27 Feb Delta Secondary School For Sale
Real Estate Investors & Developers Take Note: Delta Secondary School For Sale In Hamilton
Delta Secondary School for sale in central Hamilton – perfect opportunity for real estate investors and developers.
“Ward 4 Coun. Sam Merulla says he’s confident Delta Secondary School will find a buyer now that it’s being offered for sale on the open market.
Hamilton public school trustees approved the move Feb. 24 after no public agency, including the city, showed interest in buying the heritage building and 2.5-hectare property within a 90-day deadline.
Merulla said he always expected the Main Street East property, which he estimates could fetch upwards of $7 million, to go to a private buyer.
He said the price tag rules out affordable housing going there, a fear expressed by some neighbours at an open house hosted by the school board in December.
“I know literally people waiting in the wings for it to hit the market and they’re going to be all over it,” said Merulla, predicting the school will be converted into high-end condos like those at the former Dundas District High School.
“That’s the only thing that they could possibly do considering what the price tag of that land would be. There is no other development that would have its return on investment.”
Merulla said any buyer could potentially demolish the 1970 addition, where the gym and auto shop were located, for a six-storey building.
He said he expects two or more developers to work together because of the need for separate expertise to do a full restoration of the school’s designated parts and construct a new building.
“That’s where the economies of scale are going to be for their return on investment,” Merulla said, adding any proposed development is likely years away because it will require a rezoning and city site plan approval.
“Whoever buys it will have to work with the city in having a park space of some kind because I’m not prepared to lose all that green space.””
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Source: The Hamilton Spectator