Hamilton CIty Centre officially has a new owner.

IN8 Developments took possession of the downtown mall on Dec. 12 and is now working to formally present its construction concept for the 3.4-acre site on James Street North.

Demolition of parts of the site to make way for up to five office and condominium towers were among the early ideas discussed by IN8 president Darryl Firsten in October as the deal was coming together.

“We are diligently working toward our site plan for early in the new year,” Firsten said Monday, adding that it is business as usual at the mall with Christmas shopping.

IN8 originally estimated a $700-million construction budget for the five 28-storey towers, but the wrecking ball won’t be rolled out quite yet. Ahead is an expected three-year wait for a provincial environmental assessment.

Firsten said everything with the project is going as predicted — with the exception of the surprise announcement of the province curtailing its involvement in the LRT.

“I am disappointed but cautiously optimistic that something will happen and there will be a silver lining,” Firsten said. “I find it impossible to imagine that a city the size of Hamilton would not have a major transportation system.”

With his company’s background in Waterloo Region, he has seen the upheavel that LRT can bring during the construction stage but said “it is worth it in the long run.”

IN8 had been searching four years for the right investment in Hamilton.

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