HAMILTON, ON – April 22, 2005 – Mayor Larry Di Ianni was on hand at the Chateau Royale downtown condominium development to accept a cheque for $3.4 million, retiring the loan advanced by the City of Hamilton in 2001. The loan, provided under the City’s Downtown Hamilton Residential Loan program, was initially scheduled to be paid in full by 2015.
“This is a clear indication of a strong market for residential development in Hamilton’s Downtown,” said Mayor Di Ianni. “Chateau Royale’s ability to repay the City’s $3.4 million loan more than nine years in advance is a sign of renewed confidence in a revitalized Downtown.”
“We very much appreciate the support we have received from the City of Hamilton,” said Hugh Hicks, Chateau Royale’s Project Manager. “The Chateau Royale project team is pleased to be providing high quality condominium housing in Hamilton’s downtown core. We are very excited to be undertaking a major project of this type in Hamilton.”
The Hamilton Downtown Residential Loan program provides a financial incentive to developers to assist with the conversion of commercial space into apartments, construction of new apartments, or the renovation of existing residential units. To date, the Downtown Hamilton Residential Loan Program has 824 residential units committed for funding at a total construction value of more than $81.4 million.
- 30 -
Media Contact:
Ron Marini
Director of Downtown Renewal
905 546-2424, ext.4178