Progressive Development Fund Trust is an open ended unit trust formed on February 22nd, 2017 under the laws of the province of Ontario. The Trust aims to achieve superior risk adjusted returns by investing all or substantially all of its assets into the underlying limited partnerships.
George Street (Hamilton) Limited Partnership
Total Trust Raise Amount- $3,000,000
Equity Ownership in project – 40%
Estimated Time Horizon – 4-5 Years
Developer Partner – TBD
The property is located at 115 George Street in the part of Hamilton known as ‘Hess Village’, infamous for its fine dining, night life, coffee shops and historic buildings. “The George”, which is the name that has been registered, is seeking to be zoned for a minimum of 9 storeys. This would allow for approximately 70,500 Sq.Ft of GFA of which 55,000 Sq.Ft would be saleable residential living space for the residents. The first floor of the building will have approximately 5,000 Sq.Ft of street level retail. Perfect for a boutique coffee shop or tapas restaurant.
There are several recent large scale residential and mixed-use developments in the area, some of which draw a nice comparison to the George. Most notably is the recent residential development by Lamb, Television City, located at 163 Jackson Street West, which is currently selling at $635 per square foot. Valery Homes is also building a direct comparable building at 112 King Street East. This residential condo development is similar in size at 14 storeys and is sold out at an average price of $541/square foot. Another good comparison for the George is 101 Locke Condo Residences by Spallacci Homes. This residential development is currently under construction and 98% sold out at an average price of $628/square foot. The proforma was built with conservative sales prices to attract a speedy pre-sales process and ultimately decrease the development life cycle timeline
The site is currently zoned as D3, which allows for downtown mixed use. There is currently a 2-storey building on the site that will eventually be removed to make way for the 9-storey modern condo project, known as the George.
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