Published On: Fri, Aug 19th, 2016

Denis Vranich Optimistic About Hamilton, Ontario Development Trends

Hamilton, Ontario is in the midst of an economic and development boom that is helping to fuel the Ontario economy and driving thousands of people to the Hamilton-Burlington area.

Over the last decade, Hamilton, Ontario has reshaped its image from a blue collar city with an economy driven by factory work and manual labour. Thanks to some clever reimagining, Hamilton, which lies within one of the most commercially trafficked corridors in North America, has been reborn as a city with an economy based on technology, health and life sciences, advanced manufacturing and education.

Last year, as part of the ongoing commitment to including Hamiltonians in the way the city plans its future, the city launched the Our Future Hamilton initiative, a citywide campaign inviting residents to weigh in on how to shape the future Hamilton.

King West Hamilton photo/ wikimedia

King West Hamilton photo/ wikimedia

“Hamilton is one of those places that has to be considered by those looking for a place to do business. It’s no longer a second-tier choice,” said Brock Dickinson, an economic development consultant working on the initiative. “You combine that with the buzz in the millennial cohort about Hamilton, and Hamilton is seen as a great place to get started.”

The Conference Board of Canada, the country’s leading independent research organization, agrees. The board has consistently ranked Hamilton as the most diverse economy in the country and the city has repeatedly been a top investment choice for real estate experts and corporate site selectors.

This year, the board expects Hamilton’s economy to grow by steady 2.1 percent this year, primarily driven by strength in construction and manufacturing.  

This forecast was further strengthened when the latest report on housing starts in the Hamilton Census Metropolitan Area were released, highlighting 319 new units in June.  This number is up from 254 in May and adds to the more more than 1,300 housing starts so far this year. According to analysts, that number is up 600 percent from the same period a year ago.  

Some of those new units opened this summer at the revitalized 220 Dundurn Street, a site that once featured a hosiery factory. After sitting derelict and forgotten for more than 20 years, developer and entrepreneur Denis Vranich purchased the site with the vision of turning it into modern apartment units.

“There was a real lack of new quality apartment units in Hamilton, and I wanted to build a structure that could beautify the area, as well as having the new building be functional,” said Denis Vranich.

Incorporating aspects of the original structure, the new building on Dundurn Street is a testament to the new Hamilton that is resident focused and innovation driven.

At its current pace ,Hamilton’s growth will far surpass the national average in 2016 which is slated to sit around 1.7 percent.

No one in the city is happier about Hamilton’s rapid growth than Mayor Fred Eisenberger, who has been one of the driving forces behind the city’s expansion and reinvestment. In a recent media report, the now two time mayor said, “I think this all affirms the good vibes that people are feeling about Hamilton.”

Author: Shawn Wright

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