Another sleek blue tower rising in downtown London will be true to its name.
The 29-storey condo tower will be called Azure — Italian for blue.
Developer Tricar Group held a groundbreaking Tuesday for the highrise at Talbot and Dufferin streets.
Tricar announced the new building will include a public art project with funding up to $250,000, in partnership with the city of London.
Tricar sponsored a similar project on its Renaissance I tower, a sculpture of a blue heron by London artist Ted Goodden.
Tricar vice-president Adam Carapella said he’s confident the condo market in downtown London is strong. He said the 200 units in the company’s Renaissance II tower a couple of blocks south sold out quickly.
“We do see the demand, and nothing else has been built since that project was completed in 2013.”
Unlike the Toronto market where many condo units are bought by investors who rent them out, Carapella anticipates about 90 per cent of the units in the new building will be owner-occupied.
In September, city council approved the demolition of three historic buildings on the site to make way for the development.
Speaking at the groundbreaking, Mayor Matt Brown said projects such as the Azure condos are important to the city plan for higher density and more efficient transit in the core.
Downtown London is less than one per cent of London’s land mass but generates five per cent of tax assessment, he said.
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http://www.lfpress.com/2015/12/08/tricar-group-breaks-ground-for-london-condo-tower
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