This 4-acre chunk of land in downtown London is on sale for $41.4M
York Street parking lot across from RBC Place convention centre is on the block again
Most Londoners know it as the parking lot across from the RBC Place convention centre.
However, a downtown councillor feels that in the hands of the right developer, 301 York St. could become so much more.
"It's a great opportunity," said John Fyfe-Millar, whose Ward 13 includes the downtown core. "I think we're going to see more of this happening post-COVID where larger properties are going to be coming available in the downtown, and I think we need that."
Bordered by Wellington Street to the West, the former London Free Press building to the east and the CN rail line to the south, the 4.3-acre parcel is up for sale for $41.4 million.
The parcel is zoned DA-2, a general-purpose downtown zoning that allows almost all types of commercial development, including mixed-use buildings with residential units above the first floor.
A concept drawing done for the listing by the design firm Stantec shows a mixed-use development with eight towers, including two at a maximum height of 30 storeys with a total of 1,380 units.
While the design is just a suggestion, Jameson Lake of listing firm Cushman & Wakefield said it shows the property's vast potential, one he believes is best suited to a large mixed-use development.
'Limitless' potential
"Somebody may have their own spin on it but you've got 4.3 acres in the heart of downtown across from the convention centre so the potential for this property is limitless," said Lake.
The property was listed last spring with a different agent. This time, Jameson said there's been a lot of interest as things start to open up after two years of COVID-19 restrictions and lockdowns.
"The early activity has been good, certainly from local groups and primarily from the Greater Toronto Area, but we're getting interest from Vancouver to Muskoka," said Lake.
When it comes to commercial property in downtown London, the name Farhi Holdings Corp. often comes up, but a representative of the company said they have no plans to purchase 301 York.
Farhi bought the former London Free Press building in 2018.
The property management company Bradel Properties is the vendor. The company owns 291 King St., among other London properties. Jameson said the company has opted to move on and let another developer take over after operating 301 York St. as a surface parking lot for years.
Fyfe-Millar said the city, which owns RBC Place, could team up with the purchaser to ensure parking at 301 York St. remains available to the convention centre.
"The convention centre is the real hub of that space," he said. "I can see there being a definite public-private partnership to create some form of parking garage, because we've seen in the past that parking lot has been utilized well by the convention centre. I think creating some parking in there would be ideal."