Frontside or backside of a home, the street view for 2544 Highway 56 Hwy, Hamilton Ontario L0R 1C0
31 days on Market

2544 Highway 56 Hwy, Hamilton, Ontario L0R 1C0

Other
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$1,290,000
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Highlights

Estimated ValueNot available

Price/Sqft-

Est. Mortgage$5,540/mo

Tax Amount (2024)$3,342/yr

Days On Market31 days


Description

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: 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 stories 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 formal consultation comments received back from the City, if apartment style residential is pursued, encouraged a 6-storey, pedestrian oriented building. Nearby OLT decision has set precedent granting 6-storey development.


Property Details

StyleLand
View-
Age of property-
SqFt-
Lot Size27,401 Ac(188.2 x 145.6)
Parking Spaces-
MLS ®Number40680205
Community NameBinbrook
Data SourceITSO
Listing byAVISON YOUNG COMMERCIAL REAL ESTATE SERVICES, LP

Features

Lot size: 27,401 Ac
Sewer (Municipal)

Property listed by AVISON YOUNG COMMERCIAL REAL ESTATE SERVICES, LP, Brokerage

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Population and Demographics

Overview

Total population 2056
Average household income $137,614

Age (%)

0 to 19
35%
35 to 49
29%
20 to 34
16%
50 to 64
11%
65 and plus
9%

Household composition (%)

Single family
85%
Single person
13%
Multi person
1%
Multi family
0%

Mother tongue (%)

English
84%
Portuguese
2%
Spanish
2%
Arabic
2%
Polish
2%
Italian
1%
Urdu
1%
Punjabi (Panjabi)
1%
French
1%
Others
0%

House tenancy (%)

Owners
91%
Renters
9%

Schools and amenities

Estimated Budget