Management Organization and Strategic Planning Projects / Confederation Park Master Plan Economic Feasibility Study
Sierra Planning and Management was retained to conduct an economic feasibility study of the Confederation Park Master Plan. The purpose of the Master Plan was to consider new development and activities for sites within the park to increase visitation. The feasibility study reviewed the Master Plan, assessed the existing functioning program and design work for the park, and provided recommended changes to the Plan. Our proposed recommendations better positioned the park with respect to revenue generating potential and private enterprise which meet the goals and objectives of the City of Hamilton and the Conservation Authority as the operator of the park.
The feasibility study reviewed and assessed the existing operations model and revenue, as well as the ranges of capital investment necessary to maximized potential commercial opportunities. Drawing on the Master Plan, Sierra determined the economic feasibility and financial self-sustainability of certain commercial opportunities as anchors for waterfront development. The study assessed an appropriate governance model and risk allocation between the City of Hamilton and private sector proponents for each stage of the redevelopment process. Based on this work, Sierra undertook the financial analysis of the overall build-out possibilities with recommendations for phasing future construction.