Comment 59803

By Jonathan Dalton (registered) | Posted February 15, 2011 at 12:42:19

The market gets forgotten a lot in these conversations. I too would like to see a conversion of this building but those units would have to come to the market likely in the over $350K range to make them viable. I know you all love downtown, but there is simply NOT the market here for that yet. Perhaps someday but certainly not now.

I heard recently from a condo developer that the cost of converting a building is substantially less than that of new construction, and that is why most condos here in Hamilton are in fact conversions. This developer is planning a new construction with units starting in the low $200's. Unless the Federal Building is an unusually hard case for conversion, I wouldn't write off the possibility of a suitable market.

180 units at $200,000 each gives him a budget of $36M. Unless City Hall is giving out the contracts, he should be able make that work. Don't forget, someone made it work for the Pigott and SunLife, and the Bell Canada building, not to mention all the smaller projects.

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