Palmer House properties are selling off some of the former Palmers home in the heart of Hamilton, Ont., as they look to cash in on a potential $25-million sale.
The company plans to use the $15 million for a number of different purposes, including a casino, restaurant and retail space, CBC News has learned.
The sale includes a portion of the $20 million Palmer House is owed to the Hamilton Fire and Emergency Services Fund, which is set to expire at the end of the year.
Palmer House will now be used for its own purposes.
The properties include a home and a condominium, which were sold for $12 million.
Palmer houses were also part of the Palmers’ original purchase agreement, but the property was sold when the properties were subdivided in 2011.
Palmer house properties have been selling off property in Hamilton since 2015, and it’s believed the sale of the properties is part of a plan to sell them all to a private buyer.
The Palmers purchased the home in 2012 for $13 million, but it’s unclear what their intention was for the property.
When the sale was announced, the Hamilton mayor said the sale would create jobs, raise tens of millions of dollars for local government and improve the community.
However, Palmer House has not provided a number for the job creation.
“It’s very hard to quantify, but we have to keep working hard to get a lot of jobs, because there’s a lot going on,” Mayor Fred Eisenberger said in January.
“We have to get more houses built and to make sure we’re getting more jobs.”
The sale of Palmer House and the purchase of the homes is part and parcel of a larger redevelopment plan for Hamilton, which has been slow-walking its own redevelopment for more than a decade.
The Hamilton Downtown Authority is currently in the process of selling the property and is looking to buy the land for $1.5 million, which would include demolishing the Palms.
The redevelopment plan, dubbed “Hangover II”, is expected to be completed by 2019.
The property is currently being used as a temporary residence, which means that it’s not connected to the community by street or public transportation.