One of Hamilton's perennial eyesores has found new life as an apartment building.

The first tenants have taken up residence at the former National Hosiery Mills building — 220 Dundurn St. S. at the corner of Chatham Street. Their arrival brings the site's long journey from abandoned factory to new homes closer to a finish.

"The historic building built by National Hosiery Mills Ltd. in the roaring '20s is now a 124-unit luxury loft apartment in the heart of Hamilton," developer Denis Vranich said in an email exchange.

"Occupancy (permit) was issued mid-July and we are now in the process of moving in our new family of residents."

Vranich's success in turning the once-crumbling brick building into new homes — and tax revenue for the city — ends a 20-year odyssey for the building that has seen several ideas blossom and wither.

Vranich, son of downtown megadeveloper Darko Vranich, purchased the four-acre property in 2007 for $1.5 million. Originally constructed in 1928 by National Hosiery Mills to manufacture silk stockings, it was acquired by the Hamilton Board of Education in 1967 for use as a vocational training centre, storage and a film library.

The school board declared it surplus in 1996 and sold it to a development company called Dundurn Street Loffts for $400,000. Between then and 1999 several development concepts were announced, and 50 deposits for units were collected, but nothing ever materialized on the site.

In 2003 it was sold under power of sale to a numbered company in Thornhill and then to Vranich in January 2007.

Redevelopment work started in October 2012 when the rear section of the building was removed. In the fall of 2014 site plan approval was granted for a three-storey main building plus an extension to the back for a total of 124 units and 216 parking spaces.

The plan includes a gym, outdoor courtyard and a party room, 14- to 22-foot ceilings, open floor plans and kitchens with stainless steel appliances. A building permit was issued April 22, 2015 and the site has been buzzing with activity since.

Monthly rents for the units range from $1,399 to $2,999. Vranich wouldn't comment on the total value of the project but the building permit for it identified construction costs at just under $12.5 million.

The project has been well-received.

"From what I can see, the building is going to be a well received addition to that neighbourhood, and will bring customers to the retailers and restaurants in the area. It is great to see an old vacant building ‎put back into a productive use," said Glen Norton, the city's urban redevelopment co-ordinator.

"Hamilton is starting to get a good reputation for the creative repurposing of these old buildings, which is not something the city was previously known for. Quite the opposite, in fact."

Originally the plan called for some retail space on the ground floor, with talk of a new liquor store or a gym, spa or daycare, but that element was removed.

It's a loss ward Coun. Aidan Johnson still regrets.

"I have advocated to Mr. Vranich for first-floor commercial use of the 220 Dundurn property. I have a strong preference for seeing the first storey used for commercial purposes, so as to aid in the revitalization of Dundurn," Johnson said in an email exchange. "Unfortunately, Mr. Vranich has indicated that he is not interested in this idea."

Johnson had also hoped for some affordable housing units in the plan and to have the 216-spot parking lot on the property put to some community use.

Timeline 1928 — Built by National Hosiery Mills Ltd. to manufacture silk stockings.

1967 — Sold to Hamilton Board of Education, which used it for vocational training, storage and a film library.

1996 — Declared surplus by the school board and sold to Dundurn Street Loffts for $400,000.

1997 — Brantford developer Adam Stelmaszynski announced plans for New York-style loft condos in the building, ranging from $110,000 to $360,000.

1999 — Three elaborate model suites were built inside with the developer saying 51 of 64 units had been sold and that construction would begin by year's end.

2003 — Property sold by Mississauga lender Retrocom under power of sale for $2 million to Thornhill numbered company.

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2004 — City slapped owner with thousands of dollars in orders to comply on the property for weeds, trash and broken windows.

October 2004 — Adam Stelmaszynski was found guilty of fraudulently collecting nearly $700,000 in GST rebates from the Dundurn project and another.

November 2004 — Serious fire raged through building, leading to initial fears part of it would collapse.

January 2007 — Denis Vranich bought building and its four acres for $1.5 million.

October 2012 — Demolition permit granted to remove rear section of building, tall smokestack to remain as architectural element.

June 2013 — Vranich applied for an additional two storeys on the three-storey main building and to replace a one-storey garage with a five-storey structure for a total of 194 units.

Fall 2014 — Site plan approval granted for three-storey main building plus one-half-storey loft level, three-storey secondary building set further back from property line, for a total of 124 units and 216 parking spaces.

April 2015 — Building permit issued for the work currently underway.

Steve Arnold Steve Arnold is a business reporter with The Hamilton Spectator. Email | Twitter

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