The developer who turned an old Hamilton school into condos now owns the Cannon Knitting Mills and is planning the derelict site's transformation.

Harry Stinson sealed the $3-million deal for the sprawling group of old buildings on Cannon and Mary streets in the heart of the Beasley neighbourhood late Wednesday afternoon.

"We're calling it the Beasley Park Lofts," Stinson told The Spectator. "We're openly trumpeting the neighbourhood."

Stinson plans to build a boutique hotel, bar/restaurant, condos and commercial units when he redevelops the 110,000-square-foot property.

He estimates the project will cost between $20 million and $30 million.

"I would say people would be moving in, in a year and a half."

In 2013, the Toronto developer built the Stinson School Lofts in the central Hamilton neighbourhood of the same name. He's also selling lofts at the old Gibson School on Barton Street East.

Who would end up with the Cannon Knitting Mills has been the subject of speculation for months.

The group of seven buildings was listed in late January for $2.4 million.

In February, the city announced in a report that the owner of the property, Forum Equity Partners, had a "firm deal" to sell.

Ten years ago, Forum, a Toronto-based development firm, partnered with the city to buy the knitting mills for $200,000.

The joint venture, called the Hamilton Realty Capital Corporation (HRCC), was meant to encourage development in the core. It saw the city lend Forum $100,000 to purchase the property, which was built in stages between 1854 and 1950.

Councillors recently voted to dissolve the HRCC, whose only asset had been the contaminated knitting mills land, a property that failed to attract any tenants despite several attempts.

But the property, which is contaminated, continued to be viewed as an untapped opportunity to revitalize the vacant hulk and the surrounding inner-city neighbourhood.

"I would say it's a catalyst for the Beasley neighbourhood," Glen Norton, the city's manager of urban renewal, said of Stinson's plans Wednesday.

Area residents had hoped to see something that would provide more housing and generate nearby jobs, such as a restaurant, Norton said.

"I'm glad he has plans and has a vision moving forward."

Stinson said there were other "credible" bidders for the knitting mills.

He emphasized the project is only conceptual at this stage. Stinson plans to consult with neighbourhood residents and other stakeholders as plans move forward.

The building's fa�ade will remain the same, Stinson said. "We want to run with the character of the building."

Long, open areas at its centre, a glass-topped atrium and a courtyard could be left for event spaces.

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Stinson coyly hinted a "name-brand entity in the arts and entertainment field" is "rumoured" to be interested in setting up shop, but didn't offer more details.

The contamination, dry-cleaning fluids, is "relatively contained" in a northwest corner of the property and "not that scary," he said.

As for the bones of the building, Stinson has "seen much worse. It's pretty darn solid."