Downtown London is hot market for high-rise development

March 23, 2017 by  

Well-known London builders have submitted 10 applications to build highrise residential buildings in downtown London, with one currently being built, and another proposal for student housing on the horizon.

Currently, about 7,000 people live in London’s downtown core. If all 11 proposed towers were to be built, this would add over 3,000 upscale units.

London has adopted strong development policies, such as the elimination of growth fees for new builds, which has attracted experienced builders. In addition strong investments on the part of the city are also attractive, including a renewed waterfront and more effective public transit.

While city planners expect most or all of these high-rises to be built eventually, the development will take time, and will most likely be completed exclusively by established builders with strong financing behind them.

Experienced builders that have made their proposals to the city for these high end towers will probably have used personalized business forms, with graphic designs depicting the completed building.

The residents to fill these new units will come from London and surrounding cities, with empty-nesters selling their homes in the suburbs. There is also expected to be an influx of new people from the Greater Toronto Area.

York Developments will be proposing a student residence, catering to young adults from Fanshawe College and Western University. Their selected site is adjacent to the public transit for both of the schools.

Industry insiders admit that there is no clear timeline for the proposed high-rises, and expect the needs of the marketplace to dictate when each development breaks ground.