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By GWW (registered) | Posted April 09, 2016 at 17:13:02 in reply to Comment 117568
The retail space in the late 1990's and into the early 2000's was in decline (Think Towers department store) in the Aldershot area. Aldershot itself represents only about 17,000 people in the late 1990's, not enough to attract big box retailers, for the size of the area. If retail was healthy in this area, it would have remained in play, instead the area was in a slow decline.This together with the local BIA wanting the area upgraded, with a greater intensity of residences,(to try and make existing retail more viable) lead to the developer Drewlo building roughly 950 rental units in the area. Drewlo was able to do this because of the relative large parcel of property available,the economies of scale, and as an added bonus the Aldershot Go Station nearby. With upward pressure of residential land prices vs what could be rationalized for commercial in a declining retail environment the changes in land use have occurred in this area. The same conditions do not exist in the Fiesta Mall area.
Other areas in the City of Hamilton have relative declining commercial land prices, but have relatively small parcels of land.(Barton Street). I am not sure how attractive these areas are for residential, similarly I am not sure how attractive living in the Centre Mall area would have been either from a rental perspective or a Condo perspective. Condo's have a hard enough time in downtown Hamilton, even with all the breaks developers get.
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