New article in the Freeps. One thing that puzzles me is the part where the developer says they don't know whether the building will be condos or rentals. How can they not know this? To go to the effort to plan a tower and not know how the revenue will come in from the building?
Demand for highrise residential towers in London core increasingBy Hank Daniszewski, The London Free Press
Thursday, March 19, 2015 11:12:23 EDT PM
A towering new luxury building overlooking downtown London’s crown jewel, and a third tower joining two others already built, could soon drive up the core’s highrise living boom.
While there’s no blocks-long wall of condo towers here like you find in Toronto, some are betting a mini-version of the same idea — more people drawn to live downtown — is reaching a point of no return.
That’s the hope behind the proposed third highrise joining a twin-towered complex just off the downtown, in Old East Village, that together would boost that area’s population by about 2,000 people.
Meanwhile, ready for the city hall approval mill is a proposal for the long-awaited, 25-storey residential and commercial tower overlooking Victoria Park.
Both projects are yet another sign of the makeover the core is getting from highrise living, with city hall tracking what could be up to 2,900 new residential units downtown and in Old East in a few years.
At the Old East site, Toronto-based Medallion Development is eager to build a third apartment tower at King and Lyle streets even though the area has had its share of vacancies, crime and social problems.
“Medallion has no problem going into a neighbourhood that’s somewhat rundown over the years,” George Espinola of Medallion said Thursday.
He said Toronto’s Queen St. W. — famed for its arts and culture — had similar challenges when Medallion started developments there 15 years ago. Now, it’s one of Canada’s trendiest neighbourhoods.
In a filing with the city’s urban design panel, Medallion plans a 21-storey tower with 298 units, just west of its two Revo on King towers.
A third tower wasn’t in the original plan. But Espinola said Medallion says the demand is there.
He said the first 24-storey tower, completed in 2012, is about 87% occupied and the second, 21-storey tower built later is about half occupied. Work on the third may begin this year, Espinola said.
“We are very confident that we will be all leased-up by the time the third tower is ready to go,” he said.
Between them, fully leased, the three buildings would have about 900 units housing 2,000 people, he said.
Overlooking the east side of Victoria Park, plans are also moving ahead for Auburn Developments’ 25-storey residential tower at Wellington and Wolfe streets, just north of Centennial Hall.
The company first proposed the tower in 2012, but only recently turned in a plan to the design panel.
The project still needs rezoning approval and a change to the city’s official plan, said Steve Stapleton of Auburn Developments. It plans to hold public consultations with the nearby Woodfield community.
The plan calls for a luxury building of 188 units, mainly one-bedroom. But Stapleton said no final decision has been made on the number of units or whether they’d be condos or rentals.
Two small office buildings at 562 and 560 Wellington, where Auburn’s office are located, would have to be demolished to make way for the tower. It would have ground-floor office-commercial space, with setbacks and a design compatible with the area.
The building’s height, close to old Victorian buildings, will become an issue, Stapleton said. Still, he said the project meets long-term goals to increase residential development in London’s core.
“We might be the first on the block, but what’s the view of the block 20 years from now?” he said.
A “slender tower set on a pedestrian-sized podium,” the design is meant to fit the area and reduce the effects of wind and shadow.
The project falls just outside the downtown boundary in the city’s growth blueprint, Stapleton said. Within the boundary, projects can go up to 30 storeys. Outside, a maximum eight storeys is recommended.
Stapleton said the 25-storey building could be accommodated through a “transition zone,” noting a Tricar
Group condo building a few blocks north is 14 storeys high.
hank.daniszewski@sunmedia.ca
twitter.com/HankatLFPress
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OTHER PROPOSALS
50 King St.: Middlesex County has proposed a 30-storey, 200-unit residential highrise, worth up to $100 million, with retail and commercial space.
King and Clarence streets: Ayerswood Development Corp. has proposed two residential towers, 550 units, valued at $100 million, with retail and commercial space.
Horton and Waterloo: Creative Property Development proposing a highrise, 15 to 25 storeys, $45 million.
Talbot and Dufferin: Residential development by Tricar Group, size to be determined.
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