- What A high-rise development site in London, Ont., is on the block
- Why A 27-storey apartment building was previously approved for the site
- What next Thrive Realty Group Inc. has the assignment
A residential development site in London, Ont., formerly owned by Atlantis Realty is on the block for $12m.
The property, at 146-150 Dundas Street, is being pitched with high-rise potential. Thrive Realty Group has the marketing assignment.
In 2017, when owned by Toronto-based Atlantis Realty, a 27-storey, 200-unit apartment building was approved for the site. Developer Rygar Properties had applied for the approvals and had plans to acquire the property from Atlantis.
In 2018, however, the deal fell through when Rygar could not meet a deadline to receive a development charge exemption, which would have added $4m to the project’s total cost, The London Free Press reported.
The property did eventually sell in February 2022 to I3CD Inc. for $4.3m, according to provincial property records.
It is occupied by low-rise commercial buildings with ground-floor retail. Tenants include Pizza Pizza and Subway.
Just west of Richmond Street, the site is less than 400 m from the Covent Garden Market, Canada Life Place and the London VIA Rail station. It is 3 km from Western University and 5 km to Fanshawe College, with public transit routes available to both schools.
