2544 Highway 56 For Sale

Hamilton, Binbrook Municipal, L0R 1C0

$1,330,000

Description

Listed by AVISON YOUNG COMMERCIAL REAL ESTATE SERVICES, LP.

EXISTNG: "District Commercial" zoning and secondary plan designation permitting retail, personal service, financial establishment, offices, restaurants, medical clinics, studios, places of assembly, and motor vehicle related uses (including gas). Residential uses permitted above commercial uses provided less than 50% of the total gross floor area of a building (max height 3-storey) UPSIDE POTENTIAL: To accommodate Hamilton’s forecasted growth over the next 30 years, a significant amount of intensification will need to occur across the built-up area. Part of the City's plan is 'Up Zoning’ of Urban Corridors and major and minor arterial roads to the ‘missing middle’ which is considered 12 storeys or less. The on-going Residential Zones Project, is currently at Phase 2 which has introduced two new Mid Rise Residential Zones (R3 and R3a), allowing denser uses on arterial roads. The next step is to apply the R3 and R3a Zones to properties along arterial roads. This could occur as early as November 2024. Subject property is on a major arterial road, adjacent to retail amenities, and residential only on 1-side, is an ideal candidate for 'Up Zoning’. In fact, current ownership has begun the process of exploring increased density and is expecting formal consultation comments back any day now for a proposed 9-storey, 96 unit, mixed use building.

Location

View Map
  • Address: 2544 Highway 56
  • Neighborhood: Binbrook Municipal
  • City: Hamilton
  • State: ON
  • Postal Code: L0R 1C0

Property Details

  • Property ID: 40592743
  • Property Price: $1,330,000
  • Style: Residential, Land
  • Taxes: $3,804.10 (2023)
  • Acreage: 0.645 Acres
  • Exposure: West

Copyright 2024 Information Technology Systems Ontario, Inc. The information provided herein must only be used by consumers that have a bona fide interest in the purchase, sale, or lease of real estate and may not be used for any commercial purpose or any other purpose.

Recently Sold

    • Sold 56 days ago

    LOT 26 - 1540 Safari Road

    Flamborough, Flamborough West, N1R 5S2

    $1,395,000

    $000000

    • Sold 69 days ago

    27 Bay Street

    Oro-Medonte, Shanty Bay, L0L 2L0

    $1,599,900

    $000000

    • Sold 90 days ago

    30761 Edinborough Line

    Dutton/Dunwich, Rural Dutton/Dunwich, N0L 1J0

    $1,350,000

    $000000

  • Contact Manoj Kukreja

    Sales Representative, Re/max Premier Inc., Brokerage
    (647) 576 - 2100