Grant opportunities approved for $80 million downtown housing development

Grants have been approved for an $80 million Windsor housing project.

A city committee has approved grant opportunities tied to an $80 million development in downtown Windsor and are encouraging other developers to follow suit.

The Development and Heritage Committee met Monday and approved an application request by Richmond Block London Corporation owner Shmuel Farhi, who is looking for grant opportunities on his upcoming project.

Farhi is looking to build a 27-storey mixed use development with 188 residential units, and commercial space on vacant land at 621 Riverside Drive West at Janette Avenue and is hoping to have shovels in the ground by spring 2026.

Farhi has applied for two grants through the City of Windsor: The Building/Property Improvement Tax Increment Grant Program through the Community Improvement Plan (CIP) and the new Residential Development Grant Program.

The Residential Grant Program allows applicants to receive a grant of $2,500 per unit, or up to $50,000 per property, while the Tax Increment Grant Program refunds increased property taxes for up to five years, or longer if approved by council, after the project is complete, based on the rise in property value.

After the development is complete, it’s estimated to be worth $16.5 million with about $364,000 in taxes. The city would refund about $319,000 per year for 10 years.

Committee chair and ward 10 councillor Jim Morrison said it’s great to hear that this project is finally moving forward.

“One of my biggest frustrations on this committee is we zone thousands and thousands of properties for development, and then we don’t see anything happening for so long,” he said.

“This developer, he really seems to be going full tilt right now, these are folks that are really developing our city, working with our planners, and not stalling at every step of the way.”

Morrison added once the grants are fully approved, the clock is ticking for the developer to move forward.

“They have one year to actually get moving on construction, or otherwise we can extend the CIP, or we can stop it, but they would have to apply for that extension. So, it’s great to see some things in the CIP Policy that does spur the development,” Morrison said.

They are hoping other developers with large projects will also apply for the grants.

“When we see something of this magnitude, then we’re willing to do it. So, we’re not going to reap the benefits for 10 years, but down the road it’s really going to help our assessment,” he said.

“So, Windsor’s been trying to keep our taxes low, we’re suggesting zero per cent, but we need that new assessment to help us along the way.”

The grant application will still require final approval from city council at a later date.