to be in the right place at the right time, with the right property.