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The city of Hamilton is looking to take advantage of the hot real estate market, as it aims to sell several social-housing complexes in the West Harbour to private development companies for big bucks. The city says it’ll use that money to build even more affordable housing.
City housing Hamilton, which owns 7,000 affordable housing units says the highrise needs about $11 million in renovations, cash they don’t have. The group is looking to sell the land around 500 MacNab and the Jamesville townhome complex to private developers. With that money, the group aims to build new affordable units in the West Harbour.
A report by Deloitte says that 400 new units could be built on the empty land at Barton and Tiffany, almost double the combined amount of spaces at 500 MacNab and Jamesville.
Council will revisit the topic before the summer to discuss possible locations for new affordable housing.
