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Sifton Properties Restricted will obtain $3.29 million to transform workplace area at 195 Dufferin Avenue in London into 94 residential models.
The Metropolis of London has authorized funding for the second office-to-residential conversion undertaking below its Workplace-to-Residential Group Enchancment Plan (CIP) Incentive Program]
Grants of as much as $35,000 per unit will likely be awarded to eligible tasks within the Downtown Group Enchancment Challenge space. The objective is to fund an extra 285 models as a part of London’s Provincial Housing Pledge to construct 47,000 houses by 2031.
This undertaking is a part of a singular, not-for-profit partnership involving Properties Limitless (London) Inc., the Anglican Diocese of Huron, and St. Paul’s Cathedral. It marks a major step within the Metropolis’s efforts to deal with the housing disaster and meet its provincial housing targets.
The Workplace-to-Residential CIP Incentive Program, authorized by council in February 2024, goals to extend the availability of residential models in downtown London by incentivizing the conversion of underutilized workplace areas into reasonably priced housing.
Mayor Josh Morgan expressed help for the undertaking, noting its alignment with town’s Roadmap to three,000 Reasonably priced Models Motion Plan.
“As part of our affordable housing initiative, we are proud to support this project, which will include 10 affordable units funded by the Roadmap to 3,000,” mentioned Morgan. “We’re also excited that Homes Unlimited will offer many other units at affordable rents, further addressing the need for affordable housing in our community.”
Sifton Properties Restricted President and CEO Richard Sifton referred to as the undertaking a “wonderful example of how community partners can come together to achieve shared goals for the greater good of the city.” He added that the funding would assist cowl renovation prices to transform the previous workplace constructing into much-needed residential models in London’s core.
The conversion at 195 Dufferin Avenue is predicted to contribute to the revitalization of downtown London whereas serving to handle the continued housing scarcity. The undertaking is one among a number of below the Workplace-to-Residential CIP Incentive Program, which goals to cut back vacant workplace area and improve housing availability within the metropolis’s downtown core.
“City staff are here to work with property owners and developers to create new housing opportunities,” mentioned Scott Mathers, Deputy Metropolis Supervisor of Planning and Financial Growth. “We are committed to transforming vacant office spaces into homes for Londoners.”
