Alan Leela and Shamil Jiwani’s Vantage Development Corporation are the ‘Stalking Horse Bid’ to purchase 98 James Street South in Hamilton out of bankruptcy.
Ontario’s Superior Court approved setting in motion the bankruptcy purchase on November 12.
Other bids have until December 18 to outbid Vantage if they wish to purchase the site, which includes the existing zoning permissions for a 31-storey, 315-unit tall building and permit approvals from the City of Hamilton. (Development charges of ~$2.5-million have been paid in full.)
Documents filed with the Court state the purchase price is $13,000,000. Minimum competing bids must be greater than $13,360,000.
City Extended Permits, Supporting Sale
City of Hamilton staff met with the bankruptcy trustee on October 22.
“Based on our meeting it is city staff understanding that a prospective new owner for the site is seeking to complete the project generally as designed within the currently approved building massing and height with minor changes to parking and unit count and that construction on the new building would begin in 2026-2027,” wrote Director Heritage and Urban Design Ken Coit.
The City issued permit extensions, conditional on a clean-up of the site, including removal of demolition rubble and levelling and grading the rear of the site by July 1, 2025.
On October 24, the City extended the 2013 heritage permit until December 31, 2028. This permit, originally issued to permit the demolition of the James Baptist Church as a “minor alteration,” requires the integration of the remaining front façade of the former church be integrated with any new development.
On October 31, the City extended the shoring permit first issued in 2019. The extension is until December 31, 2026.
Court Approves Sale Process, Bids Due by December 18
The Court-approved sales process requires bids to be submitted by December 18, with the auction scheduled for December 20 if needed. Bidders must submit a five percent deposit, bids must be unconditional, and have an outside closing date of no later than February 28, 2025.
Background: From August, 98 James South is in bankruptcy, again.
Production Details v. 1.0.0 Published: November 18, 2024 Last updated: November 18, 2024 Author: Joey Coleman Update Record v. 1.0.0 original version