About the Business
TAS is an unconventional impact company that promotes connected neighbourhoods as well as caring and committed communities. As a Future-Fit Pioneer and a Certified B Corp, TAS is an industry leader in impact development. Its active pipeline and portfolio total six million square feet across 17 properties throughout the Greater Toronto and Hamilton Area. TAS focuses on tackling climate change, expanding affordability and equity, and building social capital to create neighbourhoods – and ultimately cities – where people can thrive and belong. TAS partners with investors to shape and amplify this vision.
About the Loan
Vancity Community Investment Bank (VCIB) was the lead financier for TAS’ acquisition of the Coppley building, Hamilton’s most iconic pre-Confederation buildings. Located at York and MacNab, this 70,000-square-foot building was a former textile factory built in 1856. In collaboration with key partners, including the Hamilton Community Foundation (HCF), TAS will lead the adaptive reuse of this historic property to turn it into a community-serving hub. The restoration and renovation work is expected to begin in mid-2022 and TAS plans to start welcoming new tenants in mid-2023.
About the Impact
TAS and its partners plan to re-imagine the Coppley building into a community hub for charities, non-profits, and private sector partners. As one of the most important pieces of commercial heritage and history in Hamilton, TAS will ensure that the building’s original character and footprint remain untouched in the renovation process. A carbon strategy for the building is also in the works, which may include thermal efficiency, green and smart technologies, and other features. The team is currently exploring a series of related innovations such as accessible design, subsidized below-market rents for some tenants, and developing new models that will help tenants build equity and participate in the value the project generates.
“As an impact-driven bank, VCIB is thrilled to partner with an organization like TAS that puts community and environment at the forefront of its developments,” said Trish Nixon, Managing Director of Commercial Impact Banking at VCIB. “The Coppley project is a great example of this approach, and we’re pleased to provide financing to help bring it to life.”