Latest news with #Mississauga-based
Hamilton Spectator
3 days ago
- Business
- Hamilton Spectator
Condo development in Hamilton stalls as market hits historic low
Builders of highrise condos are hitting the brakes on Hamilton projects as the residential development sector struggles through the worst market downturn in decades. After another dismal quarter, the horizon for condo towers — the kind of density Hamilton is banking on to breathe more life into downtown , meet growth targets and provide more housing — is hazier than ever. One builder that's taking a wait-and-see approach is Coletara Development, which has paused sales on a 23-storey condo tower planned for vacant land on the edge of downtown Coletara Development has paused sales on a 23-storey condo tower planned for vacant land on the edge of downtown. 'The project's all completed. We're ready to go from a planning perspective,' Paul Kemper, president of the Mississauga-based firm, told The Spectator. 'That's not our issue. Our issue is that the market has slowed down.' Just under half of the Apex Condos, which is planned for the southwest corner of King and Queen streets, have sold, Kemper said. 'We're just waiting for the market to come back and then we'll be moving forward with additional sales.' Typically, although the threshold can vary, high-density condo developers must reach at least 60 per cent in presales to line up financing from lenders before projects can advance. The residential market across the Greater Toronto and Hamilton Area (GTHA) — and especially within the high-density condo sector — has crashed under the weight of a combination of factors, including spiked interest rates, escalating construction costs and higher unit prices. Kemper points out interest rates have come down, but consumer confidence hasn't yet rebounded during a wounded economy (most recently battered by U.S. tariffs). Our issue is that the market has slowed down. 'The reality is that because the economy is going poorly, there is just not the disposable income that people have to buy homes, and the homes are at all-time-high prices, so it's hard for the consumer. We recognize that.' The 'only variable that we can control' to tame prices is decreasing the size of units, but 'they have to be livable at the end of the day,' Kemper said. Coletara is no stranger to Hamilton, having built a 24-storey residential building at the former All Saints Anglican Church site at King and Queen, just north of the Apex property, a few years ago. And as his firm watches the market to resume sales, it has three other high-density projects in the queue for downtown that it wants to move on, Kemper said. 'We haven't moved them into sales yet because we're waiting for Apex to complete.' Other highrise developers with Hamilton projects are also taking a hard look at the cratering condo market. Slate Asset Management has planned three buildings of 27, 14 and eight storeys, with nearly 800 units between them, at the shuttered Corktown Plaza off John Street South. Slate Asset Management has planned three buildings of 27, 14 and eight storeys, with nearly 800 units between them, at the shuttered Corktown Plaza off John Street South. But 'in light of changing market conditions for condos sales,' Slate has 'proposed an amendment' to buyers of the first tower that would 'extend our construction financing condition timeline by one year,' a company spokesperson said via email. The only change for buyers who accepted the proposal is the extended timeline, but full deposits with interest were refunded to those who wanted out, Slate noted. 'We remain committed to finding ways to move forward with the project, and we are working hard to realize our vision for this community.' Real estate research firm Urbanation's second-quarter analysis of the GTHA new condo market tallied 502 sales, which extended a 30-year low for the sector. Second-quarter sales were down 10 per cent from the first and dipped 69 per cent year-over-year. This second quarter was 91 per cent below the 10-year average. Nobody wants vacant parcels. Unsold units are piling up as GTHA developers pause condo projects with only three launching presales on 891 units in the second quarter. Since the start of 2024 in the GTHA, 21 projects (4,412 units) have been cancelled. Of those, Urbanation noted, nine are being converted to rentals, an emerging trend as condo developers pivot from sales-dependent financing. Meanwhile, construction starts (essentially when foundations are poured) continue to lag from previous years. Across all housing types, Hamilton had 1,481 starts in 2024, a stark contrast from 3,347 in 2023 and 3,352 in 2022, according to Canada Mortgage and Housing Corporation (CMHC) data. Coletara Development has paused sales on a 23-storey condo tower planned for vacant land on the edge of downtown. The downturn has interrupted Hamilton's once-surging condo market, says Pauline Lierman, vice-president of market research for Zonda Urban, a real-estate research firm. That's disappointing, says Lierman, a McMaster University graduate who says she was looking forward to seeing planned residential-commercial development at Pier 8 , a city partnership with private builders, hit the market. 'That has kind of been swept under the rug.' In April 2024, Waterfront Shores, the consortium behind the project — which calls for 1,645 residential units, including a 45-storey tower — told the city 'builder threshold profit' for the phased development's first two blocks had 'not been met.' Lierman says it became 'very easy to churn out towers' with investors willing to buy units, but now amid the severe slowdown, developers have resorted to 'lowball pricing' to get past the financing hurdle. Developers might opt to 'shelve' projects and 'rethink' their products, including opting for smaller buildings or shifting to rental, Lierman said. That last option would be a good thing, Coun. Cameron Kroetsch suggests. We definitely need more rental stock downtown. 'We definitely need more rental stock downtown,' said Kroetsch, noting nearly 80 per cent of those who live in the core are renters. The condo crunch overlaps with a dispute between highrise developers and Philpott Memorial Church over the sale of the congregation's York Boulevard church. The cited sticking point has been potential heritage protection for the 124-year-old church, a discussion that sparked concerns from Kroetsch about housing not materializing for years on the site should the church be razed. 'If you're going to tear it down, it has to be replaced with housing.' Representatives of development partners Empire Communities and Hamilton Coliseum Place didn't respond to The Spectator's requests for comment. With more than 90 per cent of housing in private ownership, it's 'beholden' to market dynamics, said Coun. Maureen Wilson, whose ward includes the Apex Condos. In such a landscape, local governments are limited in what they can do, but 'nobody wants vacant parcels' of land, Wilson said. 'We know that people, density, adds to vitality, adds to economic exchange, adds to us enjoying and having more and different neighbours.' As the market bottoms out, the residential construction sector has pressed the city for breaks on development charges, which municipalities use to pay for growth-related infrastructure. Finance staff are examining potential relief but have emphasized foregone revenue must be recouped through property taxes and pointed to the need for senior levels of government to backstop any discounts. Cranes in the sky are for projects that got underway a few years ago , but now highrise residential development is at a grim crossroads, says Mike Collins-Williams, CEO of the West End Home Builders' Association. 'Everyone in the industry is hopeful that there will be a turnaround, but I think with each passing month, there's a deeper understanding that this is a seismic shock that is going to take potentially years to navigate our way out of.'
Hamilton Spectator
26-06-2025
- Business
- Hamilton Spectator
Sushi shop closes, Greek spot opens in Hess among Hamilton business news
The sun is shining, school is nearly out for the summer, and the Hamilton business scene is changing once again. While some new spots have opened over the last few weeks, other businesses have shuttered or adjusted operations. The Spectator has broken down some of those changes around the city. This Greek restaurant recently opened in Hess Village . Limani on Hess marks the expansion of Limani at Fifty Taverna , a Greek restaurant nestled inside Fifty Point Conservation Area in Stoney Creek with a patio overlooking Lake Ontario. An entrée from the recently opened Limani on Hess. The menu features classic dishes such as chicken souvlaki, lamb and beef gyros, spanokapita, moussaka, saganaki, tyropita, lamb kafta, grilled calamari and taramasalata as well as baklava and bougatsa. Limani on Hess is located at 29 Hess St. S. This Toronto-based dessert shop has opened up a spot in Westdale, with a location inside the popular Chung Chun Rice Dog . The dessert spot specializes in the traditional Chinese tanghulu, which consists of candied fresh fruit such as grapes, oranges, blueberries and strawberries, served on a skewer. Tanghulu Tanghulu is located at 1051 King St. W. This Mississauga-based burger joint recently expanded to the Hamilton Mountain. Rosie's Burgers opened a new location on Concession Street, moving into the former home of Dirty South. A burger from Rosie's Burgers. The Mississauga-based burger joint has expanded to Hamilton. The local chain, which got its start in Port Credit in 2020, is known for its smashburgers, chicken burgers, milkshakes and banana pudding. They also serve up classics such as fries, onion rings, as well as popcorn chicken and poutine. Rosie's Burgers is located at 509 Concession St. This Toronto-based dessert café chain has opened a location in Stoney Creek. The spot serves up scooped gelato, soft-serve gelato, milkshakes, sundaes, cakes, gelato bars and gelato cookie sandwiches. A serving of pistachio gelato from Nani's Gelato. Flavour offerings include pistachio, chai tiramisu, cookies and cream and passion fruit, with vegan and other allergy-friendly options. Nani's is located at 90 Hwy. 8 in Stoney Creek in the Fiesta Mall plaza. This sushi spot has closed its location in the city's Crown Point neighbourhood. Sushi Azuki announced in late May that after two years of operating on Ottawa Street North, the shop would be closing after June 22. 'We've made great memories and met many new people during our short stay on Ottawa,' read the post. 'But it has been an extremely challenging period for us.' The post noted that while the owners of the eatery have enjoyed serving customers and making 'new friends' in the area, both the physical and health costs of keeping both their locations open have become 'too much for us right now.' The original shop on Locke Street South, which has been open for more than four years, will remain open. A new sushi place will replace Sushi Azuki on Ottawa Street North. Sushi Azuki is located at 184 Locke St. S. This Stipley sandwich spot quietly closed sometime this spring. Tall Tree Sandwich Co. opened up back in the spring of 2019 , serving up fresh sandwiches, soups, salads and comfort foods such as a cod po'boy, hot beef and Italian pork as well as smashburgers, mac and cheese, soup and cheese fries. The interior of Tall Tree Sandwich Co. is pictured in March 2020. While the sandwich shop did not formally announce its closure, the business has not posted on social media since April, and its Google listing indicates it is permanently closed. The website for the eatery has also been deactivated. Tall Tree was located at 1000 King St. E. East End Social Bar & Grill has taken over the space previously home to Rankin's Bar and Grill, which shuttered in late May as owner Louise Rankin retired. Realfruity Ice Cream will soon have a brick-and-mortar location at 998 King St. W. in Westdale, according to a social media announcement.
Hamilton Spectator
25-05-2025
- Business
- Hamilton Spectator
Hamilton couple out $8,000 deposit after wedding venue closes
Thomas Coleman and Alina Raposo have been counting down the days until their wedding reception at The Grand Olympia for more than a year. The Hamilton couple paid their $8,253 deposit, had a food tasting in March and hosted Raposo's bridal shower at the Stoney Creek venue in late April. Nothing seemed amiss. 'Everything just seemed so normal,' said Coleman in an interview, adding that they chatted with the venue about plans for the reception. 'No one seemed concerned.' Until last Friday, when Coleman and Raposo saw a post on Facebook about Orchard Park Secondary School students needing to book a new venue for their prom that night, as the parent company of The Grand Olympia, along with Michelangelo Banquet Centre, had gone into receivership . Both of the banquet centres shut down late last week , after Ontario's Superior Court of Justice denied a request from its owners for an extension to repay debt. Michelangelo Banquet Centre and The Grand Olympia were shuttered indefinitely after Ontario's Superior Court of Justice denied a request from its owners for an extension to repay the debt. According to court records, the two banquet halls and their related companies are owned by a Mississauga-based family that owes more than $14 million to the Bank of Montreal, including around $8.2 million tied to Michelangelo and $6 million for Grand Olympia. Aftab Elahi, listed as the sole officer and director of Mario's Catering Service and Grand Olympia Realco, the parent companies of the banquet halls, did not respond to an email from The Spectator on Thursday requesting comment. Calls to both venues also went unanswered Thursday afternoon. The ripple effect has been considerable, with the indefinite closures affecting events booked by non-profits, industry groups, high school students and soon-to-be married couples, like Coleman and Raposo, whose reception was booked for June 21. Coleman told The Spectator he reached out to the venue on May 16, and the couple later received an email from management describing the situation as 'a period of operational transition,' adding that the venue was 'not in bankruptcy.' The email, shared with The Spectator, noted that the company was working to 'stabilize and strengthen' its services and to restore operations, with the 'goal of resuming all events at full capacity as soon as possible.' The couple also reached out to their event co-ordinator, and she repeated similar talking points. Coleman said they didn't hear from the venue again until Tuesday evening, when they got an email claiming the business was 'headed in the right direction' and 'on track to be back in operations soon.' But Coleman said that message contradicted what he'd heard from others about the situation with the venues, including when he reached out to MSI Spergel — who has been appointed as the receiver over both banquet halls. In an email, also shared with The Spectator, MSI Spergel told Coleman on Wednesday that all events at both venues 'are cancelled' — the first notification of such, not even from the venues. With their wedding reception just a month away, Coleman said the couple spent last weekend calling venues across Hamilton and as far away as Mississauga to try and rebook their event — and they weren't alone. Locks were placed on the gates of Michelangelo Banquet Hall last week after its parent company was put in receivership. 'Dates for June were booking up very quickly for people who were left scrambling,' Coleman said. 'It was a lot of pressure for people not wanting to hold out too long waiting, which could have meant potentially losing out on our date that we had.' Luckily, the couple was able to rebook their reception at Carmen's on Stone Church Road East, not far from their original venue, but still at a significant cost. Carmen's Group CEO PJ Mercanti told The Spectator their sales and operations team was working to accommodate events, including some planned for the weekend the venues shut down. Coleman explained that they will likely lose their $8,253 deposit paid for The Grand Olympia, and with some extra costs associated with Carmen's, the venue debacle will end up setting them back roughly $19,000. MSI Spergel also told Coleman in an email that 'currently there is no claims process,' noting that returns of deposits will be 'dependent on the net realizations under the Receivership and subject to evaluation of all claims, including claims of secured creditors and priorities at law.' 'That's a tough thing to swallow, especially four weeks before our wedding day,' said Coleman. But with their reception rebooked and only some administrative work to do with notifying guests and vendors, Coleman is hopeful the couple is back on the right track and can enjoy their day, despite the unexpected hurdles. 'Getting the new venue was the first kind of sigh of relief,' said Coleman. 'Obviously, there is still the financial thing, but we just have to keep pushing forward.'
Hamilton Spectator
25-05-2025
- Business
- Hamilton Spectator
Hamilton couple will likely lose $8,000 deposit after wedding venue closes
Thomas Coleman and Alina Raposo have been counting down the days until their wedding reception at The Grand Olympia for more than a year. The Hamilton couple paid their $8,253 deposit, had a food tasting in March and hosted Raposo's bridal shower at the Stoney Creek venue in late April. Nothing seemed amiss. 'Everything just seemed so normal,' said Coleman in an interview, adding that they chatted with the venue about plans for the reception. 'No one seemed concerned.' Until last Friday, when Coleman and Raposo saw a post on Facebook about Orchard Park Secondary School students needing to book a new venue for their prom that night, as the parent company of The Grand Olympia, along with Michelangelo Banquet Centre, had gone into receivership . Both of the banquet centres shut down late last week , after Ontario's Superior Court of Justice denied a request from its owners for an extension to repay debt. Michelangelo Banquet Centre and The Grand Olympia were shuttered indefinitely after Ontario's Superior Court of Justice denied a request from its owners for an extension to repay the debt. According to court records, the two banquet halls and their related companies are owned by a Mississauga-based family that owes more than $14 million to the Bank of Montreal, including around $8.2 million tied to Michelangelo and $6 million for Grand Olympia. Aftab Elahi, listed as the sole officer and director of Mario's Catering Service and Grand Olympia Realco, the parent companies of the banquet halls, did not respond to an email from The Spectator on Thursday requesting comment. Calls to both venues also went unanswered Thursday afternoon. The ripple effect has been considerable, with the indefinite closures affecting events booked by non-profits, industry groups, high school students and soon-to-be married couples, like Coleman and Raposo, whose reception was booked for June 21. Coleman told The Spectator he reached out to the venue on May 16, and the couple later received an email from management describing the situation as 'a period of operational transition,' adding that the venue was 'not in bankruptcy.' The email, shared with The Spectator, noted that the company was working to 'stabilize and strengthen' its services and to restore operations, with the 'goal of resuming all events at full capacity as soon as possible.' The couple also reached out to their event co-ordinator, and she repeated similar talking points. Coleman said they didn't hear from the venue again until Tuesday evening, when they got an email claiming the business was 'headed in the right direction' and 'on track to be back in operations soon.' But Coleman said that message contradicted what he'd heard from others about the situation with the venues, including when he reached out to MSI Spergel — who has been appointed as the receiver over both banquet halls. In an email, also shared with The Spectator, MSI Spergel told Coleman on Wednesday that all events at both venues 'are cancelled' — the first notification of such, not even from the venues. With their wedding reception just a month away, Coleman said the couple spent last weekend calling venues across Hamilton and as far away as Mississauga to try and rebook their event — and they weren't alone. Locks were placed on the gates of Michelangelo Banquet Hall last week after its parent company was put in receivership. 'Dates for June were booking up very quickly for people who were left scrambling,' Coleman said. 'It was a lot of pressure for people not wanting to hold out too long waiting, which could have meant potentially losing out on our date that we had.' Luckily, the couple was able to rebook their reception at Carmen's on Stone Church Road East, not far from their original venue, but still at a significant cost. Carmen's Group CEO PJ Mercanti told The Spectator their sales and operations team was working to accommodate events, including some planned for the weekend the venues shut down. Coleman explained that they will likely lose their $8,253 deposit paid for The Grand Olympia, and with some extra costs associated with Carmen's, the venue debacle will end up setting them back roughly $19,000. MSI Spergel also told Coleman in an email that 'currently there is no claims process,' noting that returns of deposits will be 'dependent on the net realizations under the Receivership and subject to evaluation of all claims, including claims of secured creditors and priorities at law.' 'That's a tough thing to swallow, especially four weeks before our wedding day,' said Coleman. But with their reception rebooked and only some administrative work to do with notifying guests and vendors, Coleman is hopeful the couple is back on the right track and can enjoy their day, despite the unexpected hurdles. 'Getting the new venue was the first kind of sigh of relief,' said Coleman. 'Obviously, there is still the financial thing, but we just have to keep pushing forward.'
Hamilton Spectator
24-05-2025
- Business
- Hamilton Spectator
Couple out thousands after wedding venues close, cancelling all events
Thomas Coleman and Alina Raposo have been counting down the days until their wedding reception at The Grand Olympia for more than a year. The Hamilton couple paid their $8,253 deposit, had a food tasting in March and hosted Raposo's bridal shower at the Stoney Creek venue in late April. Nothing seemed amiss. 'Everything just seemed so normal,' said Coleman in an interview, adding that they chatted with the venue about plans for the reception. 'No one seemed concerned.' Until last Friday, when Coleman and Raposo saw a post on Facebook about Orchard Park Secondary School students needing to book a new venue for their prom that night, as the parent company of The Grand Olympia, along with Michelangelo Banquet Centre, had gone into receivership . Both of the banquet centres shut down late last week , after Ontario's Superior Court of Justice denied a request from its owners for an extension to repay debt. Michelangelo Banquet Centre and The Grand Olympia were shuttered indefinitely after Ontario's Superior Court of Justice denied a request from its owners for an extension to repay the debt. According to court records, the two banquet halls and their related companies are owned by a Mississauga-based family that owes more than $14 million to the Bank of Montreal, including around $8.2 million tied to Michelangelo and $6 million for Grand Olympia. Aftab Elahi, listed as the sole officer and director of Mario's Catering Service and Grand Olympia Realco, the parent companies of the banquet halls, did not respond to an email from The Spectator on Thursday requesting comment. Calls to both venues also went unanswered Thursday afternoon. The ripple effect has been considerable, with the indefinite closures affecting events booked by non-profits, industry groups, high school students and soon-to-be married couples, like Coleman and Raposo, whose reception was booked for June 21. Coleman told The Spectator he reached out to the venue on May 16, and the couple later received an email from management describing the situation as 'a period of operational transition,' adding that the venue was 'not in bankruptcy.' The email, shared with The Spectator, noted that the company was working to 'stabilize and strengthen' its services and to restore operations, with the 'goal of resuming all events at full capacity as soon as possible.' The couple also reached out to their event co-ordinator, and she repeated similar talking points. Coleman said they didn't hear from the venue again until Tuesday evening, when they got an email claiming the business was 'headed in the right direction' and 'on track to be back in operations soon.' But Coleman said that message contradicted what he'd heard from others about the situation with the venues, including when he reached out to MSI Spergel — who has been appointed as the receiver over both banquet halls. In an email, also shared with The Spectator, MSI Spergel told Coleman on Wednesday that all events at both venues 'are cancelled' — the first notification of such, not even from the venues. With their wedding reception just a month away, Coleman said the couple spent last weekend calling venues across Hamilton and as far away as Mississauga to try and rebook their event — and they weren't alone. Locks were placed on the gates of Michelangelo Banquet Hall last week after its parent company was put in receivership. 'Dates for June were booking up very quickly for people who were left scrambling,' Coleman said. 'It was a lot of pressure for people not wanting to hold out too long waiting, which could have meant potentially losing out on our date that we had.' Luckily, the couple was able to rebook their reception at Carmen's on Stone Church Road East, not far from their original venue, but still at a significant cost. Carmen's Group CEO PJ Mercanti told The Spectator their sales and operations team was working to accommodate events, including some planned for the weekend the venues shut down. Coleman explained that they will likely lose their $8,253 deposit paid for The Grand Olympia, and with some extra costs associated with Carmen's, the venue debacle will end up setting them back roughly $19,000. MSI Spergel also told Coleman in an email that 'currently there is no claims process,' noting that returns of deposits will be 'dependent on the net realizations under the Receivership and subject to evaluation of all claims, including claims of secured creditors and priorities at law.' 'That's a tough thing to swallow, especially four weeks before our wedding day,' said Coleman. But with their reception rebooked and only some administrative work to do with notifying guests and vendors, Coleman is hopeful the couple is back on the right track and can enjoy their day, despite the unexpected hurdles. 'Getting the new venue was the first kind of sigh of relief,' said Coleman. 'Obviously, there is still the financial thing, but we just have to keep pushing forward.'
