The City of London has approved its first successful application to the new office-to-residential Community Improvement Program (CIP). The former Rexall building at 166 Dundas St. is being transformed into 15 residential units, with commercial space on the first and second floors. The real estate development firm MAAS Group purchased the building from Farhi Holdings and decided to convert the unused office spaces into residential units. Construction is already underway, and the units are expected to be ready for occupancy by fall. The project received $414,947 in funding from the city’s CIP, with flexibility for additional funding if needed.
Mayor Josh Morgan expressed excitement about the project, highlighting the positive impact it will have on the downtown area. The CIP provides grants that function as forgivable loans, with up to $2 million available per property. The program aims to increase the supply of residential units downtown to address the housing crisis in the city. While units at 166 Dundas St. will list at market value, some will be geared towards income and affordable housing. The city is currently seeing 7,100 high-density residential units under construction, reflecting the increasing demand for housing in London.
The successful conversion of the former Rexall building highlights the city’s commitment to repurposing vacant commercial spaces and revitalizing downtown. Ward 13 Coun. David Ferreira emphasized the significance of the project, noting that it aligns with multiple strategic initiatives of creating new housing and enhancing the city’s overall development. The project moves London in the right direction, signaling progress in the city’s efforts to improve the downtown core and provide more housing options for its residents.
Deputy City Manager Scott Mathers highlighted the benefits of the project for future residents, emphasizing the convenience of walking, biking, and using public transit in the downtown core. The office-to-residential CIP allows for timely conversion projects that increase the supply of residential units and tackle the housing crisis. London was the first city to receive funding under the federal government’s housing accelerator fund, reflecting the city’s commitment to improving housing availability and efficiency. The success of the 166 Dundas St. project sets a positive example for future applicants to the program.
Mayor Josh Morgan expressed optimism about the future of downtown London, noting the ongoing improvements and development projects in the area. He praised the speed and efficiency of the 166 Dundas St. conversion, highlighting the need for more housing options in the city. The community is eager for more projects like this one, which contribute to the overall growth and livability of London. The city’s commitment to repurposing commercial spaces into residential units reflects a forward-thinking approach to urban development and housing provision.
Overall, the successful conversion of the former Rexall building at 166 Dundas St. exemplifies London’s progress in addressing the housing crisis and revitalizing downtown. The project highlights the collaboration between private developers, the city, and the community to repurpose vacant spaces and create new housing options. With more projects like this in the pipeline, London is poised for continued growth and development, providing residents with a mix of market-value and affordable housing options in the downtown area.
