Slate Asset Management Introduces Steelport and Unveils Preliminary Development Plans
Tuesday, May 16, 2023
Building on Hamilton’s proud industrial heritage, Steelport will reimagine an underutilized waterfront property into one of the largest, state-of-the-art, intermodal employment hubs in the country
May 16, 2023, TORONTO – Slate Asset Management (“Slate” or the “Firm”), a global alternative investment platform targeting real assets, today unveiled a new name, identity, and preliminary vision for the industrial lands and buildings the Firm acquired from Stelco Inc. in June 2022. The 800-acre site on the historic harbourfront of Hamilton, Ontario will be called Steelport (thesteelport.com). Steelport will reshape an underutilized port into one of the largest, state-of-the-art intermodal industrial hubs in the country, giving enhanced access and opportunity back to people and the city, and connecting the region to the world.
Steelport’s strategic location presents a one-of-a-kind industrial development opportunity in North America, offering direct access to the Great Lakes and the St. Lawrence Seaway, the U.S. land border, Ontario’s highway system, on-site rail, as well as nearby international airports in Hamilton and Toronto. The redevelopment of the site will bring new industry to Hamilton that will provide high quality employment and be symbiotic with the surrounding neighborhoods. The project is expected to be a global foundry of industry – from logistics centers and production hubs to traditional and more innovative manufacturing. Steelport is projected to create up to 23,000 new jobs across the Greater Toronto and Hamilton Area and inject up to $3.8 billion into Ontario’s economy over the next decade, according to an economic study conducted by EY.
Named in celebration of Hamilton’s proud heritage as the Steel Capital of Canada and the historic port located onsite, Steelport will honour a century of enterprise while forging a new standard for modern industry. Slate envisions a complete reimagining of the site – an ambition that is reflected in Steelport’s tagline: “Industry Reimagined” – to deliver a modern, intermodal, master-planned employment neighbourhood including municipal roads, public spaces, and flexible development parcels that could accommodate a wide range of employment and support uses. The site’s current zoning allows Slate to develop up to 12 million square feet, creating an unrivaled industrial development pipeline.
“Steelport reflects our commitment to raising the bar for industrial redevelopment,” said Blair Welch, Founding Partner at Slate. “From transforming the site into a modern and accessible space, to creating thousands of jobs and infusing billions into Canada’s economy, we believe the reach and impact of this project will be monumental.”
“Reimagining these lands will require a forward-thinking design philosophy, vast amounts of investment, and extensive collaboration,” said Brady Welch, Founding Partner at Slate. “We look forward to partnering with the City of Hamilton, the Province, and the federal government to ensure we can realize the full potential of this iconic site in a way that will create value for all its stakeholders for decades to come.”
A project of this scale offers the unique opportunity to incorporate sustainable development principles. In partnership with its consulting team, Slate has designed the master plan to address a range of future climate, social, and energy challenges. As part of the redevelopment, the steel collected from the demolition of existing, outdated buildings has been recycled to reduce consumption and energy materialized while mining valuable resources. The site also offers opportunities to explore renewable and district energy solutions, as well as other larger scale sustainability initiatives, which Slate will continually assess throughout the development process. Slate will also invest into the environmental protection and remediation of the site, ensuring the land is clean and safe for workers and 3,400 metres of waterfront along Lake Ontario are activated.
Slate’s vision proposes an extensive public realm design that ensures the proposed development can provide Hamiltonians with a thriving and prosperous new employment neighbourhood long into the future. The master plan includes an expansive trail network that ties together a storm water lagoon park, waterfront promenade, and a potential battery park amenity. Cultural elements and retail amenities are planned around a two-kilometre loop through the heart of the site that will allow Hamiltonians to experience a portion of the City that has been cut off from public use for over a century.
To ensure safe and continuous access to the public portions of the property, Slate’s envisages a road and infrastructure network that will integrate new public transportation lines into the site – from bus routes to bike share stations. The road and trail networks are designed to integrate seamlessly into the City’s Bayfront Area transportation and trail vision and will accommodate new servicing built to municipal standards and sized to support the demands for the proposed development and future potential growth.
Led by award-winning developer Slate Asset Management – whose team has deep roots in the Hamilton area – this project is a long-term investment in sustainable economic prosperity. Steelport is part of Slate’s broader city-building commitment to the City of Hamilton. In May 2023, Slate debuted its plans for Corktown – a residential condominium development in Hamilton’s core comprised of design-forward homes and stunning amenities. Slate intends to launch sales for Corktown this month, continuing to set the standard for delivering outstanding quality design and superior value to the Greater Toronto and Hamilton Area.
Slate plans to work closely with local institutions, community groups, and all levels of government – municipal, provincial, and federal – to harness the resources, vision, and expertise required to bring its ambitious vision for Steelport to life.
For more information on Steelport, please visit thesteelport.com.
About Slate Asset Management
Slate Asset Management is a global alternative investment platform targeting real assets. We focus on fundamentals with the objective of creating long-term value for our investors and partners. Slate’s platform has a range of real estate and infrastructure investment strategies, including opportunistic, value add, core plus, and debt investments. We are supported by exceptional people and flexible capital, which enable us to originate and execute on a wide range of compelling investment opportunities. Visit slateam.com to learn more.
Slate Asset Management
Head of Communications