London Council has come to a $2-million agreement with Medallion Corporation to redevelop the city's 100-year-old Victoria Hospital site.
Council approved the arrangement on Tuesday for the developer to acquire and develop one-quarter of the city-owned land located on South St. The sale price for the land is $2-million.
“This represents the opportunity of a century for a neighbourhood in the heart of our city,” said Mayor Matt Brown in a media release. “I’m looking forward to seeing cranes in the sky as Medallion invests in our vision to grow inward and upward.”
Medallion Corporation's proposal calls for 18 and 24 storey residential towers, with a podium base that faces both South St. and the future Thames River promenade. As well, the proposal includes rehabilitating, repurposing and conserving the heritage Colborne building for residential and commercial uses. The deal also requires a financial contribution from Medallion towards the construction of the promenade and a mid-block connection.
“It’s an exciting day,” said 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."
The city has previously conducted a significant engagement process with the nearby community south of Horton St., which was followed by a request for proposals for interested developers.
