Farhi offers to partner with city as London, Ont. unveils strategy to fight office and storefront vacancies
Shmuel Farhi hasn’t seen the strategy yet, but recent talks with the mayor and a desire to see action to address London’s stubbornly high vacancy rates in its core business districts has the mega-landlord extending an olive branch.
“I am happy to partner and do whatever I can from my perspective,” Farhi told CTV News London.
Farhi Holdings is the downtown’s largest landlord.
He described a pair of meetings with Mayor Josh Morgan as productive.
“I am actually looking forward to working with Josh and his team to move the city in the right direction because the downtown is the heart and soul of the community,” he said.
The statistics in the city’s new Core Area Land and Building Vacancy Reduction Strategy are sobering — but not surprising.
Ground floor retail vacancy
- 24.5 percent in Old East Village (86,000 sq. ft.)
- 17.4 percent in Downtown London (308,900 sq. ft.)
- 12.6 percent in Midtown (14,300 sq. ft.)
Office space vacancy
- 24.6 percent in core area (1,190,983 sq. ft.)
Core area vacant lots
- 13 vacant land parcels (2.19 acres)
Core area parking lots
- 67 surface lots (29.32 acres)
The city’s new vacancy-fighting strategy goes beyond incentivizing property improvements, focusing on a holistic approach with four principles: property, people, place, and promotion.
“We have incentives now for property improvements, but the other three components place, people, and promotion are also important,” explained Manager of Core Area and Urban Regeneration, Jim Yanchula. “It won’t work with just the property [component].”
The strategy doesn’t shy away from the impact that social challenges and street-level homelessness are having on the site-selection decisions made by commercial tenants.
“In order to have safety, we have to find homes for the most vulnerable people,” said Farhi.
Turning around the vacancy crisis in the core will also require small and mid-sized landlords to be on board.
COVID-19 pandemic restrictions and recent roadwork along Dundas Street have triggered vacancies in Mike Mikhiel’s commercial building next to the Aeolian Hall.
“I lost about four tenants,” Mikhiel explained. “I hope the City of London will do something about it and come back with any rule [changes] that would help the tenants here.”
Across the street there is confidence that the area will rebound.
Steven Manuel is renovating space for new commercial tenants and explained, “The more the city can do, the sooner the better, so we can get things headed in the right direction.”
Farhi stressed that time is of the essence.
“It’s time for the city to stop doing reports, and start doing. In the past 25 years [the city] spent millions of dollars on reports and we’ve gotten nowhere.”
Council will discuss the core area vacancy strategy at a committee meeting on May 30.
CTVNews.ca Top Stories
Range of Iranian targets 'on the table' following attacks: Israeli ambassador
Israel's ambassador to Canada says the international community needs to send a 'concise, concentrated, focused message to the Iranian regime,' following attacks on Israel Tuesday.
Iran fires at least 180 missiles into Israel as regionwide conflict grows
Iran launched at least 180 missiles into Israel on Tuesday, the latest in a series of escalating attacks in a yearslong conflict between Israel and Iran and its Arab allies that threatens to push the Middle East closer toward a regionwide war.
Where to watch the vice-presidential debate between JD Vance and Tim Walz
Sen. JD Vance and Gov. Tim Walz are set to go face to face tonight for the first and only planned vice-presidential debate of this U.S. election cycle. Watch the debate live on CTVNews.ca along with real-time commentary and analysis from journalists and experts.
Trudeau government survives another Conservative-led non-confidence vote
Prime Minister Justin Trudeau's Liberal government survived another Conservative-led non-confidence vote on Tuesday, the second in less than a week. This, the same day the Bloc Quebecois had an opportunity to table a non-confidence motion of its own, opting instead to push the Liberals to support one of its key demands.
13-year-old girl charged in deadly stabbing of 7-year-old sister after argument
A 13-year-old girl has been charged with allegedly murdering her s-year-old sister in Taylor over the weekend.
Man 'precariously hanging in some shrubs' rescued off side of B.C. mountain
A small bush on a ledge appears to have "miraculously" saved the life of a climber who fell down the steep slope of a mountain, according to B.C. search and rescue crews.
Alberta Premier Danielle Smith comes under fire for comments about chemtrails
Alberta Premier Danielle Smith's office says her recent comment about chemtrails doesn't mean she believes the United States government is spraying them in the province.
Community mourns Ontario man killed in collision with unmarked OPP vehicle
Tributes have started pouring in for a Midland, Ont. man who died after reportedly being struck by an unmarked provincial police vehicle over the weekend.
Canada condemns Iran's strikes on Israel, reiterates calls for ceasefire
As war spread in the Middle East on Tuesday, Foreign Affairs Minister Melanie Joly 'unequivocally' condemned Iran's move to fire dozens of missiles into Israel and called for no further escalation in the war from all sides.