Prime downtown London, Ont. development site hits market for $40M
Adjacent to several existing and planned transportation routes, the sales pitch for the parking lot across from the RBC Place Convention Centre is all about location, location, location.
“Boom, you’re there! Boom you’re there!”
Realtor George Georgopoulos has listed the four acre property at the south-east corner of York and Wellington for about $40 million on behalf of the private owner.
The price is based on its potential as the largest available development site in Downtown London.
“I’d really love to have a Londoner buy this,” admits Georgopoulos. “It’s our community, our deal. Somebody that can work with the city together.”
Georgopoulos had renderings created to show a mix of residential, hotel, and office towers based on the current zoning.
But the property also backs onto the rail tracks, is on the upcoming Bus Rapid Transit route, and across the road from the RBC Place Convention Centre.
He’s like to see the final design include a public-private partnership to incorporate a transportation hub.
While no significant passenger rail enhancements have been approved, Georgopoulos believes they will come if London has the right station.
“When we get high speed (rail), when we get GO-train, we need a new terminal, and the terminal can be right here.”
Heritage advocates have been pushing for developers to build on downtown surface parking lots, and thereby reduce the need to demolish as many historic buildings.
“Surface parking lots are kind of shovel ready development opportunities,” explains Sandra Miller. “A lot of them already have land use and zoning permissions in place.”
Miller says during her campaign to direct more development to surface parking lots, the lot at York and Wellington has stood out an a prime infill opportunity.
“It’s an amazing location for many opportunities, it’s exciting to hear that it’s available, so I hope somebody snatches it up!” she adds.
Georgopoulos agrees that the property is shovel ready.
“This is a clean slate for construction, because it’s a palette for your own imagination.”
CTVNews.ca Top Stories
'It looks quite real': Two Ontarians lose money to fake phone scam
About 85 per cent of Canadians have a smartphone and once you have one they’re hard to live without. The latest smartphones can cost as much as $2,000, so if you’re trying to save money, make sure you don’t get caught in a fake smartphone scam.
America reaches Election Day and a stark choice between Trump and Harris
A presidential campaign marked by upheaval and rancor approached its finale on Election Day as Americans decided whether to send Donald Trump back to the White House or elevate Kamala Harris to the Oval Office.
New homeowners find skeleton in attic 15 years after previous occupant disappeared
Homeowners in France have discovered a skeleton in the attic of an outbuilding while undertaking renovation work.
Months after VRBO booking, Taylor Swift fan told home 'not available' during Vancouver concert
A frustrated Taylor Swift fan is speaking out after being pushed from a short-term rental she booked for the upcoming Vancouver leg of the superstar’s Eras Tour.
North Korean troops in Russia are shelled by Ukrainian forces, an official says
North Korean troops recently deployed to help Russia in its war with Ukraine have come under Ukrainian fire, a Kyiv official said Tuesday.
Dutch police arrest a suspect in a botched art heist of Andy Warhol screenprints
Police arrested a 23-year-old man Tuesday on suspicion of involvement in a botched art heist at a gallery in the southern Netherlands targeting four valuable Andy Warhol screenprints.
Tim Hortons parent Restaurant Brands misses sales estimates on muted demand
Restaurant Brands missed estimates for quarterly revenue on Tuesday due to weak demand across key businesses such as Tim Hortons, Burger King and international markets including China and the Middle East.
Canada Post, union, still disagree over weekend delivery following weekend talks
Canada Post and the union representing its workers are commenting on how weekend talks for a new contract went, with the employer calling them less productive than they'd hoped and the union claiming their employer is focused on flexibility to deliver parcels at the lowest possible cost.
A week after Spain's floods, families hold out hope that loved ones are not among the dead
Francisco Murgui went out to try to salvage his motorbike when the water started to rise.