^good news, but I don't think that record stores, as we know them, have any future, here or outside of London.
Interesting that it will be built in an area that has seen much better days.
development proposal submitted to the City of London by a Toronto-based real estate development company is eyeing a section of the city's Old East Village, and has been hailed as "very exciting," by London's Mayor, and potentially having "a major impact on the revitalization of the Old East Village," said City Controller Gord Hume.
The proposal, submitted by Medallion Developments, a privately-owned real estate development and property management company that's been in operation for 50 years, involves a 600-unit residential building, with the potential of adding 1,000-to 2,000 residents to the area. The building would be built in a block bound by King Street, Dundas Street, Hewitt Street and Lyle Street, said a City of London media release.
"The City has worked diligently on revitalizing this area for many years, so this type of proposal is very exciting," said Mayor Anne Marie DeCicco-Best. "This is exactly the type of high quality urban design project that Council has been looking at in other cities such as Vancouver and downtown Toronto."
City officials said the proposal has the potential to add thousands of residents to the area, which in turn could create demand for commercial services, bringing revitalization to the area.
The first step in the process requires a zoning amendment application for the area.
This zoning by-law amendment application will be reviewed by city staff for appropriateness from a land-use planning perspective, said city officials, adding the application will then be subject to a public participation meeting expected to be held this summer, and finally City Council approval.
"This project represents a major investment in the Old East Village that will spark further investment in the area and move the revitalization of the Old East Village ahead," said Sarah Merritt, manager of the Old East Village Business Improvement Area (BIA).
City Council and the Old East Village BIA have worked together on the revitalization of the Old East Village. Council has established a Community Improvement Plan for the area, established an incentive program and created one of the largest heritage conservation districts in Canada.
"By putting feet on the street, this project will have a major impact on the revitalization of the Old East Village, furthering the renaissance that has been underway for some time," said Gord Hume, City Controller and member of the Old East Village BIA board of directors.
Ward 4 Coun. Stephen Orser agreed the development is exciting. "I am looking forward to seeing more of the details of this project."
Past Medallion projects include residential subdivisions and multi-family apartment communities throughout the Greater Toronto Area (GTA). The company's portfolio is comprised of a full spectrum of real estate holdings: from high rise residential buildings to commercial office, retail and industrial properties.