Less than 43 days after buying the 50 Creighton Rd. non-profit affordable seniors housing from Dundas Lions Club for $2.7 million, the current owner listed the property for sale at an asking price of $5 million.

The property’s sale listing suggests potential for redevelopment that may not actually exist.

The site is located inside the Hamilton Conservation Authority (HCA) regulated Spencer Creek floodplain, and municipal zoning limits redevelopment of the property.

Neither the City of Hamilton nor the conservation authority have received any applications, development proposals or draft site plans. There has not been the typical pre-application formal consultation to determine what applications, studies, reports and permits would be required for a specific development idea.

Despite that, the listing states there is a site plan concept “based on HCA requirements” for a 75-unit condominium building.

City of Hamilton spokesperson Allison Jones confirmed the zoning permits a density of 75 residential units per hectare, and the property is just under one hectare in size — but that doesn’t mean 75 units can be built.

“As to how many units the property is permitted under the zoning, we are not in a position to know with any certainty as there are many factors to be considered,” Jones said.

Among several factors that would decrease the number of units permitted on site are parking, vehicle circulation, natural heritage features — and floodplain restrictions.

Dundas resident and realtor David Zalepa said he has dealt with properties located in floodplains under the jurisdiction of the Hamilton Conservation Authority.

“It is highly speculative to make a statement such as ‘based on HCA requirements,’” Zalepa said, “unless the HCA has gone to physically inspect the property and staked out the boundaries required for setbacks and reviewed the plans for development … If they have not received any approvals, I personally would not publish a statement such as that.”

Scott Peck, Hamilton Conservation Authority director of watershed planning and engineering, confirmed there have been no approvals, nor any applications, for 50 Creighton Rd.

“We are not in receipt of a site plan application,” Peck said. “A permit from the HCA is required for development on this site and we have not received a permit application for development of any kind on the subject lands.”

He said any development on the site is required to be outside of the 100-year floodplain, floodproofed to the regional regulatory flood level, and be located outside of the erosion hazard,

It’s not clear how much of the property can be developed, and how many units might be permitted.

Floodproofing involves raising the property above a minimum flood level and building on top.

Zalepa checked 50 Creighton on the conservation authority’s online mapping tool, and found it is located entirely within the floodplain, “rendering it almost impossible to redevelop.”

The property may face more restrictions than other recent development near Spencer Creek — including condominium buildings on Creekside Drive, which are only partially within the regulated floodplain.

The province’s Municipal Property Assessment Corporation assessed 50 Creighton Rd. at a value of $893,000 for 2020. Proformance Investments GP Inc. bought 50 Creighton Rd. on Oct. 6 for $2.7 million — more than $1.8 million above its assessed value, and listed it for sale on Nov. 17 for $5 million — more than $4.1 million above its assessed value.

Proformance owes $2.1 million on the purchase.

Current tenants appear to have some level of short-term protection, regardless of who owns the building, because rents cannot be raised before the end of this year, or in 2021.