- What Rand Developments is seeking $11m for a London, Ont., development site
- Why The site is approved for a 260-unit residential development
- What next Stronghold Real Estate has the marketing assignment
Rand Developments is floating a London, Ont., high-rise development site for $11m.
The property, at 250 Springbank Drive, is approved for a 15-storey, 260-unit residential development. Stronghold Real Estate has the assignment.
Rand’s proposal, dubbed Springbank Towers, called for two towers of equal height connected by a shared podium. The units were to be a mix of market-rate rentals and affordable rentals.
Plans included a multi-level underground garage as well as surface-level parking.
The site spans over 3 acres and was previously a used car dealership. It is now vacant with all buildings demolished.
The property is 2 km from downtown London and is serviced by a public transit bus route with service to downtown. It backs onto the Coves, a series of environmentally significant ponds formed by the Thames River.
Other intensification has been proposed for the immediate area. Across the street at 257-263 Springbank Drive, an application was submitted to build a six-storey apartment building on lands occupied by single-family homes.
