Tall & Urban News

In a tight rental market with a vacancy rate of less than two percent, two proposed apartment developments could inject nearly 750 new residential units into London, Ontario’s downtown core.  
 
The first, proposed by Paramount Development Inc., is located in the Old East Village at 809 Dundas St., and would involve two 24-story apartment towers totaling 480 residential units.  
 
Closer to the Thames River, York Developments is proposing an apartment tower at 131 King St., just south of the Covent Garden Market and east of Budweiser Gardens. That building would be 30 stories and include 266 units. 
 
Both proposals will go before the city's planning and environment committee on November 12 for public participation. 
 
John Fleming, city planner for the city of London, says both proposed high-rise developments were negotiated through a process of "bonusing," in which the city allows developers to build greater height and density in exchange for public benefits. 
 
In the case of the 30-story project, those benefits include 41 public parking spaces and a commitment to fund a downtown public art project, to a maximum of CA$250,000 (US$189,075). 
 
The proposal for a two-tower development commits to 25 affordable housing units, priced at 95 percent of average market rent for 25 years—something the developer’s president Ian Stone said will soon be "the norm" for future developments. 
 
The project is a first for Paramount Developments. Stone says his company has worked on only one other residential development before: a single-family home, years ago. Still, Stone says he believes the finished units will "speak for themselves," and emphasized his eagerness to build in the Old East Village.  
 
"We love the area, we believe it's up and coming and a lot of things are happening there," he said. 
 
For more on this story, go to CBC News.