Slate Asset Management has acquired approximately 800 acres of industrial land and buildings in Hamilton, Ontario from Stelco Inc. and will redevelop the site into a world-class industrial park. The development will have the potential to create up to 23,000 new jobs across the Greater Toronto and Hamilton area and inject up to US$3 billion into Ontario’s economy, according to an economic study conducted by EY.
The site’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 connecting into Ontario’s greater Golden Horseshoe network, as well as nearby international airports in Hamilton and Toronto.
“Having grown up in the area, Brady and I understand firsthand the history and significance this site has had in the Hamilton community and in broader Ontario for well over a century,” said Blair Welch, Founding Partner at Slate. “Our vision is to restore this site to its highest potential, reimagining it as a world-class industrial park that will continue to play a crucial role in the economy of the city and our province long into the next century.”
Brady Welch, Founding Partner at Slate, added: “This project represents a defining opportunity to reactivate a massively underutilized parcel of land that has global industrial relevance. We are committed to working in close partnership with local institutions, government, and community groups to deliver a state-of-the-art industrial park that is modern and sustainably developed, attracting world-class tenants and restoring economic vitality to the area.”
Slate has agreed to a long-term sale-leaseback of 75 acres of land and 2 million square feet of buildings for 35 years to Stelco. The remaining 725 acres will be prepared by Slate for development into Class A industrial space. The site’s current zoning allows for a wide range of industrial uses with the potential to develop up to 12 million square feet, creating an unrivaled industrial development pipeline.
Slate will also invest into the environmental protection and remediation of the site, ensuring that 800 acres of land is clean and safe for workers and more than 2 miles of waterfront along Lake Ontario are reactivated.
“By incorporating best practices around sustainable infrastructure, construction, and social value across the lifetime of this project and its end use, we can redefine the legacy of this site and reintroduce it as a new standard bearer for modern industry,” said Bozena Jankowska, Global Head of ESG at Slate. “We look forward to collaborating with local and global organizations to raise the bar for this industrial redevelopment in every sense and demonstrate that we can drive economic growth while ensuring environmental and social sustainability.”
“It is fantastic to see Slate making this sizable investment in the City of Hamilton,” commented Hamilton Mayor Fred Eisenberger. “This is a vote of confidence in our community and confirms Hamilton as an employment hub for the entire Greater Toronto & Hamilton Area for decades to come. In partnership with Slate and Stelco, we can’t wait to see these unique and iconic lands transform into a showcase job site of the future where we will create good-paying jobs, grow the economy, and protect and remediate Hamilton’s waterfront for the benefit of all.”
Plant Protein Sprouting New Roots In Alberta
In Lethbridge, Alberta, Canadian-based agri-food company PIP International is celebrating the opening of a new, nearly $16 million pea-processing pilot facility. Previously a mid-sized craft brewery, the facility, which was converted into a fully commercialized pea-processing and testing center.
In partnership with the Canadian government, Alberta awarded PIP $789,975 through the Canadian Agricultural Partnership to support engineering and the purchase of processing equipment for the pilot facility.
“PIP appreciates ongoing government support that encourages further investment and growth in the agri-food industry,” said Christine Lewington, chief executive officer, PIP International. “These funds were key to meeting fall 2022 protein isolate deliveries demanded by several plant-based multinational companies. Our pilot plant ensures the market will be ready and primed for the large production volumes of our UP.P™ protein isolate in 2023.”
As part of a two-phase project, the pilot facility is the first step in testing PIP’s new innovative extraction technology that will significantly improve the quality, purity and environmental impact of the protein isolates before scaling up production.
The first phase of the project received funding through the Emerging Opportunities program under the Canadian Agricultural Partnership, which supports strategic initiatives that contribute to significant sector growth and job creation in Alberta. Phase 2 will establish a new $119 million yellow pea protein facility in the heart of Canada’s premier food corridor in Lethbridge.
Construction of the facility will begin in late 2022. Once operational, the facility will create 100 new jobs, process about 126,000 tonnes of yellow peas annually and support more than $59 million in annual pea contracts for local and regional growers.
“With demand for plant-based foods increasing globally, investing in PIP’s pilot facility is part of a larger strategy to grow and diversify Alberta’s emerging agri-food sector,” said Nate Horner, Alberta Minister of Agriculture, Forestry and Rural Economic Development. “PIP’s new pilot facility is a stepping stone to a larger investment that will create new jobs and help grow Alberta’s budding plant protein sector.”