City council will vote on granting Darko Vranich a conditional five-year interest-free residental loan commitment totalling $8,896,486 to build a 15 story suites hotel at 40 Bay Street South – the former HMP property.
The $35-million building will operate under the Homewood Suites hotel banner with 182 suites, 1,823 square feet of commercial space and 110 parking spaces.
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July 9 – Hamilton Spectator
The loan is part of the Hamilton downtown multi-residential property investment program. The city states the “HDMRPIP offers a zero percent interest loan for projects that result in predominantly residential development including the creation of new multiple dwellings on vacant land.”While the building is a commercial use, each suite will include “culinary and sanitary facilities” making them “dwelling units” under the zoning by-law and qualifying the building for the residential loan program.
The building is included with the larger redevelopment of the former federal building site at 132 Main West.