Downtown London to get new commercial building
What are these? A new, $8 million commercial building is coming to downtown London.
A three-storey, 30,000 square foot building will go up at Richmond and Carling streets on what is now 15,000 square feet of parking space and a Sammy's Souvlaki stand, next to Moxies restaurant.
"We have not had new, freestanding retail construction for a long, long time," said George Kerhoulas, sales representative with commercial realtors Cushman Wakefield Ltd.
"This is a sign that not only has residential noticed the downtown, but now the commercial market is noticing it also."
The new space will feature a "funky" exterior design and just may be a new home to a new Shoppers Drug Mart in the core.
"This is excellent news," beamed Janette MacDonald, manager of Downtown London, formerly MainStreet.
"It will be well built, the builder has an eye for urban design."
Kerhoulas has seen artist's renderings and agreed, adding, "the designs I have seen are modern, urban and say something about the future of downtown London."
The builder is Rocco Tullio, who owns Rock Developments in Windsor.
"London is a good market, it is somewhat insulated from the economy," he said.
"That is a good corner, in the heart of downtown, it's a great site and we are looking forward to building a first class office building."
He would not comment on rumours a Shoppers may locate there, but did add a major tenant is interested.
"I am confident we will make this go."
It is not his first building in London, as he also redeveloped the former Canadian Tire store in Masonville into a commercial plaza.
"It's a great city. I think putting your hockey rink downtown really helped the city, It provides life after the day-to-day business is gone," said Tullio.
Construction could begin later this year or in spring, 2011, depending on how fast the development moves.
The land, about one third of an acre, was sold by Dennis Dimitrakopoulous who operates several parking lots in the city.
"This will bring more people downtown, it is good for London," said Gus Dimitrakopoulous, Dennis's son.
The space behind the new building will remain parking, said Tullio.
Downtown London has seen new building, including commercial space in Tricar's Renaissance towers and a new office for Lerners, the law firm, and other new apartments.
"The more new builds we get, the more it instills confidence," said MacDonald.
If the tenant is a new Shoppers, that will help the downtown as the existing store on Dundas Street is small, old and does not have the larger grocery line now found in new stores.
It is not a grocery store, but along with the market, will offer a good lineup of foods for downtown residents, said MacDonald.
"It is good, but we still need a grocery store and we are working on it," said MacDonald.