City commits $1.2-mil in financial incentives to 275 King St W development

City commits $1.2-mil in financial incentives to 275 King St W development

The Hamilton Spectator reports today on 275 King Street West, focusing on a single lane closure of the King Street expressway that is blocked by the planned construction at the site.

I’ve been following the development closely the past month as two City committees discussed various applications from the development company Hess Village Real Estate, owned by Denis Vranich, who is the son of Vrancor owner Darko Vranich, that owns the property.

Financial Incentives totalling $1,266,152.84

The planning and economic development committee considered two applications, one for a loan commitment and another for a property grant . A loan committment of $932,500 from the Hamilton Downtown Multi-Residential Property Investment Program and a $333,652.84 grant  under the Hamilton Downtown Property Improvement Grant Program were approved.

In total, planning and economic development approved $1,266,152.84 in monetary incentives for the development.

Variances to allow construction of new units, without parking spots

Hamilton’s committee of adjustment debated granting variances for the property at 275 King St W. on the southwest corner of the Hess/King intersection.

Hess Village Real Estate requested variances from the city’s minimal building requirements to add five new units to the building, including three small additions units on the third story in the back of the building. There will be no additional parking.

I’ve requested confirmation from city staff the committee approved the variances. The committee rarely turns down a request.

[![]( "275KingW_1")]( architect's plan for 275 King Street West showing the three new units to be built in the back of the building.
#### What’s happening now and what’s next?

Currently, there is only one valid building permit active for the property. 10-201640 issued in April 2010 allows for renovations valued at about $200,000.

The developer will need to request a new building permit. With the existing approvals for incentives and variances based upon plans submitted, the permit should be quickly issued once applied for.

While no timelines have yet been released, construction should begin in the near future and proceed quickly.

I’ll update when a building permit is issued. For now, I’ve uploaded the building plans as presented to committee here.