The City of Hamilton and the Aeon Studio Group agreed Tuesday to end their memorandum of understanding (MOU) for the Barton-Tiffany lands project.

Councillor Cameron Kroetsch and the media developer posted on Facebook that both the city and the studio group mutually agreed to end their plans to redevelop a city-owned area in the city’s west harbour into a new creative industry hub.

The studio group’s statement reads that the project fell apart due to a number of factors, including high interest rates and slow construction growth.

“The land development market has collapsed. The film industry has turned sharply down. Arts grant funding has dried up,” reads the social media post.

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The group is calling this latest decision “strategic” to reconstitute the team to potentially realize the new project space at a future date.

The newly renovated space was marketed to become an economic cluster with studios housing film, television, gaming and music production.

There was also extended plans to build storefronts along Barton and Tiffany Streets with grocery stores, gyms, and restaurants along with 750 residential spaces as well.

Aeon Bayfront Studios has been operating in the space on Queen Street North since 2021.

The 80,000 square-foot facility was fit to produce many television shows and films in the city.

The city says they are now in works to re-envision a new long-term strategy for the land. Currently the city plans to build a temporary shelter at Barton, Hess, Stuart and Caroline Streets to house around 80 people for at least the next three years.

The media company and the city plans to hold confidential discussions about the MOU during Wednesday’s general issues committee meeting.

For those who have been watching the Aeon Studio Group project, here’s an update. “The City of Hamilton is disappointed with the outcome of the City and Aeon Studio Group’s mutually agreed upon termination of the Memorandum of Understanding (MOU), effective immediately.” #HamOnt

— Ward 2 Hamilton (@Ward2Hamilton) October 1, 2024