Millions In Tax Revenue Expected From Hamilton's Waterfront Development In Due Time
Updated: Apr 27
Hamilton’s West Harbour redevelopment plan is set to completely transform the area from its current state of parking lots, trails, and buildings. The entire project, expected to take 15 to 20 years and cost $140 million to complete, is made up of smaller projects. When completed, the entire West Harbour redevelopment is expected to add $9 million in taxes to the city's revenue every year.
According to Chris Phillips, the municipal land development office manager, the complete transformation of the land will generate millions of dollars in taxes. In a recent meeting, Phillips claimed that the area has "never generated a dime of municipal taxes in its entire history." Nevertheless, when the project is finished, it is expected to generate $1B in privately invested funds.
Although some of the projects have already been completed, such as Copps Pier at Pier 8, and shorewall, fish habitat, and a public boardwalk at Piers 6 and 7, the city is currently focused on developing Piers 5 to 8.
Gateway Park at the entrance to Pier 8 is estimated to open by the end of this year, and a public plaza, public art space, and waterfront access at the end of James Street N. will be finished next year.
Overall, the transformation of Hamilton's waterfront is expected to be a tremendous economic boost to the city and generate significant revenue for years to come.
Hamilton's Pier 8 Development: A Community Jewel in the Making
Hamilton's Pier 8 development project is set to transform the waterfront into a bustling community hub, with its staggering 12-hectare space accommodating 1,645 residential units and 70,000 sq ft of commercial space. Once completed, this is expected to generate over $1 billion in private-sector investment, as 42% of the land will be sold for development.
It's worth noting that while private development is inevitable for parts of Pier 8, the city still owns and controls the rest of the area. Waterfront Shores Corporation, the project's developer, will be renting out space at Pier 8's Discovery Centre as a sales centre in the upcoming months.
One of the most ambitious proposals made for the site is Waterfront Shores' 45-story condo tower, which will be the tallest building in Hamilton if approved. However, some residents are concerned that this tower will impede views, cast shadows, and add to traffic congestion.
Despite these concerns, Hamilton supports the Waterfront Shores proposal, recognizing its potential to transform Pier 8 into a "jewel" on the city's picturesque waterfront. The community is looking forward to the project's completion and eagerly anticipating the new lifestyle opportunities that it will bring.