The city of london is going to lose Farhi
Wed, November 8, 2006
By NORMAN DE BONO, FREE PRESS BUSINESS REPORTER
London developer Shmuel Farhi has cut a big deal in Windsor.
He's agreed to a land swap that sees him get 0.4 hectares of prime downtown waterfront land in exchange for 16 hectares in the city's east end where the new arena for the Windsor Spitfires Ontario Hockey League team will go.
Farhi plans to build a $45-million, 20-storey condominium tower on the downtown site and another $50-million commercial and residential development near the new arena, he said yesterday.
The deal may be just the beginning of what he sees as an ongoing relationship.
"They called me and said they wanted to make a deal," Farhi said.
"Here's a city that picked up the phone and said they wanted to work with me. They sent people here and we got a deal done in three weeks."
Farhi has been at loggerheads with the City of London in recent years over developing parking in the downtown for his commercial buildings.
At a recent city council meeting, he threatened to tear down his London developments or invest elsewhere.
Windsor Mayor Eddie Francis said the new arena was the driving force behind the deal. The city wanted to look at building in east Windsor and contacted Farhi, who owned the large parcel.
"We are excited to bring someone here who has a track record of development downtown," Francis said.
"He's an individual who makes things happen."
Windsor also will develop a four-hectare property, immediately behind the land Farhi now owns, as a downtown urban residential area and Francis said he expects Farhi to bid on the development.