Changes are coming to the waterfront

Outside investment, as it often does in these economic development boom cycles, has entered a new phase of promise and opportunity as major infrastructure investment from private sector and public sector partners alike are starting to take shape in Hamilton.

Slate Asset Management – who, in 2022, purchased 800 acres of Hamilton harbourfront previously owned by Stelco Inc. – are clearly looking to change a lot with their Steelport Project, a development plan that would give Hamiltonians access to parts of the waterfront that have been closed off for more than a century. The Steelport Project describes itself as a world-class industrial park and community hub, in what would be a near-total transformation of Hamilton’s waterfront.

Most concrete details of the plan have been kept under wraps, but a February 2024

application to City Hall shone some light on the specific plans.

A major brownfield remediation and revitalization project, the Steelport Project will integrate industrial areas with over 90 acres of public space in the form of diverse landscapes, as well as 60 acres of integrated trails crossing the development.

Slate Asset Management estimates that the development will have major positive economic impacts on Hamilton. The developers are estimating $3.8 billion in direct and indirect economic value will be created as a result of the development, as well as 23,000 jobs.

“This plan lays out an ambitious vision that will not only re-imagine the lands and contribute to Hamilton’s economy through job creation and 

Those established businesses and industry stakeholders will likely be a mix between local and global companies, Dejonckheere notes, pointing to the incredible infrastructure in place at the site already.

There’s already good access to power and other infrastructure that all these global groups require,” he says. “And labour. Hamilton has a very strong skilled labour force that’s also important to a lot of these international groups that are looking for a new home.”

For Slate Asset Management, the appeal is to leave a mark on a very promising city. “Hamilton is the first real city outside of the GTA that has its own real persona, core, and character,” Dejonckheere explains. “It’s the arts and culture that it’s able to pull. In my opinion, there’s no reason why Hamilton shouldn’t be going through the same sort of rejuvenation that other Rust Belt cities have.