Today Council approved an agreement with Medallion Corporation which will acquire and develop Phase 1 lands of the City’s Old Victoria Hospital redevelopment project in the SoHo neighbourhood. This represents a major project contributing towards Council’s Strategic Plan and its goals to build a sustainable city and conserve London’s heritage assets.
The City-owned lands, located on South Street, were occupied by the former Victoria Hospital for a period of approximately 100 years. The lands were remediated through a tri-party collaboration involving the City of London, London Health Sciences Centre and the Province of Ontario. This first phase of development represents approximately one quarter of the larger landholding within the city’s core, approximately five hectares in size.
The roots of this project go back to a significant engagement process with the SoHo community that drove the Council-approved SoHo Community Improvement Plan and the Old Victoria Hospital Secondary Plan. The secondary plan established a vision for the redevelopment of the former hospital lands and set a plan for land uses, building heights, heritage conservation, urban design, and public spaces. Following completion of that plan, the City issued a request for expressions of interest and a subsequent request for proposal to seek out developers interested in developing Phase 1 lands in accordance with the plan’s vision and requirements.
Medallion Corporation is a large developer, with development projects in Toronto, Hamilton, Brampton and Ajax. Medallion has already constructed large residential projects in London, including several towers at Kipps Lane and in the Old East Village. They have a track record of building projects that serve to revitalize urban neighbourhoods.
The Medallion Corporation proposal calls for 18 and 24 storey residential towers, with a podium base that fronts onto both South Street and the future Thames River promenade. The proposal will see the repurposing of the heritage Colborne Building for residential and commercial uses and introduces various plaza and landscaping elements that will celebrate heritage and provide residential amenity for this new area within the SoHo neighbourhood.
The conditions of the deal include:
- A requirement that the heritage Colborne Building be rehabilitated, repurposed and conserved
- The execution of the development proposal submitted by Medallion Corporation – with a requirement to initiate and complete the project expeditiously
- $2,000,000 sales price for the land and the Colborne Building
- Financial contribution from Medallion towards the construction of the promenade and mid-block connection.
“This represents the opportunity of a century for a neighbourhood in the heart of our city,” said Mayor Matt Brown. “I’m looking forward to seeing cranes in the sky as Medallion invests in our vision to grow inward and upward.”
“It’s an exciting day,” said London’s City Planner, John Fleming. “This is the first big step towards realizing the regeneration of the Old Victoria Hospital Lands, conserving an important heritage building and making the plans prepared with the SoHo community come alive. Internally, this has been a great cross-functional collaboration between Finance, Realty Services, Planning, Development, Corporate Services and Legal.”
“We look forward to working closely with the City as a first step towards creating a vibrant community and revitalizing the old Victoria Hospital lands,” said Rad Vucicevich, Director, Development and Construction, Medallion Corporation.