490 First Road W, Hamilton MLS Number: 40685345

**NEARLY DPA'd & SHOVEL READY** The property is situated in Phase 2 of the Nash Neighbourhood Secondary Plan, covering 13.25 acres designated for low-density housing, 3.25 acres for medium-density housing, and 5.0 acres for parkland. The Secondary Plan allows for a density range of 168 to 285 residential units. The current ownership has submitted an application proposing 195 units. This includes 28 single-family homes with 33-foot frontages, 28 street townhouses with 20-foot frontages, 68 freehold condominium units with 20-foot frontages, 37 three-story townhouses with 18-foot frontages, and 34 back-to-back units. Stormwater management issues in Phase 2 needed resolution before moving forward with Draft Plan Approval. These issues have been addressed through recent studies, allowing the City of Hamilton to proceed with Draft Plan, Zoning, and Urban Hamilton Official Plan Amendment (UHOPA) approvals. While a neighboring developer is working towards securing planning approvals by early 2025, the current ownership has opted to pause, giving the buyer the flexibility to determine the final unit mix. It is estimated that Draft Plan Approval could be obtained within approximately eight months. PLUS significant surplus cost recoveries for SWMP and Parkland. VTB possible. Call for details.