wyliepoon
Senior Member
I'm reading this thread for the first time... isn't April Fools still a month away?
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- Thread starter Kiwi
- Start date
Kiwi
Active Member
Stinson’s Connaught offer firm
Developer Harry Stinson has firmed up his deal to buy the Connaught, setting the stage for him to take possession of the historic downtown Hamilton hotel by the end of June, possibly sooner.
Stinson recently moved to Hamilton from Toronto, where he left a mixed record of impressive successes and ongoing legal snarls.
He is planning to convert three quarters of the original Connaught into condos and the rest into a boutique hotel, and to build two other buildings on the site, including a condo tower of up to 60 storeys. He estimates the whole project will be worth $300 million by the time it’s finished around 2010.
Stinson, 54, says he has lined up private investors to cover the $9.5-million purchase price and that his study of the property proves to him that his plans are viable
“We are comfortable that we are going to be able to close,†he said, adding he hopes to move up the closing date so he can open a sales office in June.
Stinson has now waived the conditions on the offer he made last month, when he asked for 30 days to assemble the money and perform due diligence.
His $100,000 deposit is now irrevocable.
Stinson is buying the hotel from a group of Hamilton investors who had begun restoring the Connaught and had been assembling the money to finish their project when Stinson’s unsolicited offer came in.
Tony Battaglia, a member of the group that bought the hotel in 2005, said he is pleased Stinson has firmed up the deal and believes it will be good for downtown.
“I’m happy things are going to work out,†he said.
“We certainly had our challenges with it. I’m hoping that with his plans he won’t have the same challenges — that he’ll be able to move the project forward as quickly as possible.â€
Stinson said he has assembled a broad network of private investors.
Most live outside Hamilton, he said, but most have connections to the city, such as having worked here or gone to McMaster University.
He declined to name them.
Stinson has been inside the Connaught several times since his original offer and has been developing architectural, logistical and marketing plans as he prepares to tackle the next challenge: getting the money together to restore the 1916 hotel and erect two new buildings.
“I’m feeling very good about it now,†he said.
“We’ve been able to massage this so that the numbers make sense and we’re comfortable enough to be able to proceed.â€
He plans to build a new condominium tower facing Main Street — perhaps 50 to 60 storeys, according to his current thinking.
That’s lower than the 80-storey tower he talked about last month.
“This will be an evolutionary process for the next several months.â€
Stinson is also working on plans to complete the complex with a smaller building on Catharine Street, composed of street-level stores and upper-level lofts.
http://www.thespec.com/News/Local/article/343233
Developer Harry Stinson has firmed up his deal to buy the Connaught, setting the stage for him to take possession of the historic downtown Hamilton hotel by the end of June, possibly sooner.
Stinson recently moved to Hamilton from Toronto, where he left a mixed record of impressive successes and ongoing legal snarls.
He is planning to convert three quarters of the original Connaught into condos and the rest into a boutique hotel, and to build two other buildings on the site, including a condo tower of up to 60 storeys. He estimates the whole project will be worth $300 million by the time it’s finished around 2010.
Stinson, 54, says he has lined up private investors to cover the $9.5-million purchase price and that his study of the property proves to him that his plans are viable
“We are comfortable that we are going to be able to close,†he said, adding he hopes to move up the closing date so he can open a sales office in June.
Stinson has now waived the conditions on the offer he made last month, when he asked for 30 days to assemble the money and perform due diligence.
His $100,000 deposit is now irrevocable.
Stinson is buying the hotel from a group of Hamilton investors who had begun restoring the Connaught and had been assembling the money to finish their project when Stinson’s unsolicited offer came in.
Tony Battaglia, a member of the group that bought the hotel in 2005, said he is pleased Stinson has firmed up the deal and believes it will be good for downtown.
“I’m happy things are going to work out,†he said.
“We certainly had our challenges with it. I’m hoping that with his plans he won’t have the same challenges — that he’ll be able to move the project forward as quickly as possible.â€
Stinson said he has assembled a broad network of private investors.
Most live outside Hamilton, he said, but most have connections to the city, such as having worked here or gone to McMaster University.
He declined to name them.
Stinson has been inside the Connaught several times since his original offer and has been developing architectural, logistical and marketing plans as he prepares to tackle the next challenge: getting the money together to restore the 1916 hotel and erect two new buildings.
“I’m feeling very good about it now,†he said.
“We’ve been able to massage this so that the numbers make sense and we’re comfortable enough to be able to proceed.â€
He plans to build a new condominium tower facing Main Street — perhaps 50 to 60 storeys, according to his current thinking.
That’s lower than the 80-storey tower he talked about last month.
“This will be an evolutionary process for the next several months.â€
Stinson is also working on plans to complete the complex with a smaller building on Catharine Street, composed of street-level stores and upper-level lofts.
http://www.thespec.com/News/Local/article/343233
marcus_a_j
Senior Member
50-60 Storeys, not 80. A little more reasonable. A 2010 finish is just a little too optimistic.
cassius
Active Member
Does anyone happen to have Harry's email address on file? info@stinsonproperties.com (surprisingly. heh) bounces back.
adma
Superstar
CanadianNational
Senior Member
$100,000 is not much compared to 9.5 million. The sum that Harry has let the gone-by due date make an irrevocable deposit still does not seem like proof to me that he will - or should - be able to continue with this.
He says he has investors lined up....well....maybe he does.....(sigh)
Height on the main tower already knocked down from being Canada's Tallest Building? (yawn)
Of course, there's a lot of me just being a grumpy old cow here. But I can't help but feel a tinge of schadenfreude towards Harry, if only for his amateurish unprofessionalism.
I know there are some on him here who laud him for getting 1 King West done - but it wasn't him alone, the result is a mixed blessing architecturally (to say the least), and he ran it with a lot of false and troublesome setups that he was not equipped to handle - and that got him handed his hat. There are plenty of buildings equally and more impressive than 1 King West - and they are professionally built and marketed and responsibly maintained. Harry has a lot to learn.
Now, with that rant out of the way, I'll wait and see how this goes in Hamilton. Maybe if it all works out gorgeously I'll feel a little more kindly towards our own big little P.T. Barnum of Building.
He says he has investors lined up....well....maybe he does.....(sigh)
Height on the main tower already knocked down from being Canada's Tallest Building? (yawn)
Of course, there's a lot of me just being a grumpy old cow here. But I can't help but feel a tinge of schadenfreude towards Harry, if only for his amateurish unprofessionalism.
I know there are some on him here who laud him for getting 1 King West done - but it wasn't him alone, the result is a mixed blessing architecturally (to say the least), and he ran it with a lot of false and troublesome setups that he was not equipped to handle - and that got him handed his hat. There are plenty of buildings equally and more impressive than 1 King West - and they are professionally built and marketed and responsibly maintained. Harry has a lot to learn.
Now, with that rant out of the way, I'll wait and see how this goes in Hamilton. Maybe if it all works out gorgeously I'll feel a little more kindly towards our own big little P.T. Barnum of Building.
Mike in TO
Senior Member
cassius - re: Stinson, check your pm.
Kiwi
Active Member
Millstone @ SSP
DaninToronto
Active Member
If only the phrase "not going to happen" would stop creeping into my mind every time Stinson launches a project. That and "man that thing is ugly".
H
Hydrogen
Guest
Well, as with so many Harry projects, it's conceptual in nature.
syn
Senior Member
lol, nice work 3D.
It's too bad that version of Sapphire didn't get off the ground in Toronto. I actually liked that version.
It's too bad that version of Sapphire didn't get off the ground in Toronto. I actually liked that version.
Kiwi
Active Member
Looks like Stinson bought another property in Hamilton, he's on a roll. Harry is probably thinking of a restaurant overlooking the city. It's right in the centre of Mountain Brow.
Stinson's Bid Mired in Mystery
Rachel De Lazzer
The Hamilton Spectator
(May 1, 2008)
Condo king Harry Stinson has made an offer on a sprawling Mountain brow property -- but he isn't saying what he has in mind.
Unity On The Mountain has been operating as a Christian retreat centre for more than 20 years.
"It's an institutional property in a residential neighbourhood and institutional (zoning) will allow an awful lot of things one may or may not want in a residential neighbourhood," he said yesterday.
But city zoning examiner Victoria Brito said the institutional zoning prohibits construction of anything like a highrise condominium or office building.
That would require a rezoning application, which includes a public consultation process.
The property, nearly 73 hectares on Rosedene Avenue off Upper James Street, is publicly listed for $2.9 million, but Stinson wouldn't say what he offered.
Rev. Don Foster with Unity On The Mountain, an incorporated entity that owns the property, said there has been a number of offers but none the group is willing to entertain -- except Stinson's.
"The most concrete offer is the one from Harry Stinson," said Foster, adding Stinson made a counter offer after initial discussions, and Unity has yet to review it.
Stinson said he made the offer around three weeks ago, but no agreement has been reached.
Foster said the church is looking at several possibilities, including selling the property and renting space from its new owner, or selling part of the building.
The church is selling the property after finding its retreat business financially inadequate.
It has been renting its bedrooms to Columbia International College students since March.
On the property is a brick home that was built around the turn of the century. A sanctuary building was added in 1950.
The facility also includes a cafeteria, 35 bedrooms and several meeting and prayer rooms.
Stinson's Bid Mired in Mystery
Rachel De Lazzer
The Hamilton Spectator
(May 1, 2008)
Condo king Harry Stinson has made an offer on a sprawling Mountain brow property -- but he isn't saying what he has in mind.
Unity On The Mountain has been operating as a Christian retreat centre for more than 20 years.
"It's an institutional property in a residential neighbourhood and institutional (zoning) will allow an awful lot of things one may or may not want in a residential neighbourhood," he said yesterday.
But city zoning examiner Victoria Brito said the institutional zoning prohibits construction of anything like a highrise condominium or office building.
That would require a rezoning application, which includes a public consultation process.
The property, nearly 73 hectares on Rosedene Avenue off Upper James Street, is publicly listed for $2.9 million, but Stinson wouldn't say what he offered.
Rev. Don Foster with Unity On The Mountain, an incorporated entity that owns the property, said there has been a number of offers but none the group is willing to entertain -- except Stinson's.
"The most concrete offer is the one from Harry Stinson," said Foster, adding Stinson made a counter offer after initial discussions, and Unity has yet to review it.
Stinson said he made the offer around three weeks ago, but no agreement has been reached.
Foster said the church is looking at several possibilities, including selling the property and renting space from its new owner, or selling part of the building.
The church is selling the property after finding its retreat business financially inadequate.
It has been renting its bedrooms to Columbia International College students since March.
On the property is a brick home that was built around the turn of the century. A sanctuary building was added in 1950.
The facility also includes a cafeteria, 35 bedrooms and several meeting and prayer rooms.
Conrad Black
Senior Member
How long before he's moving to Brantford?
alklay
Senior Member
Or Saskatoon?
Or Dog River?
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