Forum Equity Partners has commissioned David Premi Architects Inc to redevelop the Cannon Knitting Mills building in Beasley Neighbourhood as a mixed-use facility.
By Ryan McGreal
Published June 28, 2011
this article has been updated
Image Credit: Forum Equity Partners
Property developer Forum Equity Partners has commissioned David Premi Architects Inc. (DPAI) to redevelop the Cannon Knitting Mills at 134 Mary Street, just south of Cannon Street East in Beasley neighbourhood.
Forum Equity, a Toronto-based, privately-held real estate development corporation, bought the property in February 2011 and plans to redevelop it as an 110,000 sq. ft. mixed-use facility including condos.
Forum Equity has also partnered with the City of Hamilton to establish the Hamilton Realty Capital Corporation, which plans to invest $40 million in downtown redevelopment and act as a catalyst for further private reinvestment.
The three-storey, red-brick Cannon Knitting Mills building, constructed in 1854, is currently vacant but a good candidate for adaptive reuse. The main entrance is away from the pedestrian-unfriendly Cannon Street, and the building backs onto Beasley Park.
DPAI made a name for itself in Hamilton for completing the $14 million redevelopment of the Central Library and Farmers Market on York Boulevard in partnership with RDH Architects.
Anthony Ferrari from Forum Equity has provided a bit more information on this development. He confirmed that the Cannon Knitting Mills is "a Hamilton Realty Capital Corp initiative" and noted that the firm's "experience with City and staff has been excellent."
Forum selected DPAI because the firm "put together what my colleagues and I believe was a very exciting and creative proposal re: the Cannon Knitting Mills redevelopment, and was selected following a competitive evaluation process that involved multiple Hamilton-based architectural design firms."
Forum is still working out the specifics of how much money is coming from where, whether the building will be eligible for an ERASE brownfield remediation grant, and what zoning issues, if any, must be addressed to complete the development.
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