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A GATEWAY TO THE SoHo DISTRICT & DOWNTOWN LONDON
SoHo WELLINGTON CENTRE
November 29, 2011
SoHo Wellington Centre A Gateway to the SoHo District & Downtown London
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Table of Contents
Part 1: Executive Summary..........................................................................................7
Part 2: Redevelopment Details and Conceptual
Designs of the Proposed SoHo Wellington Centre...........................................14
Subsection 1:
Existing and Proposed Built Form......................................................................14
Block 1: Area Bounded by Wellington, South and
Waterloo Streets and the Thames River
(i) Existing Built Form.........................................................14
(ii) Proposed Built Form......................................................17
Part 3: Planning Background.........................................................................................22
Subsection 1:
Existing and Proposed City of London Official
Plan Designations for the Subject Block.............................................................22
Block 1: Area Bounded by Wellington, South
And Waterloo Streets and the Thames River
(i) Existing Official Plan Designations..................................22
(ii) Proposed Official Plan Designations................................24
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Subsection 2:
Existing and Proposed City of London Zoning
By-law, Z.-1 Regulations for the Subject Block......................................................26
Block 1: Area Bounded by Wellington, South
And Waterloo Streets and the Thames River
(i) Existing Zoning Regulations...........................................26
(ii) Proposed Zoning Regulations........................................28
Subsection 3:
Detailed Breakdown of Requested Zoning
For the Proposed SoHo Wellington Centre.......................................................30
Subsection 4:
How the Proposed SoHo Wellington Centre Will
Be Consistent with the Provincial Policy Statement (PPS).................................36
Subsection 5:
How the Proposed SoHo Wellington Centre Will
Be Consistent with the City of London’s Official
Plan and Meet the Required Amendments
To the City of London’s Official Plan...................................................................38
Subsection 6:
How the Proposed SoHo Wellington Centre Will
Be Consistent with the City of London’s Zoning
By-law, Z.-1 and Meet the Required Amendments
To the City of London’s Zoning By-law, Z.-1........................................................43
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Subsection 7:
How the Proposed SoHo Wellington Centre
Will Be Consistent with the City of London’s
SoHo Community Improvement Plan Document.................................................45
Subsection 8:
How the Proposed SoHo Wellington Centre
Will Assist the City of London’s Outer
Core (SoHo Community) and More Importantly,
Inner Core (London’s Central Business District)
From a Planning Impact Analysis Perspective.....................................................49
Part 4: Transportation Network......................................................................................52
Part 5: Market Analysis on the Proposed SoHo Wellington Centre................................55
Subsection 1:
Analysis of the Existing SoHo District
A. Existing Demographics of the SoHo District..................................................55
B. Existing Population of the SoHo District........................................................63
C. Existing Property Values within the SoHo District.........................................63
Subsection 2:
Market Justification and Viability of
Each Development Component for
The Proposed SoHo Wellington Centre
A. Wellness Centre Component.......................................................................64
B. Multi-Family Residential Component..........................................................70
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i. Market Rate Condominiums and Penthouses.......................................71
ii. Townhouses..........................................................................................76
iii. Seniors Condominiums.........................................................................77
iv. Attractiveness of the Multi-Family
Residential Component to Migrants.....................................................81
C. Retail Component........................................................................................83
D. Office Component........................................................................................87
E. Summary Account.........................................................................................89
Subsection 3:
Effect of Large-Scale Redevelopment
On Property Values.............................................................................................90
Part 6: Economic Impact Analysis of the Proposed SoHo Wellington Centre...............102
Subsection 1:
The Direct Income Benefit of Constructing
The Proposed SoHo Wellington Centre
A. Direct Construction Costs............................................................................102
B. Income Benefit from the Creation of Direct Construction Jobs..................102
Subsection 2:
Determination of Direct Construction Jobs
For Each Commercial Use within the
Proposed SoHo Wellington Centre
A. Wellness Centre/Development Lab Component..........................................103
B. Hotel Component..........................................................................................103
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C. Office Component.........................................................................................103
D. Retail Component.........................................................................................104
E. Total Number of Direct Construction Jobs Created.....................................104
Subsection 3:
Determination of the Direct Income
Benefit of Each Commercial Use within
The Proposed SoHo Wellington Centre..............................................................105
Subsection 4:
Determination of Sales/Income Benefit
Of Each Commercial Use within the
Proposed SoHo Wellington Centre....................................................................107
Subsection 5:
The Municipal Financial Impact of
The Proposed SoHo Wellington Centre
A. Changes in Average Assessed Values............................................................109
B. Changes in Property Tax Revenue.................................................................109
Subsection 6:
The Total Economic Impacts Summarized..........................................................110
Part 7: Conclusion...........................................................................................................111
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Part 8: References..........................................................................................................115
Part 9: Bibliography........................................................................................................122
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Part 1:
Executive Summary
This report will establish the details and merits of a large-scale, multi-use private sector
redevelopment project, the SoHo Wellington Centre, which will implement both the spirit and
direction that was established through the municipally-led Community Improvement Plan (CIP)
for the SoHo District. The proposed SoHo Wellington Centre will be examined in detail from the
point of view of land use planning, market analysis, purpose and viability of each proposed use
within the Wellington Street-South Street-Waterloo Street block and economic impact on the
SoHo District and the City of London.
The overall design and physical attributes of the proposed SoHo Wellington Centre will
implement alternative green, solar and geothermal energy components. The SoHo Wellington
Centre’s proposed parking facility will be camouflaged by featuring a layered green roof system,
in order to deemphasize its use and reinforce the open space quality and connectedness to
Wellington Valley Park and the Thames River system. The overall design of the proposed SoHo
Wellington Centre has attempted to maximize the attributes of the Thames River and the
placement of significant open space between the built form and the existing natural setting.
The Thames River vista will feature a riverfront promenade, community gathering spaces and
an overall improvement of the Wellington Valley Park lands. The South Street frontage will
feature a green street, by way of widened sidewalks, landscaping, signage and other
pedestrian-oriented features, dining and retail uses.
This report will also establish that the proposed SoHo Wellington Centre will be a high-calibre
multi-use redevelopment project, not yet seen in London, which will offer facilities to a
diversified population base and age group because of its retail, medical, office and residential
components. The SoHo Wellington Centre will be world class in nature, in terms of services
offered, calibre of doctors, and exclusivity. It will have the drawing power to attract interest
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and clientele at the international level.
The key points of this report can be summarized as follows:
The proposed SoHo Wellington Centre will become the centrepiece for the SoHo
District, a traditional inner-city neighbourhood.
The proposed SoHo Wellington Centre will be consistent with the policies of both the
Provincial Policy Statement (PPS) and Official Plan.
The easterly extension of the Main Street Commercial Corridor designation to Waterloo
Street and development of the proposed SoHo Wellington Centre will implement the
SoHo CIP by:
Creating a significant gateway development for the SoHo District, and more
importantly, Downtown London.
Stabilizing and increasing property values.
Encouraging further infill and investment throughout the SoHo District.
Establishing a strategic Thames River presence at the Wellington Street/South
Street intersection.
The requested Business District Commercial zoning amendment for the subject block
will meet the vision and principles of the SoHo Community Improvement Plan.
The proposed SoHo Wellington Centre will be the catalyst to begin rectifying a great
deal of the challenges/barriers that the SoHo District presently faces.
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The proposed SoHo Wellington Centre will meet most of the goals and objectives of the
“Rationale” section of the June 13, 2011 Built and Natural Environment Committee
(BNEC) Report on the SoHo CIP.
The proposed SoHo Wellington Centre will promote and implement:
The revitalization of both the SoHo District and Downtown London, as captioned
in the June 13, 2011 BNEC Report on the SoHo CIP and key comments/feedback
that was established through six community-wide meetings of the SoHo CIP
Process.
The proposed SoHo Wellington Centre will set a SoHo District-wide precedent for infill
and intensification, which can be used to spur smaller and/or larger scale private sector
initiatives within numerous vacant/low intensive land tracts and the Victoria Hospital
Lands. At the same time, it will assist in stabilizing and reinforcing the existing
residential community and enabling individual property owners to undertake their own
site-specific initiatives to improve their holdings, which will in turn lead to the
enhancement of the overall community.
The proposed SoHo Wellington Centre will be the beachhead project to:
Kick-start the required increased residential growth within the present
underutilized SoHo District, which will in turn significantly contribute to the
repopulation of Central London.
Transform both the Wellington Street Corridor and the north Thames River
lands, as vehicular and pedestrian traffic begins to approach London’s Central
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Business District (CBD).
There is a market and favourable indicators for the proposed SoHo Wellington Centre’s
uses (i.e. wellness centre, hotel, market rate and seniors condominiums, penthouses,
townhouses, retail and offices).
The proposed SoHo Wellington Centre will benefit from London increasingly becoming a
recognized destination for international migrants, as a result of its strength in the Health
and Education sectors, and affordability in housing.
The proposed SoHo Wellington Centre will primarily attract empty nesters and young
professionals, as a result of:
The provision of downsized living spaces (i.e. market rate and seniors
condominiums, penthouses and townhouses);
Proximity to existing untapped passive natural areas (i.e. open space and river
system);
Walking distance to Downtown London;
At the junction of two bus routes;
Proximity to the Victoria Adult and Children’s Hospital complex; and
Diverse employment opportunities that utilize young professionals’ areas of
expertise and educational background.
The proposed SoHo Wellington Centre will provide the SoHo District the first significant
increase to its permanent population base and a favourable occupant load that will
make the subject block viable and draw both interest and activity to the community.
Because large-scale projects within areas in transition are favourable for their rebound,
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it is anticipated that the proposed SoHo Wellington Centre will positively affect
residential property values and/or assessment within the SoHo District, as the project
will represent new investment within and attract renewed interest to the community,
add population, provide amenities, stabilize the South Street corridor and surrounding
area, and set a positive precedent for future infill projects.
Based on its construction value of $220 million, the proposed SoHo Wellington Centre
could create 1,100 to 1,320 direct construction jobs with a direct income benefit of up
to $47.93 million.
The proposed SoHo Wellington Centre’s commercial uses (i.e. wellness centre, hotel,
retail and offices) could create 600 to 700 direct jobs with a direct income benefit of up
to $127.47 million.
The proposed SoHo Wellington Centre’s commercial uses (i.e. wellness centre, hotel,
and retail) could result in annual sales of up to $39.83 million.
The assessed value of the subject block could increase from $1.66 million to $154
million once the SoHo Wellington Centre is fully constructed.
Annual property tax revenue from the subject block could increase from $34,137 to
$5.69 million once the SoHo Wellington Centre is fully constructed.
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Part 2: Redevelopment Details and Conceptual
Designs of the Proposed SoHo Wellington Centre
Subsection 1:
Existing and Proposed Built Form
Block 1: Area Bounded by Wellington, South and
Waterloo Streets and the Thames River
(i) Existing Built Form (Note Figure 3 Map & Figure 4 Survey)
The south side of South Street from Wellington to Waterloo Streets
contains the following uses:
5 single family homes (283 to 299 South Street).
It should be noted that the Jubilee Kafe is located at the
front of the single family home at 299 South Street.
Vacant land (317 South Street and southwest corner of South and
Waterloo Streets).
A single family home (319 South Street).
The east side of Wellington Street bounded by the Thames River bridge,
north to South Street contains the following uses:
People’s Church (72 Wellington Street).
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Office building (82 Wellington Street).
The west side of Waterloo Street bounded by Thames River and South
Street contains the following uses:
A single family home at 69 Waterloo Street
Small vacant lots (71 to 75 Waterloo Street).
Vacant/non-vegetated Upper Thames Conservation Authority
(UTRCA) land at the rear of 283 to 299 South Street and north of
the Thames River.
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(ii) Proposed Built Form (Note Figures 6 & 7 Renderings and Figure 8 Unit
Matrix)
The proposed SoHo Wellington Centre’s layout, overall design and scale
has recognized the future anticipated redevelopment of the Victoria
Hospital lands and the direction that was established through the
Community Improvement Plan for London’s SoHo District at the most
visible and strategic intersection. It will set the ideal precedent in the
treatment of the future built form along the south side of South and
Nelson Streets between Wellington and Maitland Streets. It should also
be noted that the proposed SoHo Wellington Centre will be less intensive
in the use of at-grade land area, superior layout and separation of traffic
movement and more advantageous use and expansion of the Thames
River Valley lands that will protect and build on public open space than
the City of London’s “South of Horton Street (SoHo) City of Opportunity:
A Vision for Downtown London” rendering, contained in Figure 5.
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The proposed SoHo Wellington Centre encompasses the following:
An upscale 30-storey hotel will be situated within the northwest
quadrant of the subject redevelopment area along the South Street
frontage at Wellington Street.
A 4-storey wellness centre and development laboratory facility will be
located within the southwest quadrant of the subject redevelopment
area, connected to the south side of the hotel.
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Townhouses over ground level retail and second floor office space will be
placed along the South Street frontage, easterly adjacent to the hotel.
A 27-storey tower with mature living condominiums will be featured
southerly adjacent to townhouses over ground level retail and second
floor office spaces.
A 35-storey tower with market rate condominiums will be placed
southerly adjacent to townhouses along the Waterloo Street frontage.
Penthouse units will also be included within this tower.
An ancillary enclosed parking structure will be built to connect the above
referenced buildings and uses. The exposed green rooftop of the entire
enclosed parking facility will become a landscaped open space area.
An esplanade will be positioned at the southeast corner of the subject
redevelopment block, adjacent to the Thames River vistas.
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Part 3:
Planning Background
Subsection 1:
Existing and Proposed City of London Official Plan
Designations for the Subject Block
(i) Existing Official Plan Designations (Note Figure 9 Map)
South Street Frontage
Main Street Commercial Corridor and Multi-Family, High Density
Residential Designations
Note: The interpretation clause of the Official Plan in Section
19.1.1 i) Boundaries Between Land Use Designations
applies to the above.
Waterloo Street Frontage
Multi-Family, High Density Residential and Open Space
Designations
Wellington Street Frontage
Main Street Commercial Corridor
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(ii) Proposed Official Plan Designations (Note Figure 10 Map)
South Street Frontage
Main Street Commercial Corridor Designation
Waterloo Street Frontage
Main Street Commercial Corridor Designation
Thames River Flankage
Main Street Commercial Corridor Designation
Wellington Street Frontage
Main Street Commercial Corridor Designation
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Subsection 2: Existing and Proposed City of London Zoning
By-law Z-1 Regulations for the Subject Block
Block 1:
(i) Existing Zoning Regulations1 (Note Figure 11 Map)
South Street Frontage
Business District Commercial (BDC4) Zone
Residential (R9-3 H22) Zone
Waterloo Street Frontage
Residential (R9-3/H22) Zone
Thames River Flankage
Residential (h-5 R7 D150 H30) Zone
Residential (R9-7 H30) Zone
Regional Facility (RF) Zone
Wellington Street Frontage
Business District Commercial (BDC4) Zone
Residential (h-5 R7 D150 H30) Zone
Residential (R9-7 H30) Zone
Regional Facility (RF) Zone
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(ii) Proposed Zoning Regulations (Note Figure 12 Map)
South Street Frontage
Business District Commercial (BDC1(2) D370 H107) Zone
Waterloo Street Frontage
Business District Commercial (BDC1(2) D370 H107) Zone
Thames River Flankage
Business District Commercial (BDC1(2) D370 H107) Zone
Wellington Street Frontage
Business District Commercial (BDC1(2) D370 H107) Zone
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Subsection 3:
Detailed Breakdown of Requested
Zoning For the SoHo Wellington Centre
Business District Commercial (BDC 1 (2))
a) Permitted Uses
i) Any use permitted in the BDC1 Zone variation;
ii) Clinics which permit operating rooms.
iii) Dwelling units in two-level townhouse format above ground floor retail
uses.
Height Provision (H)
107 m (35 storeys)
Density Provision (D)
370
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The uses and associated definitions2 that apply to the proposed SoHo Wellington
Centre are as follows:
Apartment buildings
Definition:
A building or existing non-residential building that is divided horizontally
and/or vertically into five or more separate dwelling units but does not
include a converted dwelling or townhouse dwelling.
Clinics
Definition:
A building or part thereof, other than a hospital, used by medical doctors,
dentists, optometrists, podiatrists, chiropractors and/or drugless
practitioners, the practice of health discipline, radiological technicians,
registered psychologists and their staff for the purpose of public or
private medical, surgical, physiotherapeutic or human health and may
include administrative offices, waiting rooms, treatment rooms,
laboratories, ophthalmic dispensers, pharmacies, blood donor facilities,
specimen collection centres and dispensaries directly associated with the
facility.
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Commercial parking structure
Definition:
A structure designed for the temporary parking of vehicles for profit or
gain.
Convenience service establishments
Definition:
A building or shopping centre or part thereof that may contain a film
processing depot, a convenience store, automated banking machine
outlets, and video rental establishments.
Dwelling units
Definition:
A single room or a series of rooms of complementary use which is located
in a building, in which food preparation, eating, living, sleeping and
sanitary facilities are provided for the exclusive use of the occupants
thereof, which has a private entrance directly from outside the building
or from a common hallway inside the building, in which all occupants
have access to all of the habitable areas and facilities of the unit, and
which is occupied and used or capable of being occupied and used as a
single and independent housekeeping establishment. A dwelling unit
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shall contain no more than five bedrooms.
Hotel
Definition:
A building or group of buildings containing at least three units for
accommodation, mainly used for the purpose of catering to the needs of
the travelling public by supplying food and furnishing sleeping
accommodation, and includes a motel or motor hotel but does not
include a bed and breakfast establishment.
Laboratories
Definition:
A building, or part thereof, used for scientific, research and development,
medical and/or dental testing, experimentation and/or research.
Medical/dental offices
Definition:
An office or offices in which the practice of the professions of medicine,
psychiatry, dentistry or optometry is carried on or in which the treatment
by osteopathy or chiropractic is carried out.
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Personal service establishments
Definition:
A building, or part thereof, in which persons are employed in furnishing
services and otherwise administering to the individual and personal
needs of persons, comprising the premises of a barber, hairdresser,
beautician, tailor, dressmaker and/or shoemaker, as well as a
laundromat, dry cleaning and laundry depot, sun tanning shop and a
formal rentals shop. The sale of merchandise shall be permitted only as
an accessory use to the personal service provided.
Restaurant(s)
Definition:
A building or part thereof where food is prepared and offered for retail
sale to the public for immediate consumption either on or off the
premises, including a licensed dining lounge, but excluding a tavern as
defined herein.
Retail stores
Definition:
A building or structure, or part thereof, in which goods, wares,
merchandise, substances, foodstuffs, farm produce, articles or things are
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stored, offered or kept for retail sale to the public, and includes the
business premises of an auctioneer, where such premises are used for
the sale of merchandise by auction, but does not include supermarkets,
or automobile or vehicle sales.
Tavern(s)
Definition:
A licensed drinking establishment, including a tavern, lounge, beverage
room, public house and entertainment lounge as defined by the Liquor
License Act, where liquor, beer and/or wine are served, with or without
food.
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Subsection 4:
How the Proposed SoHo Wellington Centre Will
Be Consistent with the Provincial Policy Statement (PPS)
Because the City of London has designated the SoHo District as a Community Improvement
Project Area (through Section 28 of the Planning Act), it spearheaded the completion of the
SoHo Community Improvement Plan Document, entitled “Roadmap SoHo: Regeneration South
of Horton Street”. It is Fincore Group’s assertion that the proposed SoHo Wellington Centre will
become the centrepiece for this traditional inner-city neighbourhood.
As noted in the Director of Land Use Planning’s June 13, 2011 Report to the Built & Natural
Environment Committee (BNEC), the Planning Act, 1990 permits the municipality to redevelop
the subject block because this section of the SoHo District meets the requirements of a
community improvement area in the following way: “SoHo is desirable because of the age,
dilapidation, and unsuitability of buildings, as well as other community economic development
reasons in conformity to the requirements of the Planning Act”3.
Because the PPS provides policy direction related to provincial interests on land use planning
and development, Policy 1.1.3.3 directs municipalities to provide opportunities for
intensification and redevelopment in ways that accommodate the existing built form and area,
subject to improvement, as noted in the aforementioned June 13, 2011 Report to BNEC:
“The availability of suitable existing or planned infrastructure and public service facilities
required to accommodate projected needs. The purpose of the proposed SoHo
Community Improvement Plan is to promote opportunities for intensification and
redevelopment while taking into account the existing historic commercial residential
building stock and former hospital lands”4.
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Fincore Group is supportive in meeting the objectives of Policy 1.5.1 and 1.7.1 c) of the
PPS, which promotes healthy and active communities and the SoHo Community
Improvement Plan in the following ways:
“Allow the Community to be pedestrian-friendly through green streets, South
Street becoming a two-way street, providing additional public spaces,
improvements to existing parkland and trails, creation of a riverfront
promenade, and strengthening the vitality and viability of London’s Downtown
by creating a revamped Wellington Street gateway that showcases a
redeveloped riverfront, primarily on the south side of South Street”5.
Based on the above, Fincore Group acknowledges that the proposed SoHo Wellington Centre
will be consistent with the policies of the PPS.
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Subsection 5:
How the Proposed SoHo Wellington Centre Will Be Consistent
With the City of London’s Official Plan and Meet the Required
Amendments to the City of London’s Official Plan
Fincore Group acknowledges that the proposed SoHo Wellington Centre will meet the policies
of the Official Plan, as outlined in the June 13, 2011 BNEC report:
“Promoting the long term stability and vitality of designated “Community Improvement
Project Areas;
Encouraging the coordination of municipal expenditures and planning and development
activity;
Stimulating private property maintenance and reinvestment activity; and
Upgrading physical services and social and recreational facilities in designated
Community Improvement Project areas”6.
Based on the above, Fincore Group acknowledges that the proposed SoHo Wellington Centre
will be consistent with the Official Plan, in terms of the following sections and policies for the
proposed Main Street Commercial Corridor designation7:
4.4.1. Introduction
Main Street Commercial Corridors take the form of either long established,
pedestrian-oriented business districts or newer mixed-use areas. They have a
street-oriented form with buildings close to the street. The street frontages of
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individual uses are generally of a scale that provides for easier pedestrian
movement.
One of the key goals of the Plan is to strengthen these areas by encouraging
infilling and redevelopment.
Many of the Main Street Commercial Corridors shall also be recognized as
gateway areas to the Downtown and will provide unique attributes and
functions that support the Downtown.
4.4.1.1 Planning Objectives
(iv) Encourage mixed-use development to achieve higher densities and to reinforce
the objectives of achieving a diverse mix of land uses.
4.4.1.2 Urban Design Objectives
i) Encourage the rehabilitation and renewal of Main Street Commercial Corridors.
ii) Provide for and enhance the pedestrian nature of the Main Street Commercial
Corridor;
iii) Enhance the street edge by providing for high quality façade design, accessible
and walkable sidewalks, street furniture and proper lighting;
iv) Design development to support public transit;
v) Create high quality public places;
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vii) Maintain or create a strong identity and place;
ix) Encourage the transition and connection between the gateway Main Street
Commercial Corridors and the Downtown through pedestrian, transit and design
linkages.
4.4.1.3 Function
This designation may also be applied to new commercial areas provided that a
mixed use, street oriented form of development is proposed. Proposals for the
creation of new Main Street Commercial Corridors shall be supported by a
comprehensive design concept and design guidelines.
4.4.1.4 Permitted Uses
Permitted uses in Main Street Commercial Corridors include small-scale retail
uses...convenience commercial uses...personal and business
services...restaurants...galleries...residential uses (including secondary
uses)...mixed use buildings.
4.4.1.8 Mixed Use Development
Residential uses combined with commercial uses or free-standing residential
uses will be encouraged in the Main Street Commercial Corridors to promote
active street life and movement in those areas beyond the work-day hours.
Residential development above existing commercial development should
provide maximum privacy between private living spaces as well as adequate
separation from commercial activity.
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4.4.1.11 Applications to Expand or Add Main Street Commercial Corridor Designations
There are substantial opportunities for infilling and redevelopment within many
of the designated Main Street Commercial Corridors. Nevertheless, it is
recognized that over the life of this plan there may be proposals to expand or
add to these areas.
Proposals to amend the Official Plan to expand or add a Main Street Commercial
Corridor designation shall be evaluated on the basis of:
i) Compliance with the scale, function, and form criteria of this Plan;
ii) Ability to integrate residential uses for mixed use
developments;
iii) Ability to comply with the urban design guidelines;
iv) The availability of municipal services including transportation
infrastructure to accommodate the proposed use; and,
v) Planning Impact Analysis according to the provisions of Section
4.5.
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The current Main Street Commercial Corridor designation, along the existing developed
Wellington Street, which also extends easterly along the South Street flankage, provides initial
justification to extend the requested Main Street Commercial Corridor designation for the
entire South Street block. Moreover, the easterly extension of the Main Street Commercial
Corridor designation to Waterloo Street and development of the proposed SoHo Wellington
Centre will implement the SoHo Community Improvement Plan by:
Creating a significant gateway development for both the SoHo District, and more
importantly, Downtown London.
Stabilizing and increasing property values.
Encouraging further infill and investment throughout the SoHo District.
Establishing a strategic Thames River presence at the Wellington Street/South Street
intersection.
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Subsection 6:
How the Proposed SoHo Wellington Centre Will Be Consistent With
The City of London’s Zoning By-law, Z.-1 and Meet the Required
Amendments to the City of London’s Zoning By-law, Z.-1
Through the SoHo Community Improvement Plan Process, Planning staff recommended that a
comprehensive zoning evaluation would be undertaken at a later date. However, they
recognized the following, as outlined in the June 13, 2011 BNEC Report:
“As opportunities present themselves on a site-specific basis, amendments to the
Zoning By-law will be considered at the time and merits of which will be evaluated
against the Vision and Principles of the SoHo Community Improvement Plan”8.
It is Fincore Group’s assessment that the requested zoning amendment for the subject block
will meet the vision and principles of the SoHo Community Improvement Plan, as outlined
below:
“SoHo will be a vibrant and healthy urban neighbourhood that celebrates its rich sense
of community and heritage. With its unique links to the Downtown and Thames River,
SoHo will be a great place to live, work and play!9”
The following principles are the premises from which the Vision will be fulfilled:
Desirable, vibrant and diverse (a great place to be);
Greener and integrated;
Creative and leading edge;
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Safe;
Healthy;
Pride and strong sense of community;
Balanced;
Historically and culturally enriched.
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Subsection 7:
How the Proposed SoHo Wellington Centre Will Be Consistent With
The City of London’s SoHo Community Improvement Plan Document
Fincore Group acknowledges that the SoHo Wellington Centre will be the catalyst to begin
rectifying a great deal of the challenges/barriers that the SoHo District presently faces, as noted
in the March 28, 2011 BNEC Report10 as follows:
o Absentee landlords that invest little capital in their rental properties.
o Unkempt properties which exhibit little pride in ownership.
o Property values do not encourage renovation - little incentive to invest in buildings
when those costs and efforts may not be reflected in the resale value. It is also
difficult to borrow against the buildings when the property values do not support
the mortgage.
o No direct public access to River.
o Lack of park features/amenities.
o Lack of neighbourhood centre.
o Lack of desirable commercial destinations.
o Park safety.
o Lack of green spaces and amenities abundance of hard surface.
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o Negative perceptions of SoHo as being a neighbourhood with high crime and low
income.
The proposed SoHo Wellington Centre will meet most of the goals and objectives of the
“Rationale” section of the June 13, 2011 BNEC Report11, as follows:
o The Community Improvement Plan is a plan to promote...private sector investment
in this part of the City.
o Previous Community Improvement Plans adopted by the City of London in the
Downtown and Old East Village have stimulated revitalization efforts and increased
property value assessment in these areas.
o The recommended improvements to SoHo have City-wide benefits including...a
positive City-image along one of the busiest traffic corridors in the City of London
and primary gateway into the Downtown.
o The rehabilitation of SoHo...will have reciprocal benefits for areas such as Old South
and Downtown.
The proposed SoHo Wellington Centre will promote and implement the revitalization of both
the SoHo District and Downtown London, as captioned in the June 13, 2011 BNEC Report as
follows:
“Improvements to the Thames Valley Parkway promote alternative forms of
transportation as well as active and passive recreation opportunities for all Londoners.
And improvements to SoHo, and in particular the Wellington Street corridor, can
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improve the first impression and last image of those visiting London given its location at
the doorstep of Downtown along the spine that connects it to the 401 corridor. SoHo is
the "red carpet" greeting visitors to the Downtown”12.
The proposed SoHo Wellington Centre will promote and implement the key comments and
feedback that was established through the six community-wide meetings of the SoHo
Community Improvement Plan Process, as noted in the following:
The South Street frontage will feature a green street, by way of widened sidewalks,
landscaping, signage and other pedestrian-oriented features, dining and retail uses.
The Thames River vista will feature a riverfront promenade, community gathering
spaces and an overall improvement of the Wellington Valley Park lands.
The proposed parking facility will be camouflaged by featuring a layered green roof
system, in order to deemphasize its use and reinforce the open space quality and
connectedness to Wellington Valley Park and the Thames River system.
The overall design and physical attributes of the proposed SoHo Wellington Centre will
implement alternative green, solar and geothermal energy components.
The proposed SoHo Wellington Centre will set a SoHo District-wide precedent for infill and
intensification, which can be used to spur smaller or larger scale private sector initiatives within
numerous vacant/low intensive land tracts and the Victoria Hospital Lands. At the same time, it
will assist in stabilizing and reinforcing the existing residential community and enabling
individual property owners to undertake their own site-specific initiatives to improve their
properties, which will in turn lead to the enhancement of the overall community.
Fincore Group’s proposed SoHo Wellington Centre will be substantially less intensive, in terms
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of building coverage and provide more open space land, which will reinforce the unique
aesthetic natural environment of the Thames River Valley lands through measures that have
been taken to keep it connected and open to the River. Moreover, it will provide the precedent
for similar type development, easterly along the Thames River.
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Subsection 8:
How the Proposed SoHo Wellington Centre Will Assist
The City of London’s Outer Core (SoHo District) and
More Importantly, Inner Core (London’s Central Business
District) from a Planning Impact Analysis Perspective
Historically, London’s CBD was a nationally-recognized vibrant and prosperous core area with
stable residential population bases within both the inner and outer cores until the late 1970s.
Between 1980 and the mid 1990s, London underwent significant suburban residential and
commercial expansion. Moreover, the lack of high rise redevelopment within London’s inner
and outer cores contributed to the depopulation and loss of the CBD’s traditionally dominant
insurance, banking and office bases. Based on these circumstances, London’s CBD was seen as
inconvenient, costly from the standpoint of parking, not providing enough variety as the
traditional centre of retail, and unsafe.
In the late 1990s, initiatives began to be undertaken to both revive and rehabilitate London’s
CBD (i.e. new arena, lower tax incentives for high rise residential buildings, and both protecting
and promoting the existing business owners). Today, London’s CBD is undergoing a renaissance
through the construction of numerous high rise apartments and condominiums, the success of
the John Labatt Centre, the rebuilt Covent Garden Market and Central Library, trendy
restaurants, the retooling of Citi Plaza with continuing education institutions, and a very active
Main Street London organization that promotes its businesses and spearheads beautification
projects. The City of London’s September 2011 road map to spur reinvestment within the inner-
core (i.e. expanded UWO and Fanshawe College campuses, new City Hall, residential and office
investments, and opening up the Forks of the Thames as a people place and key westerly
gateway) further reinforces the emphasis on bringing back London’s traditional CBD. In
addition, the most recent announcement by London Health Sciences Centre to possibly create a
Core Health – Care Centre demonstrates that there is both interest in and a need for health and
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wellness uses within Central London. The overall direction of these initiatives is to reconnect
London’s CBD to the forks of the Thames River, increase employment and the permanent
residential population base, and generate more pedestrian traffic and special events.
Moreover, the City of London’s report on the State of the Downtown further illustrates the
gains that have been made over the past five years, as noted in the following:
“Population has increased to about 4,500 people from 3,420 in 2006.
Between 2009 and 2011, assessment growth was 15.1% downtown, more than double
the city-wide rate of 6%.
Since 2008 there has been a 16.4% growth in the assessment value of properties within
the “targeted assessment zone.”
Street level vacancies have decreased 1.2% since 2009”13.
Based on the above initiatives, it is clear that London’s inner core is headed in the right
direction.
In order for London’s CBD to be stable, vibrant and progressive, it will require a constant
expanding population base both within the inner and outer cores. This population base should
be diverse in nature through the attraction of professionals, seniors and families. Central
London can be defined as the overall area that extends north to Oxford Street, south to the
Thames River, east to Adelaide Street and west to the Thames River. It presently has an overall
population of approximately 16,000. Downtown London and the SoHo District together
represent close to 50% of Central London’s overall population, with 4,500 and 3,30014
permanent residents, respectively. Because of the SoHo District’s significant, underutilized and
less intensive land area, it offers the City of London the most significant opportunity for the
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future growth of Central London’s permanent population base. As a result, the opportunity
exists for Central London to undergo a sizeable population increase, which could ultimately
reach 30,000 people. London’s CBD should be viewed as a neighbourhood with a base
population, in order to continuously support its retail, entertainment and business sectors.
Fincore Group’s proposed SoHo Wellington Centre will be the beachhead project to kick-start
the required increased residential growth within the present underutilized SoHo District, which
will in turn significantly contribute to the repopulation of Central London.
Presently, London’s CBD has three prominent gateways: Riverside Drive (east of Wharncliffe
Road), Richmond Street (south of Oxford Street), Dundas Street (from Colborne Street) and
Wellington Street (from the Thames River). The Wellington Street Corridor has traditionally
been the primary gateway to London’s CBD, given the fact that it serves South London and
intercity traffic from Highway 401 and St. Thomas. As a result, the proposed SoHo Wellington
Centre will become the cornerstone or beacon for the transformation of both the Wellington
Street Corridor and the north Thames River lands, as vehicular and pedestrian traffic begins to
approach London’s CBD.
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Part 4:
Transportation Network
Fincore Group advances the potential of upgrading the road classification for South Street to a
primary collector from Wellington to Colborne Streets, note Figures 13 and 14. This new road
classification would provide a vital and consistent linkage between two north-south roadways
which lead into London’s core (i.e. Wellington Street, an arterial, and Colborne Street, a primary
collector).
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Moreover, it could further justify the potential introduction of two-way traffic along South
Street between Wellington and Colborne Streets, as noted in Figures 15 and 16. In South Street
potentially becoming a primary collector road, it would necessitate Wellington and South
Streets becoming a signalized intersection, in order to reinforce its connection to Downtown
London.
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Part 5: Market Analysis on the Proposed SoHo Wellington Centre
Subsection 1:
Analysis of the Existing SoHo District
A. Existing Demographics of the SoHo District
The two most prominent age groups within both the SoHo District and Central
London are 20 to 44 and 45 to 64. The proportion of the SoHo District’s population
between the age of 20 and 44 and 45 to 64 is 44.94% and 27.24%1516, respectively,
note Figure 17.
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The proportion of Central London’s population between the age of 20 and 44 and 45
to 64 is 52% and 25%17, respectively, note Figure 18.
Thus, there is a combination of young professionals and retirees/empty-nesters. This
is further supported by the fact that the marital status distribution of the SoHo
District is highly concentrated among singles and married couples (i.e. 48.93% and
25.37%18, respectively), note Figure 19.
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Central London is similar in nature, with singles and married couples representing
50.08% and 18.88%19 of the population, respectively, note Figure 20.
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The proportion of singles within the overall City of London represents slightly more
than half of the distribution in both the SoHo District and Central London (i.e. only
28.37%20). This is demonstrative of why high density residential development has
been successful in Central London and will continue to be in the foreseeable future.
While the overall City of London fares better in 3 and 4 person families, together
representing 42% of the City’s population21, 29% of Central London’s population
comprises the above family sizes22, note Figure 21.
As a result, the introduction of seven 1,800 sq ft townhouses within the proposed
SoHo Wellington Centre is justifiable, in addition to this use having favourable
occupancy rates in the Downtown North Zone, which includes the SoHo District.
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Although average household incomes in both the SoHo District and Central London
were 45% and 37% lower than the overall City of London mean of $71,856 in
20062324, they are demonstrative of the above noted presence of singles within
these areas, note Figure 22.
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In 2006, average individual earnings in Central London were only $6,658 less than
the overall City of London mean of $36,54925, note Figure 23. Central London’s
average family income of $72,772, as compared to the overall City of London mean
of $84,593 for 200626, is offset by the fact that family sizes are smaller in Central
London, note Figure 23.
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When compared to the overall City of London, the average number of beds and
rooms within both the SoHo District and Central London (i.e. 2.07 and 1.69 beds and
5.49 and 4.68 rooms2728, respectively) justify the unit sizes and number of bedrooms
proposed within the SoHo Wellington Centre, note Figure 24. When compared to
the overall City of London, the proportion of apartments within both the SoHo
District and Central London (i.e. 48.8%29 and 69%30, respectively) justify the
intensive scale and high density nature of the proposed SoHo Wellington Centre,
note Figures 25 and 26.
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B. Existing Population of the SoHo District
The SoHo District currently comprises a population of 3,30031.
C. Existing Property Values within the SoHo District
Based on an analysis of sale prices from 2010 to date, the average residential sale
price within the SoHo District is $165,99532, while being $238,153 for London33.
Residential sale prices within the SoHo District have increased by 57% from 2000 to
date at an average annual growth rate of approximately 5%34, while London’s have
experienced a 74% increase over this same period, at a 6.7% average growth rate
per year35. In 2000, the average residential sale price within the SoHo District was
22% less than the City average36. However, it is currently 30% less than the City
average37; thus an 8% percentage point drop since 2000. Given this trend, it is
important that steps be taken, as identified in Roadmap SoHo: A Community
Improvement Plan for London’s SoHo District, to embrace large-scale
redevelopment initiatives within the community.
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Subsection 2:
Market Justification and Viability
Of Each Development Component for
The Proposed SoHo Wellington Centre
A. Wellness Centre Component
According to the Conference Board of Canada, London is ranked 4th out of 50
Canadian cities and 2nd (to Kingston) out of 22 municipalities across Ontario in the
Health sector38. This is a result of the fact that it performs well in the following
indicators:
a) The number of general practitioners (GPs) per 100,000 population;
b) The number of specialist physicians per 100,000 population;
c) The proportion of population employed in health-care services.
The above indicators prove to be attractive for newcomers, demonstrate better
potential access to health-care and add to London’s drawing power. The prominence
of London’s Health sector can be illustrated through the municipality’s dominant
industries and associated number of employees. London’s hospital and ambulatory
health care industries were ranked 4th and 7th in 2010, employing 13,800 and 9,30039,
respectively.
London has been subject to an increasing trend of attracting specialist physicians
from outside of Canada, comprising a notable proportion of the 12% of landed
immigrants with post-secondary education between 2008 and 2010. This can
primarily be attributed to London’s medical research facilities and post-secondary
institutions40. The wellness centre component of the proposed SoHo Wellington
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Centre has already attracted interest from prominent international doctors in locating
within this facility. Based on this fact, the proposed wellness centre’s committed
tenants include a development lab, luxury spa, geneticist, naturopath doctor, plastic
surgeon, dietician and traditional medicine. The overall objective of the proposed
wellness centre will be target anti-aging and rejuvenation through both high-end
traditional and alternative medicine and cosmetic methods of treatment. A significant
proportion of the proposed wellness centre’s clientele will be international in scope,
as a result of the prominence of the lead doctors committed to working within this
facility. The development lab component of the proposed wellness centre will employ
professionals in the research and development field to establish natural solutions to
tackling aging. It will also provide employment opportunities for young professionals
with post-secondary education who wish to locate to or remain within the City of
London.
The overall 20 to 64 age group is most inclined to undergo the above referenced
procedures. People between the age of 35 and 50 undergo the most procedures,
followed by those aged 51 to 64 and 19 to 34. The former two age groups prove to
have the most disposable income to undergo such procedures. As a result, the
proposed wellness centre will primarily target clientele over the age of 30. At the
regional scale, the overall 20 to 64 age group currently comprises a population of
approximately 315,000 at the level of the London Census Metropolitan Area (CMA)41.
With the London CMA’s population expected to increase to approximately 616,250 by
2026, the 20 to 64 age group is projected to grow to approximately 357,00042. Thus,
there will be increasing demand at the regional scale for anti-aging facilities within
the next 15 years.
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There are currently eight private anti-aging facilities in the London CMA, five of which
are located within a 2 km radius of Central London. Two of the eight facilities, located
in North and Central London, are larger in scale (i.e. approximately 12,500 and 20,000
sq ft, respectively), with overnight accommodation. The northern half of London is
well-served, with approximately 25,000 sq ft of clinical/office space, and two
hospitals (i.e. University and St. Joseph’s Hospitals). The southern half of London is
underserved, with up to only 5,000 sq ft of clinical/office space and one hospital (i.e.
Victoria Hospital’s Westminister Campus). Central London and its clinics, which
comprise approximately 26,000 sq ft of space, not only serve a neighbourhood
function, but more of a city-wide and regional function, as it is accessible in all
directions. With the proposed 70,000 sq ft wellness centre’s SoHo District location, it
would be positioned to not only help serve clientele from South London, but act as a
regional and farther afield drawing card to the City of London.
The proposed upscale 156-room hotel within the southeast quadrant of Wellington
and South Streets would not only assist in attracting clientele to the proposed
wellness centre, but interest to the SoHo District and Central London. It will comprise
126 typical rooms and 30 suite rooms. A hotel directly linked with a wellness centre is
new to Southwestern Ontario and parts of Southern Ontario. Larger clinics house
their clients overnight or for short periods of time, as in the case of the
aforementioned anti-aging facilities in London, or promote hotels within their
vicinities that can provide accommodation for their clients. Anti-aging facilities
promoting or associating themselves with hotels is more common in larger centres,
most notably Toronto. For example, the Plastica Toronto Cosmetic Surgery Clinic is
located at the Fairmont Royal York Hotel, one of Toronto’s premier overnight
accommodation facilities. The facility’s patients can enjoy luxurious accommodation
and access Downtown Toronto’s shops, restaurants and attractions within walking
distance, outside and indoors, by way of the City’s PATH underground walkway43.
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The proposed wellness centre follows the above concept, providing hotel
guests/wellness centre clientele indoor access to retail shops, personal service
establishments, cafes, and restaurants. The overall design of the proposed SoHo
Wellington Centre has attempted to maximize the attributes of the Thames River and
the placement of significant open space between the built form and the existing
natural setting. As a result, wellness centre clientele will be able to enjoy what this
natural and aesthetic setting has to offer. Hotel guests/wellness centre clients would
also be able to enjoy what Downtown London, located less than a kilometre away,
has to offer, in terms of entertainment and cultural facilities. The hotel-wellness
centre format and its locational attributes, in terms of accessing other services, would
act as a drawing card in attracting out of town patients to the City of London; thus
strengthening the proposed hotel’s occupancy rate. Because this facility will be world
class in nature, in terms of services offered, calibre of doctors, and exclusivity, it will
have the drawing power to attract clientele at the international level.
The proposed hotel will also serve tourists and businesspeople, taking full advantage
of its location along the Wellington Street corridor to Downtown London. With
national GDP growth expected to increase by 2.4% in 201244 and overnight person
visits in Central Canada forecasted to grow by 1.2% in 2012, 2.5% in 2013, 2.6% in
2014 and 2.4% in 201545, Canada’s lodging sector is recovering from the recession
and looking to recapture pre-2008 levels. From 2007 to date, the national hotel room
supply has grown from 347,000 to 371,00046 (6.9%). It is forecasted to grow by
another 4,000 in 201247. National accommodation demand, in terms of occupied
room nights in millions, has returned to pre-recession levels, growing by 8.2% since
2009 and 3.5% in 2011 alone48. The 2012 national rate of 85,300 occupied room
nights (in millions) is expected to be 3,100 (in millions) higher than the 2007 rate49. In
2012, hotel operators are expected to experience the highest gains in adjusted net
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operating income per available room since 2007. At the national scale, it will grow by
6.8% (from $9,100 to $9,700 per room)50. Since 2009, it has grown by 13.75% at the
national scale51 and 37.2% in Central Canada52.
By 2016, the adjusted net operating income per available room for Central Canada is
projected to increase by another 40.2%53. The adjusted net operating income for all
suites and extended stay is anticipated to increase by 6.2% in 2012 to $10,500 per
room54. The average daily rate per room for suite hotels in Canada is forecasted to
increase by 2.26% to $136.00 from $133.00 in 201155. The rational average revenue
per room rate is anticipated to increase by 4.4% to $94.00 in 2012 from $90.00 in
201156. The overall occupancy rate for Central Canada is projected to increase to 63%
in 2012, compared to 57% in 200957. At the national scale, the overall occupancy rate
for all suites and extended stay is expected to increase to 69%, the highest among all
hotel types58. Based on the proposed hotel within the SoHo Wellington Centre is
justifiable and falls under the category of a suite hotel, which has proven to be the
most viable property type for overnight accommodation.
As previously noted, the wellness centre would not only tap into London’s plastic and
anti-aging/reconstructive surgery service area of 1.5 million59, but areas further
afield. London benefits from its location midway between Windsor and the Greater
Toronto Area and has linkages with Highways 402, 401, and 403. Furthermore the
Cities of Windsor, Waterloo, Cambridge and Kitchener are ranked 29th, 32nd, 46th and
48th out of 50 Canadian cities in the Health sector, respectively, and the latter is
ranked last in the number of specialist physicians60. Thus, London proves to be a more
desirable centre to attract anti-aging clientele than the above similar-sized
Southwestern and Southern Ontario municipalities.
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People from the above areas would be inclined to travel to London, given that the
City is a recognized destination for health services and the proposed wellness centre
and its associated uses (i.e. spa, hotel, small-scale shopping, and dining) provide for a
unique and easing experience for those undergoing treatments. As a result, clientele
could be attracted from an extended service area of approximately 3 million people
from across Southwestern and Southern Ontario, in addition to the Greater Toronto
Area, with a population of over 5.5 million. The proposed wellness centre can also tap
into the Detroit-Ann Arbor-Flint Combined Statistical Area (CSA), with an overall
population of approximately 5.2 million. Based on the fact that the London CMA is
ranked 11th among Canadian CMAs in population and both its hospitals and specialist
physicians are recognized provincially, nationally and internationally, clientele could
also be attracted from these catchment areas. Thus, as previously outlined, the
proposed wellness/anti-aging centre is structured to become a world class facility.
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B. Multi-Family Residential Component
The medium and high density residential components of the proposed SoHo
Wellington Centre (i.e. 276 market rate condominiums, 6 penthouse units, 305
mature living condominiums, and 7 townhouses) are justifiable based on the
following:
The Downtown North Zone, within which the SoHo District is located (note
Figure), is one of two areas in London that has been subject to the majority of
new supply for apartment buildings since 200661.
Empty nesters, comprising one of the primary markets for the above uses, were
able to quickly sell their homes and downsize in 2010, as a result of strong
demand. Condominiums and townhouses were part of the increased demand for
resale residences experienced in 201062.
In downsizing, empty nesters favoured newer high-end apartments with better
amenities, particularly within the Downtown North Zone, which has been subject
to an influx of newer units over the past 7 years63. Empty nesters, along with pre-
retirees, are expected to continue to downsize and drive the demand for high-
end units64.
Because of home ownership slowing, two and three-bedroom townhouse
vacancies decreased. The vacancy rate for private rental apartments is
forecasted to experience a decrease (i.e. 4.8%) for 201165.
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i. Market Rate Condominiums and Penthouses
The following statistics for the Downtown North Zone and the London CMA
provide further justification and a favourable climate for market rate
condominiums within the proposed SoHo Wellington Centre:
Private Apartment Vacancy Rates for the Downtown North Zone66:
1 Bedroom Units:
The vacancy rate decreased from 4.7% in October 2009 to 3.6% in
October 2010.
2 Bedroom Units:
The vacancy rate decreased from 8.6% in October 2009 to 7.1% in
October 2010.
Total:
The overall vacancy rate for all units decreased from 6.5% in October
2009 to 5.4% in October 2010 and in turn received an overall Grade of B;
thus signifying a very favourable trend for the Downtown North Zone.
Private Apartment Availability Rates for the Downtown North Zone67:
1 Bedroom Units:
The availability rate decreased from 8.1% in October 2009 to 5.1% in
October 2010.
2 Bedroom Units:
The availability rate decreased from 11.9% in October 2009 to 8.6% in
October 2010.
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Total:
The overall availability rate for all units decreased from 9.8% in October
2009 to 7.0% in October 2010 and in turn received an overall Grade of B;
thus signifying a very favourable trend for the Downtown North Zone.
Private Apartment Vacancy Rates for 100+ Unit Structures for the Downtown
North Zone (October 2010)68:
Total:
The overall vacancy rate for all units of 5.7% is considered very
favourable, with a Grade of B.
Private Apartment Vacancy Rates for 100+ Unit Structures for the London CMA
(October 2010)69:
1 Bedroom Units:
The vacancy rate of 3.4% is considered excellent, with a Grade of A.
2 Bedroom Units:
The vacancy rate of 6.3% is considered excellent, with a Grade of A.
Total:
The overall vacancy rate for all units of 5.1% is considered excellent, with
a Grade of A.
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Newer Private Apartment Vacancy Rates by Year of Construction (Since 2000)
for the London CMA70:
1 Bedroom Units:
The vacancy rate decreased from 7.5% in October 2009 to 5.0% in
October 2010.
2 Bedroom Units:
The vacancy rate decreased from 9.6% in October 2009 to 7.9% in
October 2010.
Total:
The overall vacancy rate for all newer units constructed since 2000
decreased from 9.1% in October 2009 to 7.1% in October 2010 and in
turn received an overall Grade of A; thus signifying an excellent trend for
the London CMA.
The most recent large-scale market rate condominium development in
construction, the Renaissance II Tower, which will comprise 188 units, supports
what is proposed for the SoHo Wellington Centre, in terms of unit square
footage, prices and penthouses. This can be summarized as follows:
Standard units within the Renaissance II Tower will be up to 1,600 sq ft in
size71, as compared to the proposed average unit size of 1,200 sq ft for
the SoHo Wellington Centre.
Unit prices within the Renaissance II Tower will range from $200,000 to
$400,00072. This range will serve as a reference point for the market rate
condominiums within the proposed SoHo Wellington Centre.
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The most exclusive condominium within the Renaissance II Tower will be
approximately 3,300 sq ft in size73. The proposed SoHo Wellington Centre
will feature six 4,000 square foot penthouse units.
The Renaissance II Tower was subject to two $1-million condominiums
being sold within 24 hours of them being unveiled. Furthermore, the
Renaissance II Tower has pre-sold 30 condominiums, 16 of which are
penthouses. In mid-2012, 21 penthouses are expected to open74. Based
on the above, there is justification that the proposed six 4,000 sq ft
penthouse units within the SoHo Wellington Centre will be fully
absorbed.
Market statistics indicate that London’s condominium sector is experiencing a
rebound, as noted in the 7.8% average price increase between 2009 and 2010
(from $158,617 to $171,098), the largest increase since the 2005 to 2006
period75. Statistics also indicate that condominiums in the London North Zone,
which includes both the Core and SoHo District, are more exclusive and higher-
priced than those City-wide. This rebound can also be demonstrated through the
proportion of condominium apartments built. In 2011, approximately two-thirds
of all apartments built within the City of London were condominiums, as
compared to 2006, where the entire proportion of apartment development was
rental76. The average price of a condominium in the London North Zone
increased by 2.9% between 2010 and 2011 (from $205,611 to $211,662)77.
Higher end condominiums in London, which are proposed within the SoHo
Wellington Centre, are priced between $300,000 and $650,000. The highest
priced existing condominium units in London’s Core are in the $625,000 range78.
It is expected that demand will increase for condominiums apartment with high-
end finishes and amenities in 201279; thus supportive of what the proposed SoHo
Wellington Centre will offer.
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The Renaissance II Tower is representative of the growing trend of
condominiums priced $1 million above moving towards Southwestern Ontario,
which initially began in Waterloo, the closest city to London with a concentration
of high rises within its core. Two structures within Waterloo’s Core have
penthouses above $1 million, while another, currently in its pre-sale stage, has
condominium units being marketed from $1.2 to $2.8 million80. This is indicative
of the growing influence of the Toronto-Centred Region and increase in migrants
to smaller centres from this same area of Ontario.
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ii. Townhouses
The townhouse market for both the Downtown North Zone and the London CMA
has been favourable; thus supporting the case for seven 1,800 sq ft townhouses
within the proposed SoHo Wellington Centre. The vacancy rate for 2-bedroom
private row townhouses for the Downtown North Zone was 0% in October 2010,
compared to the overall vacancy rate of 4.2% for London81. Thus, all 27 two-
bedroom private row townhouse units within the Downtown North Zone were
occupied in October 2010. The availability rate for 2-beroom private row
townhouses for Downtown North was 0% in October 2010, compared to the
overall availability rate of 6.6% for London82. Furthermore, the average price of a
townhouse in London increased by 6.65% between 2009 and 2010 (from
$146,272 to $155,998), the largest increase since the 2003 to 2004 period and
second greatest in the past 15 years83.
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iii. Seniors Condominiums
It is anticipated that the proportion of London and Middlesex County’s
population aged 65 and over will double to approximately 115,000 by 2027. This
will represent nearly two-thirds of the City and County’s net growth over the
next 15 years and result in London’s proportion of population aged 65 and over
to overtake the under 20 demographic group84. This trend is not only occurring
locally, but provincially, as evidenced in the growth of seniors’ housing residents
outpacing that of total seniors’ housing supply in 2011; thus resulting in lowered
vacancy rates. Over the course of 2011, supply has been at its highest in 10
years, with 56 spaces per thousand seniors aged 75 and over across Ontario85.
Total supply in spaces grew by 6.6% over the past year, from 46,520 to 49,600
spaces, with one bedroom spaces comprising 90% of the increase in supply86. In
2012, new supply is forecasted to add 2,200 more spaces to Ontario’s market87.
Southwestern Ontario has been identified as one of two regions where growth in
supply will pick up88. Southwestern Ontario is currently ranked third in the
number of one bedroom spaces (2,071), behind the Greater Toronto Area (GTA)
and Central Ontario, and ahead of both Ottawa and Eastern Ontario89. In
addition, Southwestern Ontario currently has the lowest vacancy rate for one
bedroom seniors housing of any region in Ontario (i.e. 13.4% vs. 16.0%). It has
dropped by 4.9% within the past year. Furthermore, Southwestern Ontario’s
vacancy rate is also 4.5% below that of the Greater Toronto Area90.
Newer seniors residences, opened since 2000, have experienced an overall
reduction in their vacancy rate from 18.7% in 2010 to 16.5% in 201191. This has
been assisted in the success of more exclusive seniors’ residences that have
opened within the past 5 years because of their marketability in providing more
care-free lifestyles for relatively affluent seniors. The mature living component of
the proposed SoHo Wellington Centre will capture this market92. The proposed
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SoHo Wellington Centre will assist in improving Southwestern Ontario’s
positioning in the proportion of structures with access to convenience services,
retail stores and indoor parking. Southwestern Ontario is currently ranked last in
the proportion of its structures with access to tuck shop/convenience stores (i.e.
48.7% vs. 55.3% for Ontario) and indoor parking (i.e. 5.1% vs. 11.1% for
Ontario)93. The fact that the proposed SoHo Wellington Centre is located within
an area with an abundance of transportation services with access to nearby
Downtown London, this will also assist in improving Southwestern Ontario’s
positioning in the proportion of its seniors structures having access to
transportation services (i.e. ranked last in Ontario at 52.9% vs. 58.8%)94.
The proposed SoHo Wellington Centre supports the findings of and provides the
diverse physical elements that will address the identified trends and needs for
seniors throughout Canada and the City of London in the June 2010 Age Friendly
London Report to the Community, as noted in the following:
“In Canada, the age structure of the population has been significantly
impacted by the “baby boom” generation, those born between 1947 and
1965, most of whom are over the age of 55 and looking at joining the
ranks of the retired”95.
In London, “over the past ten years, the number of residents aged 60 and
over has grown from 53,000 to over 64,000”96.
“London is also ranked high with its senior residents in terms of diverse
forms of housing. The increasing number of apartments, retirement
homes and condos are viewed as offering good accommodations”97.
This same report highlights the importance of providing seniors housing in
advantageous locations that offer favourable accommodations, in the sense of
community. The report highlights the advantageous nature of high density
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seniors housing within Wortley Village, Downtown London and Old North (i.e.
the westerly end of Grosvenor Street, adjacent to the public park system and the
Thames River), as noted in the following:
Seniors “expressed concern about the tendency to locate these on the
outskirts of the city away from public transportation and connection to
the city”98.
“Older adults should not be isolated – we need diversity”99.
“Apartment living gives you more neighbours”100.
“Mixture of generations, not all older adults in neighbourhood”101.
“Green spaces, lots of transit”102.
“More seniors’ residences downtown”103.
“Outside of downtown...is not desirable for older adults who may want to
walk out onto a pedestrian friendly street and enjoy the shops”104.
“Some of the barriers identified to health services included affordable
transportation, clinic hours and physical accessibility of facilities”105.
“Improved access to doctors and health care is needed”106.
“More doctors and nurse practitioners specializing in gerontology”107.
The proposed SoHo Wellington Centre is ideally positioned within London’s inner
core in an already existing diverse residential community, fronting along the
traditional and most recognized Wellington Street gateway entrance, adjacent to
existing untapped passive natural areas (i.e. open space and river system), within
walking distance to Downtown London, at the junction of two bus routes (i.e. 11
Kipps Lane/Thompson Road and 13 Wellington South), as noted in Figure 27, and
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representing the initial large-scale investment within the SoHo District that will
encourage further reinvestment in a community that is primed to accommodate
all forms of infill and intensification because of its underutilized vacant and built
forms. In addition, the proximity of the subject redevelopment block to the
Victoria Adult and Children’s Hospital complex provides the required support
system for the aging baby boomer generation.
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iv. Attractiveness of the Multi-Family Residential Component to Migrants
The viability, attractiveness and timing of the proposed SoHo Wellington Centre
can be directly tied to the City of London’s most recent significant population
generating trend of both empty nesters and professionals migrating from the
GTA. Net migration to London increased by 15.1% between 2010 and 2011108.
This new phenomenon has been generated by the attractiveness of London as a
large diversified urban centre that principally allows empty nesters and
professionals to sell their residences in the GTA for more than twice the value
than in London. As a result, they can purchase similar-sized and newer places of
residence than what they owned, while at the same time, still being able to
invest and/or bank their windfall additional funds. The following statistics
reinforce and give credence to this trend:
The average price a single detached home in the GTA was $581,072 in
September 2011109, while being $238,153 for the year to date in London110.
The average price of a townhouse in the GTA was $351,853 in September
2011111, while being $155,998 for the year to the date in London112.
The average price of condominium apartment in the GTA was $330,512 in
September 2011113, while being $171,098 for the year to date in London114.
Given the above, one could save approximately 3.4 to 3.7 times the
amount of a single detached home in the GTA by purchasing a
condominium or townhouse in London. This statistic is particularly
attractive for empty nesters looking to downsize.
The fact that the GTA has the highest proportion of spaces with seniors housing
rent above $3,501 per month (i.e. 48.7% of all spaces)115 will drive demand for
seniors to relocate to London due to affordability.
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London is ranked 15th in the average price of a home (from highest to lowest),
while at the same time being the 11th largest metropolitan area in Canada.
When reviewing the Conference Board of Canada’s City Magnets II Report, one
can assess a Canadian city’s attractiveness to all migrants by the value in the
availability of the following categories when deciding where to live116:
Economy (30%)
Education (12%)
Environment (15%)
Health (7%)
Housing (5%)
Innovation (10%)
Society (22%)
The Board found that London is currently ranked 15th of 50 Canadian cities in
attractiveness to migrants, with an overall grade of B117. As previously noted,
London is increasingly becoming a recognized destination by international
migrants, as a result of its strength in the Health and Education sectors. This can
also serve as a drawing card to retaining young professionals within the City of
London and ensuring that they opportunities to jobs that utilize their expertise
and educational background. As outlined in the wellness centre section of the
report and as will be noted when describing the office component of the
proposed SoHo Wellington Centre, the subject redevelopment project will
provide such employment opportunities for young professionals.
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C. Retail Component
The proposed SoHo Wellington Centre will comprise 17,000 net square feet of retail
space at ground level along the South Street frontage and be considered part of
London’s Core Retail Submarket. The overall vacancy rate within the Core Retail
Submarket was 6% in the 4th quarter of 2009. Of this, 5.2% of retail space within
London’s Core was vacant, outside of Citi Plaza. This rate was below the City average
of 5.5%118. Areas of Downtown London, surrounded by residential high-rise
structures, which provide a permanent population base, have little to no vacancies.
As noted in the 2011 State of the Downtown Report, the Richmond Street
streetscape between Queens Avenue and Kent Street has vacancies as low as 0%119.
This is primarily a result of the surrounding residential high-rise structures within the
Talbot Community.
As also noted within the same report, the King Street streetscape between Talbot
and Richmond Streets has vacancies as low as 1.2%120. This is primarily a result of
the recently constructed 278-unit Renaissance I Tower at 71 King Street. On the
other hand, areas away from residential high-rise structures have high vacancies, the
most notable examples being the King Street streetscape between Richmond and
Clarence Streets (17.6%) and the Dundas Street streetscape between Richmond and
Clarence Streets (27.6%)121. The above can be demonstrated by the number of
residential units constructed in these areas from 1998 to date. A total of 853 units
have been built within the Talbot Community and King Street corridor between
Ridout and Talbot Streets, while only 54 units have been constructed within the
Dundas Street corridor between Talbot and Clarence Streets and the Clarence Street
corridor from Dundas to York Streets122.
Based on the above, because the SoHo District and proposed SoHo Wellington
Centre will together comprise a permanent base population of 4,784 and the
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associated workforce population of the latter, the ground level retail component can
be supported with little to no vacancies expected. In addition to the above
argument, the ground level retail component within the proposed SoHo Wellington
Centre is justifiable from the standpoint of the following criteria as a
“Neighbourhood Cluster” for the permanent and associated working and visitor
populations123:
a) Location:
Within an existing residential area.
b) Proximity:
Within 3 to 5 minutes walking distance.
c) Economic base necessary to support the facility, in terms of the number people
in the area:
3,000 people or less are required as a base. There is currently an existing
population of 3,300 within the SoHo District and the SoHo Wellington Centre will
have a permanent residential population of 985, occupant load of up to
approximately 1,570. As a result, the base population threshold will be
significantly exceeded. There is also a growing trend of retail stores per 1,000 of
population in Canada.
d) Size in square feet rented to various retailers:
30,000 square feet or less is a common trend.
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e) Number of stores:
10 stores or less are required as a base.
Within London’s Core Retail Submarket, the highest expenditure categories have
been restaurants, personal services, convenience retail and selected non-food
retail124.
Based on the above, the following uses and associated square footages are
anticipated within the proposed SoHo Wellington Centre’s ground level retail
area:
i. Personal service establishments (2,000 to 2,500 square feet for each
tenant)
ii. Convenience/small grocery (2,000 to 2,500 sq ft)
iii. Restaurant(s) (up to 3,500 square feet)
iv. Cafe(s) (up to 3,500 square feet)
v. Small retailers (2,000 to 2,500 sq ft for each tenant)
f) Goods and services mix:
The primary emphasis will be on convenience and basic goods and services.
g) Principal tenant:
No principal tenant is required; however, an anchor tenant could be
accommodated.
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h) Layout:
It will comprise a group of stores.
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D. Office Component
The 20,000 net square feet of office space proposed within the SoHo Wellington
Centre will be considered part of London’s Suburban Office Market. The SoHo
Wellington Centre’s office component will be considered Class B.
London’s Suburban Office Market has experienced the most favourable city-wide
gains, particularly Class B space in the first quarter of 2011. The vacancy rate of 5.2%
was nine points below London’s average and absorption was positive, with 4,128 sq
ft leased, as compared to the City total of -33,211 sq ft125. The negative City-wide
absorption rate was primarily attributed to the Core, with a net absorption of -
35,939 sq ft126. The Core was subject to the addition of large office spaces in 2010,
which served as one of the driving forces behind the above negative absorption rate.
However, this trend was offset by an increase in demand for smaller office spaces,
which the proposed SoHo Wellington Centre will primarily offer. This resulted in the
overall Core office vacancy rate decreasing by 0.3% between 2009 and 2010127. This
is therefore demonstrative of business growth in the Core.
Both the office and retail components of the proposed SoHo Wellington Centre,
comprising 37,000 net sq ft, will be representative of the newly developed 3-storey
structure at Richmond and Carling Streets in Downtown London. The 30,000 sq ft
structure is divided into 10,000 sq ft of ground level retail space and 20,000 sq ft of
office space within the second and third storeys of the structure. Available spaces
range as low 1,500 sq ft and as high as 20,000 sq ft128. The structure has been
successful, with two-thirds of it having been leased prior to its construction stage. Its
positive absorption can be attributed to its location, close to residential high rise
structures within the Talbot Street area. The proposed SoHo Wellington Centre’s
office and retail component is similar in size and in the type of space offered. It will
have a permanent population base on site to support smaller office spaces. It will
also be positioned to draw from the surrounding area and abroad due to its
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locational attributes along the Wellington Street gateway to Downtown London. The
office component will also provide employment opportunities for young
professionals with post-secondary education who wish to locate to or remain within
the City of London. A select list of the types of employment opportunities129 within
the proposed SoHo Wellington Centre for young professionals is outlined as follows:
Auditors, Accountants & Investment Professionals
Computer & Information Systems Occupations
Financial, Communication & Other Business Occupations
Human Resource Occupations
Insurance, Real Estate & Financial Brokerage Occupations
Retail Trade, Food & Accommodation Service Occupations
Retail Salespersons & Sales Clerks
Sales, Marketing & Advertising Occupations
Securities Agents, Investment Dealers & Brokers
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E. Summary Account
The proposed SoHo Wellington Centre embraces the new trend and direction of
private sector infill development by facilitating clusters in and around city cores, as it
maximizes the available land supply and provides wide-ranging support uses and
services, such as retail, offices, and convenience commercial. The spin-off effect of
accommodating Fincore Group’s proposed high-rise mixed use SoHo Wellington
Centre project is that it will provide the SoHo District the first significant increase to
its permanent population base, supportive wellness and professional office spaces,
an ideal precedent for future redevelopment along South and Nelson Streets and
within the balance of the community, and assist Downtown London towards its
direction of revitalization, which will allow it to once again be the nucleus for not
only London, but Southwestern Ontario.
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Subsection 3:
Effect of Large-Scale Redevelopment
Project on Property Values
Six areas within Central London and vicinity have been identified as examples, where residential
sale prices and/or assessment were initially growing at a lower rate than the City average.
However, once multi-family residential redevelopment took place within these areas,
residential sale prices and/or assessment increased and surpassed the City average. The
examples130131 are noted as follows:
570 Nelson Street
Neighbourhood SoHo District
Previous Use Brownfield site
Average Percentage Change in Sale
Prices of Single Family Homes within a
250 m Radius of the Subject Property
from 2000 to 2009
18.42% (from $95,000 to $112,500)
Average Percentage Change in Sale
Prices of Single Family Homes in London
from 2000 to 2009
55.39% (from $135,996 to $211,323)
Redeveloped/Current Use Mid-rise apartment building (circa 2009)
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Average Percentage Change in Sale Prices
of Single Family Homes within a 250 m
Radius of the Subject Property from 2009
to 2010 (completion)
11.11% increase (from $112,500 to
$125,000)
Average Percentage Change in Sale Prices
of Single Family Homes in London from
2009 to 2010
7.56% increase (from $214,769 to
$231,020)
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725, 729 Dundas Street and 704-738 King Street,
380, 382 Lyle Street and 387, 389, 391 Hewitt Street
Neighbourhood Old East Village
Previous Use Auto repair, retail, partially vacant buildings
and vacant land
Average Percentage Change in Sale
Prices of Single Family Homes within a
250 m Radius of the Subject Properties
from 2000 to 2009
20% decrease (from $125,000 to $100,000)
Average Percentage Change in Sale
Prices of Single Family Homes in London
from 2000 to 2009
59.09% (from $135,996 to $214,769)
Redeveloped/Current Use 21 and 24 storey structures containing a
total of 600 apartment units (under
construction)
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Average Percentage Change in Sale
Prices of Single Family Homes within a
250 m Radius of the Subject Properties
from 2009 to 2011 (groundbreaking to
current construction)
125% increase (from $100,000 to $225,000)
Average Percentage Change in Sale
Prices of Single Family Homes in London
from 2009 to 2011
11.11% increase (from $214,769 to
$238,633)
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180 Mill Street
Neighbourhood Central London/Talbot Community
Previous Use Parking lot/vacant Land
Average Percentage Change in Sale
Prices of Single Family Homes within a
250 m Radius of the Subject Property
from 2000 to 2009
Hardly none (roughly at $218,750 from 2000
to 2009)
Average Percentage Change in Sale
Prices of Single Family Homes in London
from 2000 to 2009
59.09% (from $135,996 to $214,769)
Redeveloped/Current Use A 12-storey apartment building and ancillary
two-storey townhouses at street level
(recently completed)
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Average Percentage Change in Sale
Prices of Single Family Homes within a
250 m Radius of the Subject Property
from 2009 to 2011 (construction stage
to completion of structures)
42.86% increase (from $218,750 to
$312,500)
Average Percentage Change in Sale
Prices of Single Family Homes in London
from 2009 to 2011
11.11% increase (from $214,769 to
$238,633)
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520 Talbot Street and 544 Talbot Street
Neighbourhood Central London/Talbot Community
Previous Use Parking lots/vacant land
Average Percentage Change in Sale
Prices of Single Family Homes within a
250 m Radius of the Subject Properties
from 2000 to 2004
21.24% (from $175,000 to $212,500)
Average Percentage Change in Sale
Prices of Single Family Homes in London
from 2000 to 2004
24.29% (from $135,996 to $169,022)
Redeveloped/Current Use 2 residential structures (a 15-storey
apartment and an 11-storey condominium)
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Average Percentage Change in Sale
Prices of Single Family Homes within a
250 m Radius of the Subject Properties
from 2004 to 2011 (construction stage
to completion of structures)
123.53% increase (from $212,500 to
$475,000)
Average Percentage Change in Sale
Prices of Single Family Homes in London
from 2004 to 2011
41.18% increase (from $169,022 to
$238,633)
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201 Riverside Drive
Neighbourhood Inner West London
Previous Use Grace Villa Hospital, vacant land and single
family homes
Average Percentage Change in Sale
Prices of Single Family Homes within a
250 m Radius of the Subject Property
from 2000 to 2003
7.5% (from $100,000 to $107,500)
Average Percentage Change in Sale
Prices of Single Family Homes in London
from 2000 to 2003
14.08% (from $135,996 to $155,148)
Redeveloped/Current Use Mid-rise retirement residence and
townhouses
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Average Percentage Change in Sale
Prices of Single Family Homes within a
250 m Radius of the Subject Property
from 2003 to 2011 (acquisition of land
to occupancy)
86.05% increase (from $107,500 to
$200,000)
Average Percentage Change in Sale
Prices of Single Family Homes in London
from 2003 to 2011
53.81% increase (from $155,148 to
$238,633)
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71 King Street
Neighbourhood Downtown London
Previous Use Parking Lot
Average Percentage Change in Current
Value Assessment on King Street from
2002 to 2005
Between 5% and 10%
Average Percentage Change in Current
Value Assessment in London from 2002
to 2005
Approximately 20%
Redeveloped/Current Use 278 apartment units
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Average Percentage Change in Current
Value Assessment on King Street from
2005 to 2011 (land acquisition to
occupancy)
Approximately 235%
Average Percentage Change in Current
Value Assessment in London from 2005
to 2011
Approximately 42.5%
Based on the above examples, large-scale projects within areas in transition do in fact positively
contribute to their rebound. Thus, it is anticipated that residential property values and/or
assessment within the SoHo District will positively benefit from the proposed SoHo Wellington
Centre, as the project will represent new investment within and attract renewed interest to the
community, add population, provide amenities, stabilize the South Street corridor and
surrounding area, and set a positive precedent for future infill projects. Above all, the proposed
SoHo Wellington Centre is in keeping with and implements the direction of Roadmap SoHo: A
Community Improvement Plan for London’s SoHo District.
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Part 6: Economic Impact Analysis of the Proposed SoHo Wellington Centre
Subsection 1:
Direct Income Benefit of Constructing
The Proposed SoHo Wellington Centre
A. Direct Construction Costs:
Direct Jobs per $1 Billion in Construction: 5,000 to 6,000132133
Direct Construction Costs: $220 Million
Number of Direct Local Construction Jobs Created: 1,100 to 1,320
B. Income Benefit from the Creation
Of Direct Construction Jobs:
Direct Construction Jobs Created: 1,100 to 1,320
Average Annual Income for
Construction Trades (2005): $36,309134
Income Benefit from New
Direct Construction Jobs: $39.94 Million to
$47.93 Million
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Subsection 2:
Determination of Direct
Jobs for Each Commercial Use within
The Proposed SoHo Wellington Centre
A. Wellness Centre/
Development Lab Components:
i. Wellness Centre
Jobs per Square Foot Ratio: 1: 250 to 450
Total Square Footage: 45,000
Number of Direct Jobs Created: 100 to 180
ii. Development Lab
Jobs per Square Foot Ratio: 1: 250
Total Square Footage: 25,001
Number of Direct Jobs Created: 100
B. Hotel Component:
Jobs per Square Foot Ratio: 1: 1,445
Total Square Footage: 115,500
Number of Direct Jobs Created: 80
C. Office Component:
Jobs per Square Foot Ratio: 1: 100
Total Square Footage: 26,900
Number of Direct Jobs Created: 270
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D. Retail Component
Jobs per Square Foot Ratio: 1: 300 to 450
Total Square Footage: 21,100
Number of Direct Jobs Created: 50 to 70
E. Total Number of Direct Jobs Created: 600 to 700
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Subsection 3:
Determination of the Direct Income
Benefit of Each Commercial Use within
The Proposed SoHo Wellington Centre
Total Potential Direct
Jobs Created: 600 to 700
Average Employment Income Range for a
Select List of Workers/Occupations for the
Commercial Uses within the SoHo Wellington Centre: $19,544 to $182,096135
Auditors, Accountants &
Investment Professionals
Computer & Information
Systems Occupations
Financial, Communication &
Other Business Occupations
Human Resource
Occupations
Insurance, Real Estate &
Financial Brokerage
Occupations
Medical Laboratory
Technologists & Pathologists’
Assistants
Health Occupations
Retail Trade, Food &
Accommodation Service
Occupations
Retail Salespersons & Sales
Clerks
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Sales, Marketing &
Advertising Occupations
Securities Agents,
Investment Dealers &
Brokers
Specialist Physicians
Income Benefit Range from New Direct Jobs: $11.73 Million to $127.47
Million
Income Benefit Based on the
Midpoint of the Earnings ($100,820): $60.49 Million to $70.57
Million
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Subsection 4:
Determination of Sales/Income
Benefit of Each Commercial Use within
The Proposed SoHo Wellington Centre
A. Hotel Component (Room Income):
Number of Rooms: 156
Typical Rooms: 126
Average Room Rate: $136.00
Total Annual Room Revenue: $5 Million to $5.31 Million
Suite Rooms: 30
Average Room Rate $200.00
Total Annual Room Revenue: $1.75 Million to $1.86 Million
Projected Occupancy Rate: 80% to 85%
Total Project Revenue per Available Room: $118.55 to $125.92
Total Projected Room Revenue: $6.75 Million to $7.17
Million
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B. Wellness Centre:
Sales per Square Foot Range: $360.00 to $760.00
Potential Sales Based
On 30,000 Net Square Feet: $10.8 Million to $22.8 Million
C. Retail Component:
Sales per Square Foot Range: $450.00 to $580.00
Potential Sales Based
On 17,000 Net Square Feet: $7.65 Million to $9.86
Million
D. Total Potential Sales/
Income for the Above Uses: $25.2 Million to $39.83
Million
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Subsection 5:
The Municipal Financial Impact of
The Proposed SoHo Wellington Centre
A. Changes in Average Assessed Values
Assessed Value of the
Existing Redevelopment Area: $1.66 Million136
Assessed Value of the
SoHo Wellington Centre
Once Fully Developed: $154 Million
B. Changes in Property Tax Revenue
Total Annual Property Tax Revenue
From the Existing Redevelopment Area
Based on Municipal Property Tax
Rates of 1.442744% to 4.129253%: $34,137137
Total Annual Property Tax Revenue
From the SoHo Wellington Centre
Once Fully Developed Based on a
Municipal Property Tax Rate of
3.729253%: $5.69 Million
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110
Subsection 6:
The Total Economic Impacts Summarized
As noted above, the development of the SoHo Wellington Centre would result in further jobs,
increased income, sales, assessment, and property tax revenue within and for the City of
London. In addition, more inputs being purchased at the local level, along further consumer
expenditures, would result in increased spin-offs resulting from the proposed multi-use SoHo
Wellington Centre. Through the approval of the SoHo Wellington Centre, the geographic scale
of economic activity would increase beyond London CMA, as the proposed office, wellness
centre/development lab and hotel uses are regional, national and international in nature. The
proposed SoHo Wellington Centre would have positive implications on the overall well-being of
the SoHo District, Downtown London and the overall City. It will assist also in attracting
migrants to the City and both sustaining and further diversifying the local economy over the
long-term.
SoHo Wellington Centre A Gateway to the SoHo District & Downtown London
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Part 7:
Conclusion
This report has established the following:
The proposed SoHo Wellington Centre will be a high-calibre multi-use redevelopment
project, not yet seen in London, which will offer facilities to a diversified population base
and age group because of its retail, medical, office and residential components. The
SoHo Wellington Centre will be world class in nature, in terms of services offered,
calibre of doctors, and exclusivity. It will have the drawing power to attract interest and
clientele at the international level.
The proposed SoHo Wellington Centre will become the centrepiece for the SoHo
District, a traditional inner-city neighbourhood.
The proposed SoHo Wellington Centre will be consistent with the policies of both the
Provincial Policy Statement (PPS) and Official Plan.
The easterly extension of the Main Street Commercial Corridor designation to Waterloo
Street and development of the proposed SoHo Wellington Centre will implement the
SoHo CIP by:
Creating a significant gateway development for the SoHo District, and more
importantly, Downtown London.
Stabilizing and increasing property values.
Encouraging further infill and investment throughout the SoHo District.
SoHo Wellington Centre A Gateway to the SoHo District & Downtown London
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112
Establishing a strategic Thames River presence at the Wellington Street/South
Street intersection.
The requested Business District Commercial zoning amendment for the subject block
will meet the vision and principles of the SoHo Community Improvement Plan.
The proposed SoHo Wellington Centre will be the catalyst to begin rectifying a great
deal of the challenges/barriers that the SoHo District presently faces.
The proposed SoHo Wellington Centre will meet most of the goals and objectives of the
“Rationale” section of the June 13, 2011 Built and Natural Environment Committee
(BNEC) Report on the SoHo CIP.
The proposed SoHo Wellington Centre will promote and implement:
The revitalization of both the SoHo District and Downtown London, as captioned
in the June 13, 2011 BNEC Report on the SoHo CIP and key comments/feedback
that was established through six community-wide meetings of the SoHo CIP
Process.
The proposed SoHo Wellington Centre will set a SoHo District-wide precedent for infill
and intensification, which can be used to spur smaller and/or larger scale private sector
initiatives within numerous vacant/low intensive land tracts and the Victoria Hospital
Lands. At the same time, it will assist in stabilizing and reinforcing the existing
residential community and enabling individual property owners to undertake their own
site-specific initiatives to improve their holdings, which will in turn lead to the
enhancement of the overall community.
SoHo Wellington Centre A Gateway to the SoHo District & Downtown London
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113
The proposed SoHo Wellington Centre will be the beachhead project to:
Kick-start the required increased residential growth within the present
underutilized SoHo District, which will in turn significantly contribute to the
repopulation of Central London.
Transform both the Wellington Street Corridor and the north Thames River
lands, as vehicular and pedestrian begins to approach London’s Central Business
District (CBD).
There is a market and favourable indicators for the proposed SoHo Wellington Centre’s
uses (i.e. wellness centre, hotel, market rate and seniors condominiums, penthouses,
townhouses, retail and offices).
The proposed SoHo Wellington Centre will benefit from London increasingly becoming a
recognized destination for international migrants, as a result of its strength in the Health
and Education sectors, and affordability in housing.
The proposed SoHo Wellington Centre will primarily attract empty nesters and young
professionals, as a result of:
The provision of downsized living spaces (i.e. market rate and seniors
condominiums, penthouses and townhouses);
Proximity to existing untapped passive natural areas (i.e. open space and river
system);
Walking distance to Downtown London;
At the junction of two bus routes;
SoHo Wellington Centre A Gateway to the SoHo District & Downtown London
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114
Proximity to the Victoria Adult and Children’s Hospital complex; and
Diverse employment opportunities that utilize young professionals’ areas of
expertise and educational background.
The proposed SoHo Wellington Centre will provide the SoHo District the first significant
increase to its permanent population base and a favourable occupant load that will
make the subject block viable and draw both interest and activity to the community.
Because large-scale projects within areas in transition are favourable for their rebound,
it is anticipated that the proposed SoHo Wellington Centre will positively affect
residential property values and/or assessment within the SoHo District, as the project
will represent new investment within and attract renewed interest to the community,
add population, provide amenities, stabilize the South Street corridor and surrounding
area, and set a positive precedent for future infill projects.
Based on its construction value of $220 million, the proposed SoHo Wellington Centre
could create 1,100 to 1,320 direct construction jobs with a direct income benefit of up
to $47.93 million.
The proposed SoHo Wellington Centre’s commercial uses (i.e. wellness centre, hotel,
retail and offices) could create 600 to 700 direct jobs with a direct income benefit of up
to $127.47 million.
The proposed SoHo Wellington Centre’s commercial uses (i.e. wellness centre, hotel,
and retail) could result in annual sales of up to $39.83 million.
The assessed value of the subject block could increase from $1.66 million to $154
million once the SoHo Wellington Centre is fully constructed.
Annual property tax revenue from the subject block could increase from $34,137 to
$5.69 million once the SoHo Wellington Centre is fully constructed.
SoHo Wellington Centre A Gateway to the SoHo District & Downtown London
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115
Part 8:
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