ON MONDAY, CITY politician backed a proposed Farhi Developments 40-storey riverfront building at 435-451 Ridout Street.
The mixed-use tower would include 280 residential units plus 6,300 square metres of commercial and office space. Plans also call for about a dozen affordable units (approximately 80 per cent average market rent), and include a public walkway connecting to the river.
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Critics of the project voiced opposition to the a design that will incorporate three historic properties on London’s “Banker’s Row,” however council’s planning committee endorsed the development with little debate.
Community concerns have been raised about the project’s proximity to Eldon House and the inclusion of the Banker’s Row properties, however both city staff and Farhi Developments maintain that all heritage concerns raised by the city have been addressed by the current design.
Farhi Developments, its parent company Farhi Holdings Corp., and its owner, Shmuel Farhi, have faced criticism for not developing many of its London properties. However this development, which has been in planning stages for about nine years, has received praise from city staff and planners for its design and heritage aspects.
The Upper Thames River Conservation Authority has also approved the proposal at this stage.
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According to Farhi Developments president, Jim Bujouves, the next development step would be to undertake several studies to satisfy holding provisions and finalize the site plan.
“There’s a lot of complexities in that, but we are prepared to tackle that as soon as we get the approvals,” Bujouves says.
The planning committee recommendation goes to city council for a final decision on June 15.
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