A tour of the first office-to-residential building conversion completed in London shows the long-term potential of the municipal incentive program that aims to evolve Downtown London. On Friday, Bluevale Capital cut the ribbon outside a former bank and office building in Downtown London that has been transformed into a 23-unit residential building named 376 Lofts at Richmond. The three-storey building had been vacant prior to being purchased by Bluevale Capital and transformed into a mix of market-rent units, fully-accessible units, affordable units (starting at $990/mo), as well as a co-working space and a pilates studio. Last November, Bluevale tapped into City Hall’s Office to Residential Conversion Program. “The office to residential grant has been extremely helpful,” explains Jefferson Huang, Managing Director. “It’s actually the reason why this building can be so successful. A lot of these deals don’t pencil-in without city support. The city has been really good at providing expedited permits, (and) working with us on architectural plans.” The affordable units have the same high quality finishes and appliances as their pricier neighbours. “That is the key to the whole thing,” said Downtown Coun. David Ferreira. “When I originally talked to Bluevale, that’s what we were talking about, the affordability component and the quality of life component.” The office vacancy rate in Downtown London has stubbornly remained over 30 per cent. The first completed office to residential conversion marks the beginning of what the city hopes is an evolution of the downtown into a residential neighbourhood integrated with the business district. “We need more people living downtown, more feet on the street,” explains Mike Macaulay, Manager of Community Improvement and Urban Regeneration. “That’s going to make their livelihood better. It’s going to bring everybody downtown, and we’re going to have better events, better retail and better overall economic stability.” Huang says the success of this conversion already has Bluevale interested in similar projects. “The next one we have is in Calgary, Alberta. We are converting an 18-storey building into 200 units, so we’re excited to do that,” he explains. “In London, we see so much more potential. We’re planning to look to purchase more and convert (them).” Several other developers have office to residential conversion projects underway, or in the planning stages. “I’m hoping that we do see more investment right across the street and down the street. This is the first one of its kind here. I know other property owners will be looking at it with interest,” adds Coun. Ferreira. City Hall launched its office to residential incentive program in 2024.
