Update!!!
Before a shovel was even in the ground, London’s first downtown commercial development in more than 15 years has already leased much of its space.
City and business leaders Tuesday officially took the wraps off the $10 million, 30,000-square-foot commercial plaza which will go up in the parking lot at Richmond and Carling streets, next to Moxie’s, that will be home to an expanded Shoppers Drug Mart, and an insurance broker moving to the core.
“This is good news, for the new year, and it won’t be the last, especially for downtown,” said Mayor Joe Fontana, who helped break ground on the site.
“I foresee big things happening in this city over the coming months and years . . . This development sends an important signal.”
Along with Shoppers, Robertson Hall Insurance brokerage firm will move from Wellington Rd. to the core, leaving about 7,000 sq. ft. to lease in the three-story building.
“We’ve wanted to be in the centre of the city for a while, but there was not a development we wanted. We were looking for exposure, a building with some identity,” said Ken Hall, president of Robertson Hall Insurance.
“I was born and raised in London. I used to go downtown to Simpson’s and Kingsmill’s. We wanted to be down here. Things are getting better and we want to be part of it.”
The broker will lease 10,000 sq. ft. for its 35 employees.
Rocco Tullio, president of Rock Developments in Windsor, is building the new office building and also bought the former Canadian Tire store in Masonville, redeveloping 75,000 sq. ft. of commercial space, a $13 million investment.
“I like London a lot. It is a little more insulated against the economic downturn, and the economy. It is well populated and has a diverse culture,” said Tullio.
“But the most important thing is our tenants want to be here. Shoppers was a driving force saying they want a new home downtown.”
The drug store will close its store on Dundas St., just west of Richmond.
Peter Whatmore, senior vice-president CB. Richard Ellis commercial realtor, believes the new space is a sign of things to come.
“It is a great story: new business moving downtown; another relocating and expanding here. It is positive news,” said Whatmore.
As for the core, Fontana plans on holding a downtown summit to discuss issues from from arts and culture to residential and commercial issues, he added.
“The downtown is the heart, soul and spirit of a city. Getting more residential and commercial development is crucial to the well being of the core,” said Fontana.
Construction will begin in mid January and be completed by August, with tenants moving in in September.
Prev
. drove by on the bus so i couldn't get a pick sorry
Linear Mode
