Developer halts Hamilton’s City Centre demolition due to tough real estate market

The developer for Hamilton’s City Centre has hit pause on the four-tower condominium project, citing shortfalls in the real estate market.

The mall closed to the public on Dec. 31, 2022 in anticipation of being demolished to make way for a condo building with 2,000 units. All store owners were given until Jan. 10 to leave.

IN8 Developments President Darryl Firsten tells CHCH News that demolition won’t begin until there is a viable real estate market to sell about 500 units during the pre-construction phase.

“The construction team is ready to go,” Firsten says.

“Unfortunately our assessment is that the market is not there right now. It will likely take a few interest rate drops to get there.”

Demolition of the iconic building was initially scheduled for February 2023.

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