Sneak peek at ‘Steelport’ industrial park on Stelco Steel land

It’s been nearly a year since the sale of Stelco Steel lands. The project is slated to redevelop 800 acres of the property into a new, diverse industrial park. On Tuesday it unveiled another sneak peek of Steelport.

Slate Asset Management, the company that bought the land once owned by Stelco Steel says formal consultation with the City of Hamilton for its redevelopment is set to begin in the coming weeks. The investment firm says it expects shovels in the ground in 2024.

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Slate Asset Management’s Steven Dejockheere says Steelport is “an obvious name, people will get it. We think it’s something we can mold into the story that we want to show and project going forward.”

Dejockheere says the property will transform into one of the largest industrial employment hubs in Canada that will connect to highway and water. The project will also include public access with trails and waterfront space.

The investment firm closed a deal with Stelco for more than $500 million for more than 300 hectares of land. Most of the industrial land is ready for development and a part of it will be leased back to Stelco.

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The senior vice-president says over the next year, rezoning and other development applications need city approval and hopes to see funding from city hall and other governments for the public spaces.

Ward 3 councillor Nrinder Nann’s office tells CHCH News in part, “She is encouraged by what we are seeing so far in the public renderings shared today,” and she is receiving updates on her desire “…to see pedestrian access to the water, community-focused amenities, Bay Area Industrial Strategy recommendations…”

As for its impact economically, the investment firm says Steelport is slated to create up to 23,000 jobs and inject nearly $4 billion into Ontario’s economy.

McMaster professor of economics Maxim Ivanov applauds the project. Ivanov says a diverse business centre will create more jobs and drive competition. But he says current interest rates are a concern.

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Dejonckheere says the lands will be tailored for logistics and manufacturing. He says promotion for potential tenants will likely begin in the summer.