Real estate investors Slate Asset Management revealed preliminary plans for the development of key lands on Hamilton’s harbourfront last month.

The company acquired an 800-acre parcel of land from Stelco Inc. in June 2022. Slate’s aim is to turn the underutilized port into one of Canada’s largest intermodal industrial hubs.

Subbed Steelport, the property’s strategic location presents a one-of-a-kind industrial development opportunity in North America, offering direct access to the Great Lakes and the St. Lawrence Seaway, the U.S. land border, Ontario’s highway system, on-site rail, as well as nearby international airports in Hamilton and Toronto.

The project is expected to be a global foundry of industry – from logistics centres and production hubs to traditional and more innovative manufacturing. Steelport is projected to create up to 23,000 new jobs across the Greater Toronto and Hamilton Area and inject up to $3.8 billion into Ontario’s economy over the next decade, according to an economic study conducted by EY.

The site’s current zoning allows Slate to develop up to 12 million square feet.

“Reimagining these lands will require a forward-thinking design philosophy, vast amounts of investment, and extensive collaboration,” said Brady Welch, Founding Partner at Slate. “We look forward to partnering with the City of Hamilton, the Province, and the federal government to ensure we can realize the full potential of this iconic site in a way that will create value for all its stakeholders for decades to come.”

Working with its consulting team, Slate has designed the master plan to address a range of future climate, social, and energy challenges. For example, the steel collected from the demolition of existing, outdated buildings has been recycled to reduce consumption and energy materialized while mining valuable resources. The site also offers opportunities to explore renewable and district energy solutions, as well as other larger scale sustainability initiatives, which Slate will continually assess throughout the development process. Slate will also invest into the environmental protection and remediation of the site, ensuring the land is clean and safe for workers and 3,400 metres of waterfront along Lake Ontario are activated.

Slate’s master plan includes an expansive trail network that ties together a storm water lagoon park, waterfront promenade, and a potential battery park amenity. Cultural elements and retail amenities are planned around a two-kilometre loop through the heart of the site that will allow Hamiltonians to experience a portion of the City that has been cut off from public use for over a century.

Slate says it plans to work closely with local institutions, community groups, and all levels of government – municipal, provincial, and federal – to bring its vision for Steelport to life.