Developers who have bought up land along Hamilton's light-rail transit (LRT) line are holding off in fear the $1-billion project won't happen.

That's the analysis from Glen Norton, the city's head of economic development. Plenty of people have bought land along the route, he said. But no one's building on it yet.

No one has pulled out yet, Norton said. "What they've done is slowed down the process."

Norton gave the update as he presented an annual economic development action plan to city council's general issues committee Wednesday.

As usual, he presented a rosy picture. The city has been trying to reduce downtown office vacancies to seven per cent by 2020, and in 2018, Hamilton had a 12.70 per cent vacancy rate downtown.

The city has also been trying to attract a major film studio, and it's talking to multiple companies, he said. Next month, his team will bring a report to city councillors to rezone some Barton/Tiffany land to accommodate a studio. It's already held public meetings.

This new LRT timeline shows a 2024 launch. (City of Hamilton)

It's also on track to expand broadband internet access to rural areas, he said. The city has also attracted a data centre and manufacturing incubation space.

But LRT uncertainty, he said, has developers holding their breath.

Chris Mlinaric is chief financial officer with Vrancor, one of Hamilton's major developers. He backed up Norton's assessment.

"In some cases, yes, this is true," he said in an email.

Vrancor is moving forward with some developments, such as a high rise at Queen and King, because the city needs more hotel and rental space, Mlinaric said. In others, "we are holding off development until the fate of the LRT is determined."

In 2015, the province announced $1 billion to build LRT. It will run alternately down Main and King streets from McMaster University to Eastgate Square. It's due to launch in 2024, and Metrolinx and the city are still aiming for that.

Premier Doug Ford, who took office last June, says he supports the project. The province paused property acquisitions last fall, though, and there's no word when those will resume. It's also uncertain how city council will vote when it comes time to approve a master agreement this year.

Metrolinx has had full-time staff on the project since 2015. It's currently in the request for proposals phase to choose a consortium to design, build, finance, operate and maintain the system.