Avison Young has been retained exclusively to arrange the sale of 16 Cannon Street East (the “Property” or “Site”) is a conditionally approved high-density redevelopment opportunity in the core of downtown Hamilton. The site plan has been conditionally approved for a redevelopment of the current two-storey residential building with a 16-storey residential building with a Gross Floor Area (“GFA”) of 89,066 SF providing 130 residential units. The Property is located in a central area of Downtown Hamilton serviced by two of the City’s major transit stations including the West Harbour GO within a 9-minute walk north and the Hamilton GO Centre within an 11-minute walk south as well as the future Hamilton LRT (James Stop) within a 5-minute walk. The surrounding area is filled with amenities including Hamilton City Centre shopping mall, Jackson Square Shopping Mall, First Ontario Centre, and much more.16 Cannon Street East provides a unique opportunity for a developer to acquire a transit-oriented nearly approved high-density development site in one of the fastest-growing regions of the Greater Golden Horseshoe. The City of Hamilton’s recent announcement that certain areas of the downtown no longer require residential parking spots for residential high-rise developments offers several benefits to developers. 16 Cannon will be significantly improved by the change in parking requirements. The site will now only need 8 visitor parking spots. This will eliminate the need for parking stackers, a car elevator and the second floor of the parking structure. The elimination of parking requirements will allow developers to reduce construction costs associated with building expensive underground structures. This, in turn, allows for more efficient use of land, potentially increasing the number of units or enhancing amenities within the development.