During the 2014 civic election, we were informed of a staggering statistic: Downtown London represents less than 0.4% of London’s land mass, but provides more than 4.5% of its tax base.
In other words, taxes from Downtown landowners pay disproportionately for improvements in suburban London. We’ve had a steady stream of downtown projects come to fruition in the last decade or two, highlighted by the JLC and Covent Garden Market. Recently Fanshawe College’s investments in the downtown are pushing beyond $80 million with hopefully more to come. The true long term boom will be provided by residential tower construction, which appears to be a great economic force in our community, as is evidenced by the list below…
(The following was copied over from the Feb 19th London Free Press article)
Core area residential highrises in development:
455 Clarence St. (As Pictured Above): The site was originally occupied by “The Patricia”, a photo and vaudeville theatre, opened in 1916. It was renovated in 1956 and became the Victoria movie house. The Victoria closed in 1964 and was later demolished to create a parking lot.
505 Talbot St.: Tricar Group, 29 storeys, 200 units, now under construction
King and Lyle streets: Medallion Developments, construction has started on third apartment tower, 22-storey, 299 units
183 King St.: Southside Group, 25 storeys, 200 units. Developer Vito Frijia is appealing project to the Ontario Municipal Board (OMB) after council blocked demolition of two heritage building on the site.
560 and 562 Wellington St. at Wolfe Street: Auburn Developments, 188 units, 25 storeys, just north of Centennial Hall. Site plan application is on hold, after opposition from nearby Woodfield area.
50 King St.: Middlesex County, 30 storeys, 200 units. Project opposed by residents and is headed to OMB.
King and Clarence streets, former London Mews site: Ayerswood Development Corp., two towers, 35 and 32 storeys, total 698 units; third lowrise building with retail and commercial space and some residential. Builder Tony Graat has withdrawn planning application over concerns about how the city’s proposed rapid transit plan would affect the project.
Horton and Waterloo streets: Creative Property Development, 15- to 25-storey highrise on historic railway Roundhouse site.
96 Ridout St. S.: Tricar, 22-storey condo tower, 191 units, zoning approved.
Talbot and Fullarton streets area: Rygar Developments, 33-storey, 248 units, $100 million. Developors have assembled 11 properties totaling 1.5 acres. A design proposal is now being prepared in anticipation of a development application.
Shift London, as discussed in a previous post, will only help to ensure our Downtown remains vibrant, our suburbs have access to all the Downtown has to offer, and we can all link to future rapid transit initiatives.
Its an exciting time for our city!