SoHo WELLINGTON CENTRE A GATEWAY TO THE SoHo DISTRICT & DOWNTOWN LONDON
November 29, 2011
SoHo Wellington Centre
A Gateway to the SoHo District & Downtown London
Table of Contents Part 1:
Executive Summary..........................................................................................7
Part 2:
Redevelopment Details and Conceptual Designs of the Proposed SoHo Wellington Centre...........................................14 Subsection 1: Existing and Proposed Built Form......................................................................14 Block 1:
Part 3:
Area Bounded by Wellington, South and Waterloo Streets and the Thames River (i)
Existing Built Form.........................................................14
(ii)
Proposed Built Form......................................................17
Planning Background.........................................................................................22 Subsection 1: Existing and Proposed City of London Official Plan Designations for the Subject Block.............................................................22 Block 1:
Area Bounded by Wellington, South And Waterloo Streets and the Thames River (i)
Existing Official Plan Designations..................................22
(ii)
Proposed Official Plan Designations................................24
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Subsection 2: Existing and Proposed City of London Zoning By-law, Z.-1 Regulations for the Subject Block......................................................26 Block 1:
Area Bounded by Wellington, South And Waterloo Streets and the Thames River (i)
Existing Zoning Regulations...........................................26
(ii)
Proposed Zoning Regulations........................................28
Subsection 3: Detailed Breakdown of Requested Zoning For the Proposed SoHo Wellington Centre.......................................................30 Subsection 4: How the Proposed SoHo Wellington Centre Will Be Consistent with the Provincial Policy Statement (PPS).................................36 Subsection 5: How the Proposed SoHo Wellington Centre Will Be Consistent with the City of London’s Official Plan and Meet the Required Amendments To the City of London’s Official Plan...................................................................38 Subsection 6: How the Proposed SoHo Wellington Centre Will Be Consistent with the City of London’s Zoning By-law, Z.-1 and Meet the Required Amendments To the City of London’s Zoning By-law, Z.-1........................................................43
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Subsection 7: How the Proposed SoHo Wellington Centre Will Be Consistent with the City of London’s SoHo Community Improvement Plan Document.................................................45 Subsection 8: How the Proposed SoHo Wellington Centre Will Assist the City of London’s Outer Core (SoHo Community) and More Importantly, Inner Core (London’s Central Business District) From a Planning Impact Analysis Perspective.....................................................49
Part 4:
Transportation Network......................................................................................52
Part 5:
Market Analysis on the Proposed SoHo Wellington Centre................................55 Subsection 1: Analysis of the Existing SoHo District A. Existing Demographics of the SoHo District..................................................55 B. Existing Population of the SoHo District........................................................63 C. Existing Property Values within the SoHo District.........................................63
Subsection 2: Market Justification and Viability of Each Development Component for The Proposed SoHo Wellington Centre A. Wellness Centre Component.......................................................................64 B. Multi-Family Residential Component..........................................................70 Page 3
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i.
A Gateway to the SoHo District & Downtown London
Market Rate Condominiums and Penthouses.......................................71
ii. Townhouses..........................................................................................76 iii. Seniors Condominiums.........................................................................77 iv. Attractiveness of the Multi-Family Residential Component to Migrants.....................................................81 C. Retail Component........................................................................................83 D. Office Component........................................................................................87 E. Summary Account.........................................................................................89
Subsection 3: Effect of Large-Scale Redevelopment On Property Values.............................................................................................90
Part 6:
Economic Impact Analysis of the Proposed SoHo Wellington Centre...............102 Subsection 1: The Direct Income Benefit of Constructing The Proposed SoHo Wellington Centre A. Direct Construction Costs............................................................................102 B. Income Benefit from the Creation of Direct Construction Jobs..................102
Subsection 2: Determination of Direct Construction Jobs For Each Commercial Use within the Proposed SoHo Wellington Centre A. Wellness Centre/Development Lab Component..........................................103 B. Hotel Component..........................................................................................103 Page 4
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C. Office Component.........................................................................................103 D. Retail Component.........................................................................................104 E. Total Number of Direct Construction Jobs Created.....................................104
Subsection 3: Determination of the Direct Income Benefit of Each Commercial Use within The Proposed SoHo Wellington Centre..............................................................105
Subsection 4: Determination of Sales/Income Benefit Of Each Commercial Use within the Proposed SoHo Wellington Centre....................................................................107
Subsection 5: The Municipal Financial Impact of The Proposed SoHo Wellington Centre A. Changes in Average Assessed Values............................................................109 B. Changes in Property Tax Revenue.................................................................109
Subsection 6: The Total Economic Impacts Summarized..........................................................110
Part 7:
Conclusion...........................................................................................................111
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SoHo Wellington Centre
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Part 8:
References..........................................................................................................115
Part 9:
Bibliography........................................................................................................122
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SoHo Wellington Centre
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Part 1: Executive Summary This report will establish the details and merits of a large-scale, multi-use private sector redevelopment project, the SoHo Wellington Centre, which will implement both the spirit and direction that was established through the municipally-led Community Improvement Plan (CIP) for the SoHo District. The proposed SoHo Wellington Centre will be examined in detail from the point of view of land use planning, market analysis, purpose and viability of each proposed use within the Wellington Street-South Street-Waterloo Street block and economic impact on the SoHo District and the City of London.
The overall design and physical attributes of the proposed SoHo Wellington Centre will implement alternative green, solar and geothermal energy components. The SoHo Wellington Centre’s proposed parking facility will be camouflaged by featuring a layered green roof system, in order to deemphasize its use and reinforce the open space quality and connectedness to Wellington Valley Park and the Thames River system. The overall design of the proposed SoHo Wellington Centre has attempted to maximize the attributes of the Thames River and the placement of significant open space between the built form and the existing natural setting. The Thames River vista will feature a riverfront promenade, community gathering spaces and an overall improvement of the Wellington Valley Park lands. The South Street frontage will feature a green street, by way of widened sidewalks, landscaping, signage and other pedestrian-oriented features, dining and retail uses.
This report will also establish that the proposed SoHo Wellington Centre will be a high-calibre multi-use redevelopment project, not yet seen in London, which will offer facilities to a diversified population base and age group because of its retail, medical, office and residential components. The SoHo Wellington Centre will be world class in nature, in terms of services offered, calibre of doctors, and exclusivity. It will have the drawing power to attract interest Page 7
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and clientele at the international level.
The key points of this report can be summarized as follows: The proposed SoHo Wellington Centre will become the centrepiece for the SoHo District, a traditional inner-city neighbourhood.
The proposed SoHo Wellington Centre will be consistent with the policies of both the
Provincial Policy Statement (PPS) and Official Plan.
The easterly extension of the Main Street Commercial Corridor designation to Waterloo Street and development of the proposed SoHo Wellington Centre will implement the SoHo CIP by:
Creating a significant gateway development for the SoHo District, and more importantly, Downtown London.
Stabilizing and increasing property values.
Encouraging further infill and investment throughout the SoHo District.
Establishing a strategic Thames River presence at the Wellington Street/South Street intersection.
The requested Business District Commercial zoning amendment for the subject block will meet the vision and principles of the SoHo Community Improvement Plan.
The proposed SoHo Wellington Centre will be the catalyst to begin rectifying a great deal of the challenges/barriers that the SoHo District presently faces. Page 8
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The proposed SoHo Wellington Centre will meet most of the goals and objectives of the “Rationale” section of the June 13, 2011 Built and Natural Environment Committee (BNEC) Report on the SoHo CIP.
The proposed SoHo Wellington Centre will promote and implement:
The revitalization of both the SoHo District and Downtown London, as captioned in the June 13, 2011 BNEC Report on the SoHo CIP and key comments/feedback that was established through six community-wide meetings of the SoHo CIP Process.
The proposed SoHo Wellington Centre will set a SoHo District-wide precedent for infill and intensification, which can be used to spur smaller and/or larger scale private sector initiatives within numerous vacant/low intensive land tracts and the Victoria Hospital Lands. At the same time, it will assist in stabilizing and reinforcing the existing residential community and enabling individual property owners to undertake their own site-specific initiatives to improve their holdings, which will in turn lead to the enhancement of the overall community.
The proposed SoHo Wellington Centre will be the beachhead project to:
Kick-start the required increased residential growth within the present underutilized SoHo District, which will in turn significantly contribute to the repopulation of Central London.
Transform both the Wellington Street Corridor and the north Thames River lands, as vehicular and pedestrian traffic begins to approach London’s Central
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Business District (CBD).
There is a market and favourable indicators for the proposed SoHo Wellington Centre’s uses (i.e. wellness centre, hotel, market rate and seniors condominiums, penthouses, townhouses, retail and offices). The proposed SoHo Wellington Centre will benefit from London increasingly becoming a recognized destination for international migrants, as a result of its strength in the Health and Education sectors, and affordability in housing.
The proposed SoHo Wellington Centre will primarily attract empty nesters and young professionals, as a result of: The provision of downsized living spaces (i.e. market rate and seniors condominiums, penthouses and townhouses); Proximity to existing untapped passive natural areas (i.e. open space and river system); Walking distance to Downtown London; At the junction of two bus routes; Proximity to the Victoria Adult and Children’s Hospital complex; and Diverse employment opportunities that utilize young professionals’ areas of expertise and educational background.
The proposed SoHo Wellington Centre will provide the SoHo District the first significant increase to its permanent population base and a favourable occupant load that will make the subject block viable and draw both interest and activity to the community. Because large-scale projects within areas in transition are favourable for their rebound, Page 10
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it is anticipated that the proposed SoHo Wellington Centre will positively affect residential property values and/or assessment within the SoHo District, as the project will represent new investment within and attract renewed interest to the community, add population, provide amenities, stabilize the South Street corridor and surrounding area, and set a positive precedent for future infill projects. Based on its construction value of $220 million, the proposed SoHo Wellington Centre could create 1,100 to 1,320 direct construction jobs with a direct income benefit of up to $47.93 million. The proposed SoHo Wellington Centre’s commercial uses (i.e. wellness centre, hotel, retail and offices) could create 600 to 700 direct jobs with a direct income benefit of up to $127.47 million. The proposed SoHo Wellington Centre’s commercial uses (i.e. wellness centre, hotel, and retail) could result in annual sales of up to $39.83 million. The assessed value of the subject block could increase from $1.66 million to $154 million once the SoHo Wellington Centre is fully constructed. Annual property tax revenue from the subject block could increase from $34,137 to $5.69 million once the SoHo Wellington Centre is fully constructed.
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A Gateway to the SoHo District & Downtown London
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Part 2:
A Gateway to the SoHo District & Downtown London
Redevelopment Details and Conceptual Designs of the Proposed SoHo Wellington Centre
Subsection 1: Existing and Proposed Built Form
Block 1:
Area Bounded by Wellington, South and Waterloo Streets and the Thames River (i)
Existing Built Form (Note Figure 3 Map & Figure 4 Survey)
The south side of South Street from Wellington to Waterloo Streets contains the following uses:
5 single family homes (283 to 299 South Street).
It should be noted that the Jubilee Kafe is located at the front of the single family home at 299 South Street.
Vacant land (317 South Street and southwest corner of South and Waterloo Streets).
A single family home (319 South Street).
The east side of Wellington Street bounded by the Thames River bridge, north to South Street contains the following uses:
People’s Church (72 Wellington Street).
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Office building (82 Wellington Street).
The west side of Waterloo Street bounded by Thames River and South Street contains the following uses:
A single family home at 69 Waterloo Street
Small vacant lots (71 to 75 Waterloo Street).
Vacant/non-vegetated Upper Thames Conservation Authority (UTRCA) land at the rear of 283 to 299 South Street and north of the Thames River.
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(ii)
A Gateway to the SoHo District & Downtown London
Proposed Built Form (Note Figures 6 & 7 Renderings and Figure 8 Unit Matrix)
The proposed SoHo Wellington Centre’s layout, overall design and scale has recognized the future anticipated redevelopment of the Victoria Hospital lands and the direction that was established through the Community Improvement Plan for London’s SoHo District at the most visible and strategic intersection. It will set the ideal precedent in the treatment of the future built form along the south side of South and Nelson Streets between Wellington and Maitland Streets. It should also be noted that the proposed SoHo Wellington Centre will be less intensive in the use of at-grade land area, superior layout and separation of traffic movement and more advantageous use and expansion of the Thames River Valley lands that will protect and build on public open space than the City of London’s “South of Horton Street (SoHo) City of Opportunity: A Vision for Downtown London” rendering, contained in Figure 5.
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SoHo Wellington Centre
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The proposed SoHo Wellington Centre encompasses the following:
An upscale 30-storey hotel will be situated within the northwest quadrant of the subject redevelopment area along the South Street frontage at Wellington Street.
A 4-storey wellness centre and development laboratory facility will be located within the southwest quadrant of the subject redevelopment area, connected to the south side of the hotel.
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Townhouses over ground level retail and second floor office space will be placed along the South Street frontage, easterly adjacent to the hotel.
A 27-storey tower with mature living condominiums will be featured southerly adjacent to townhouses over ground level retail and second floor office spaces.
A 35-storey tower with market rate condominiums will be placed southerly adjacent to townhouses along the Waterloo Street frontage. Penthouse units will also be included within this tower.
An ancillary enclosed parking structure will be built to connect the above referenced buildings and uses. The exposed green rooftop of the entire enclosed parking facility will become a landscaped open space area.
An esplanade will be positioned at the southeast corner of the subject redevelopment block, adjacent to the Thames River vistas.
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A Gateway to the SoHo District & Downtown London
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Part 3: Planning Background Subsection 1: Existing and Proposed City of London Official Plan Designations for the Subject Block (i)
Existing Official Plan Designations (Note Figure 9 Map)
South Street Frontage
Main Street Commercial Corridor and Multi-Family, High Density Residential Designations
Note: The interpretation clause of the Official Plan in Section 19.1.1 i) Boundaries Between Land Use Designations applies to the above.
Waterloo Street Frontage
Multi-Family, High Density Residential and Open Space Designations
Wellington Street Frontage
Main Street Commercial Corridor
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(ii)
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Proposed Official Plan Designations (Note Figure 10 Map)
South Street Frontage
Main Street Commercial Corridor Designation
Waterloo Street Frontage
Main Street Commercial Corridor Designation
Thames River Flankage
Main Street Commercial Corridor Designation
Wellington Street Frontage
Main Street Commercial Corridor Designation
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Subsection 2: Existing and Proposed City of London Zoning By-law Z-1 Regulations for the Subject Block Block 1: (i)
Existing Zoning Regulations1 (Note Figure 11 Map)
South Street Frontage
Business District Commercial (BDC4) Zone Residential (R9-3 H22) Zone
Waterloo Street Frontage
Residential (R9-3/H22) Zone
Thames River Flankage
Residential (h-5 R7 D150 H30) Zone Residential (R9-7 H30) Zone Regional Facility (RF) Zone
Wellington Street Frontage
Business District Commercial (BDC4) Zone Residential (h-5 R7 D150 H30) Zone Residential (R9-7 H30) Zone Regional Facility (RF) Zone
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(ii)
A Gateway to the SoHo District & Downtown London
Proposed Zoning Regulations (Note Figure 12 Map)
South Street Frontage
Business District Commercial (BDC1(2) D370 H107) Zone
Waterloo Street Frontage
Business District Commercial (BDC1(2) D370 H107) Zone
Thames River Flankage
Business District Commercial (BDC1(2) D370 H107) Zone
Wellington Street Frontage
Business District Commercial (BDC1(2) D370 H107) Zone
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Subsection 3: Detailed Breakdown of Requested Zoning For the SoHo Wellington Centre Business District Commercial (BDC 1 (2)) a) Permitted Uses
i)
Any use permitted in the BDC1 Zone variation;
ii)
Clinics which permit operating rooms.
iii)
Dwelling units in two-level townhouse format above ground floor retail uses.
Height Provision (H) 107 m (35 storeys)
Density Provision (D) 370
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The uses and associated definitions2 that apply to the proposed SoHo Wellington Centre are as follows:
Apartment buildings
Definition:
A building or existing non-residential building that is divided horizontally and/or vertically into five or more separate dwelling units but does not include a converted dwelling or townhouse dwelling.
Clinics
Definition:
A building or part thereof, other than a hospital, used by medical doctors, dentists, optometrists, podiatrists, chiropractors and/or drugless practitioners, the practice of health discipline, radiological technicians, registered psychologists and their staff for the purpose of public or private medical, surgical, physiotherapeutic or human health and may include administrative offices, waiting rooms, treatment rooms, laboratories, ophthalmic dispensers, pharmacies, blood donor facilities, specimen collection centres and dispensaries directly associated with the facility.
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Commercial parking structure
Definition:
A structure designed for the temporary parking of vehicles for profit or gain.
Convenience service establishments
Definition:
A building or shopping centre or part thereof that may contain a film processing depot, a convenience store, automated banking machine outlets, and video rental establishments.
Dwelling units
Definition:
A single room or a series of rooms of complementary use which is located in a building, in which food preparation, eating, living, sleeping and sanitary facilities are provided for the exclusive use of the occupants thereof, which has a private entrance directly from outside the building or from a common hallway inside the building, in which all occupants have access to all of the habitable areas and facilities of the unit, and which is occupied and used or capable of being occupied and used as a single and independent housekeeping establishment. A dwelling unit
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shall contain no more than five bedrooms.
Hotel Definition:
A building or group of buildings containing at least three units for accommodation, mainly used for the purpose of catering to the needs of the travelling public by supplying food and furnishing sleeping accommodation, and includes a motel or motor hotel but does not include a bed and breakfast establishment.
Laboratories
Definition:
A building, or part thereof, used for scientific, research and development, medical and/or dental testing, experimentation and/or research.
Medical/dental offices
Definition:
An office or offices in which the practice of the professions of medicine, psychiatry, dentistry or optometry is carried on or in which the treatment by osteopathy or chiropractic is carried out.
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Personal service establishments
Definition:
A building, or part thereof, in which persons are employed in furnishing services and otherwise administering to the individual and personal needs of persons, comprising the premises of a barber, hairdresser, beautician, tailor, dressmaker and/or shoemaker, as well as a laundromat, dry cleaning and laundry depot, sun tanning shop and a formal rentals shop. The sale of merchandise shall be permitted only as an accessory use to the personal service provided.
Restaurant(s)
Definition:
A building or part thereof where food is prepared and offered for retail sale to the public for immediate consumption either on or off the premises, including a licensed dining lounge, but excluding a tavern as defined herein.
Retail stores
Definition:
A building or structure, or part thereof, in which goods, wares, merchandise, substances, foodstuffs, farm produce, articles or things are
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stored, offered or kept for retail sale to the public, and includes the business premises of an auctioneer, where such premises are used for the sale of merchandise by auction, but does not include supermarkets, or automobile or vehicle sales.
Tavern(s)
Definition:
A licensed drinking establishment, including a tavern, lounge, beverage room, public house and entertainment lounge as defined by the Liquor License Act, where liquor, beer and/or wine are served, with or without food.
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Subsection 4: How the Proposed SoHo Wellington Centre Will Be Consistent with the Provincial Policy Statement (PPS) Because the City of London has designated the SoHo District as a Community Improvement Project Area (through Section 28 of the Planning Act), it spearheaded the completion of the SoHo Community Improvement Plan Document, entitled “Roadmap SoHo: Regeneration South of Horton Street”. It is Fincore Group’s assertion that the proposed SoHo Wellington Centre will become the centrepiece for this traditional inner-city neighbourhood.
As noted in the Director of Land Use Planning’s June 13, 2011 Report to the Built & Natural Environment Committee (BNEC), the Planning Act, 1990 permits the municipality to redevelop the subject block because this section of the SoHo District meets the requirements of a community improvement area in the following way: “SoHo is desirable because of the age, dilapidation, and unsuitability of buildings, as well as other community economic development reasons in conformity to the requirements of the Planning Act”3.
Because the PPS provides policy direction related to provincial interests on land use planning and development, Policy 1.1.3.3 directs municipalities to provide opportunities for intensification and redevelopment in ways that accommodate the existing built form and area, subject to improvement, as noted in the aforementioned June 13, 2011 Report to BNEC:
“The availability of suitable existing or planned infrastructure and public service facilities required to accommodate projected needs. The purpose of the proposed SoHo Community Improvement Plan is to promote opportunities for intensification and redevelopment while taking into account the existing historic commercial residential building stock and former hospital lands”4.
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Fincore Group is supportive in meeting the objectives of Policy 1.5.1 and 1.7.1 c) of the PPS, which promotes healthy and active communities and the SoHo Community Improvement Plan in the following ways:
“Allow the Community to be pedestrian-friendly through green streets, South Street becoming a two-way street, providing additional public spaces, improvements to existing parkland and trails, creation of a riverfront promenade, and strengthening the vitality and viability of London’s Downtown by creating a revamped Wellington Street gateway that showcases a redeveloped riverfront, primarily on the south side of South Street”5.
Based on the above, Fincore Group acknowledges that the proposed SoHo Wellington Centre will be consistent with the policies of the PPS.
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Subsection 5: How the Proposed SoHo Wellington Centre Will Be Consistent With the City of London’s Official Plan and Meet the Required Amendments to the City of London’s Official Plan Fincore Group acknowledges that the proposed SoHo Wellington Centre will meet the policies of the Official Plan, as outlined in the June 13, 2011 BNEC report:
“Promoting the long term stability and vitality of designated “Community Improvement Project Areas;
Encouraging the coordination of municipal expenditures and planning and development activity;
Stimulating private property maintenance and reinvestment activity; and
Upgrading physical services and social and recreational facilities in designated Community Improvement Project areas”6.
Based on the above, Fincore Group acknowledges that the proposed SoHo Wellington Centre will be consistent with the Official Plan, in terms of the following sections and policies for the proposed Main Street Commercial Corridor designation7:
4.4.1. Introduction
Main Street Commercial Corridors take the form of either long established, pedestrian-oriented business districts or newer mixed-use areas. They have a street-oriented form with buildings close to the street. The street frontages of
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individual uses are generally of a scale that provides for easier pedestrian movement.
One of the key goals of the Plan is to strengthen these areas by encouraging infilling and redevelopment.
Many of the Main Street Commercial Corridors shall also be recognized as gateway areas to the Downtown and will provide unique attributes and functions that support the Downtown.
4.4.1.1
(iv)
Planning Objectives
Encourage mixed-use development to achieve higher densities and to reinforce the objectives of achieving a diverse mix of land uses.
4.4.1.2
Urban Design Objectives
i)
Encourage the rehabilitation and renewal of Main Street Commercial Corridors.
ii)
Provide for and enhance the pedestrian nature of the Main Street Commercial Corridor;
iii)
Enhance the street edge by providing for high quality façade design, accessible and walkable sidewalks, street furniture and proper lighting;
iv)
Design development to support public transit;
v)
Create high quality public places;
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vii)
Maintain or create a strong identity and place;
ix)
Encourage the transition and connection between the gateway Main Street Commercial Corridors and the Downtown through pedestrian, transit and design linkages.
4.4.1.3
Function
This designation may also be applied to new commercial areas provided that a mixed use, street oriented form of development is proposed. Proposals for the creation of new Main Street Commercial Corridors shall be supported by a comprehensive design concept and design guidelines.
4.4.1.4
Permitted Uses
Permitted uses in Main Street Commercial Corridors include small-scale retail uses...convenience commercial uses...personal and business services...restaurants...galleries...residential uses (including secondary uses)...mixed use buildings.
4.4.1.8
Mixed Use Development
Residential uses combined with commercial uses or free-standing residential uses will be encouraged in the Main Street Commercial Corridors to promote active street life and movement in those areas beyond the work-day hours. Residential development above existing commercial development should provide maximum privacy between private living spaces as well as adequate separation from commercial activity. Page 40
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4.4.1.11 Applications to Expand or Add Main Street Commercial Corridor Designations
There are substantial opportunities for infilling and redevelopment within many of the designated Main Street Commercial Corridors. Nevertheless, it is recognized that over the life of this plan there may be proposals to expand or add to these areas.
Proposals to amend the Official Plan to expand or add a Main Street Commercial Corridor designation shall be evaluated on the basis of:
i)
Compliance with the scale, function, and form criteria of this Plan;
ii)
Ability to integrate residential uses for mixed use developments;
iii)
Ability to comply with the urban design guidelines;
iv)
The availability of municipal services including transportation infrastructure to accommodate the proposed use; and,
v)
Planning Impact Analysis according to the provisions of Section 4.5.
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The current Main Street Commercial Corridor designation, along the existing developed Wellington Street, which also extends easterly along the South Street flankage, provides initial justification to extend the requested Main Street Commercial Corridor designation for the entire South Street block. Moreover, the easterly extension of the Main Street Commercial Corridor designation to Waterloo Street and development of the proposed SoHo Wellington Centre will implement the SoHo Community Improvement Plan by:
Creating a significant gateway development for both the SoHo District, and more importantly, Downtown London.
Stabilizing and increasing property values.
Encouraging further infill and investment throughout the SoHo District.
Establishing a strategic Thames River presence at the Wellington Street/South Street intersection.
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Subsection 6: How the Proposed SoHo Wellington Centre Will Be Consistent With The City of London’s Zoning By-law, Z.-1 and Meet the Required Amendments to the City of London’s Zoning By-law, Z.-1 Through the SoHo Community Improvement Plan Process, Planning staff recommended that a comprehensive zoning evaluation would be undertaken at a later date. However, they recognized the following, as outlined in the June 13, 2011 BNEC Report:
“As opportunities present themselves on a site-specific basis, amendments to the Zoning By-law will be considered at the time and merits of which will be evaluated against the Vision and Principles of the SoHo Community Improvement Plan”8.
It is Fincore Group’s assessment that the requested zoning amendment for the subject block will meet the vision and principles of the SoHo Community Improvement Plan, as outlined below:
“SoHo will be a vibrant and healthy urban neighbourhood that celebrates its rich sense of community and heritage. With its unique links to the Downtown and Thames River, SoHo will be a great place to live, work and play!9”
The following principles are the premises from which the Vision will be fulfilled:
Desirable, vibrant and diverse (a great place to be);
Greener and integrated;
Creative and leading edge;
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Safe;
Healthy;
Pride and strong sense of community;
Balanced;
Historically and culturally enriched.
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Subsection 7: How the Proposed SoHo Wellington Centre Will Be Consistent With The City of London’s SoHo Community Improvement Plan Document Fincore Group acknowledges that the SoHo Wellington Centre will be the catalyst to begin rectifying a great deal of the challenges/barriers that the SoHo District presently faces, as noted in the March 28, 2011 BNEC Report10 as follows:
o Absentee landlords that invest little capital in their rental properties.
o Unkempt properties which exhibit little pride in ownership.
o Property values do not encourage renovation - little incentive to invest in buildings when those costs and efforts may not be reflected in the resale value. It is also difficult to borrow against the buildings when the property values do not support the mortgage.
o No direct public access to River.
o Lack of park features/amenities.
o Lack of neighbourhood centre.
o Lack of desirable commercial destinations.
o Park safety.
o Lack of green spaces and amenities abundance of hard surface. Page 45
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o Negative perceptions of SoHo as being a neighbourhood with high crime and low income.
The proposed SoHo Wellington Centre will meet most of the goals and objectives of the “Rationale” section of the June 13, 2011 BNEC Report11, as follows:
o The Community Improvement Plan is a plan to promote...private sector investment in this part of the City.
o Previous Community Improvement Plans adopted by the City of London in the Downtown and Old East Village have stimulated revitalization efforts and increased property value assessment in these areas.
o The recommended improvements to SoHo have City-wide benefits including...a positive City-image along one of the busiest traffic corridors in the City of London and primary gateway into the Downtown.
o The rehabilitation of SoHo...will have reciprocal benefits for areas such as Old South and Downtown.
The proposed SoHo Wellington Centre will promote and implement the revitalization of both the SoHo District and Downtown London, as captioned in the June 13, 2011 BNEC Report as follows:
“Improvements to the Thames Valley Parkway promote alternative forms of transportation as well as active and passive recreation opportunities for all Londoners. And improvements to SoHo, and in particular the Wellington Street corridor, can
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improve the first impression and last image of those visiting London given its location at the doorstep of Downtown along the spine that connects it to the 401 corridor. SoHo is the "red carpet" greeting visitors to the Downtown”12.
The proposed SoHo Wellington Centre will promote and implement the key comments and feedback that was established through the six community-wide meetings of the SoHo Community Improvement Plan Process, as noted in the following:
The South Street frontage will feature a green street, by way of widened sidewalks, landscaping, signage and other pedestrian-oriented features, dining and retail uses.
The Thames River vista will feature a riverfront promenade, community gathering spaces and an overall improvement of the Wellington Valley Park lands.
The proposed parking facility will be camouflaged by featuring a layered green roof system, in order to deemphasize its use and reinforce the open space quality and connectedness to Wellington Valley Park and the Thames River system.
The overall design and physical attributes of the proposed SoHo Wellington Centre will implement alternative green, solar and geothermal energy components.
The proposed SoHo Wellington Centre will set a SoHo District-wide precedent for infill and intensification, which can be used to spur smaller or larger scale private sector initiatives within numerous vacant/low intensive land tracts and the Victoria Hospital Lands. At the same time, it will assist in stabilizing and reinforcing the existing residential community and enabling individual property owners to undertake their own site-specific initiatives to improve their properties, which will in turn lead to the enhancement of the overall community. Fincore Group’s proposed SoHo Wellington Centre will be substantially less intensive, in terms
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of building coverage and provide more open space land, which will reinforce the unique aesthetic natural environment of the Thames River Valley lands through measures that have been taken to keep it connected and open to the River. Moreover, it will provide the precedent for similar type development, easterly along the Thames River.
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Subsection 8: How the Proposed SoHo Wellington Centre Will Assist The City of London’s Outer Core (SoHo District) and More Importantly, Inner Core (London’s Central Business District) from a Planning Impact Analysis Perspective Historically, London’s CBD was a nationally-recognized vibrant and prosperous core area with stable residential population bases within both the inner and outer cores until the late 1970s. Between 1980 and the mid 1990s, London underwent significant suburban residential and commercial expansion. Moreover, the lack of high rise redevelopment within London’s inner and outer cores contributed to the depopulation and loss of the CBD’s traditionally dominant insurance, banking and office bases. Based on these circumstances, London’s CBD was seen as inconvenient, costly from the standpoint of parking, not providing enough variety as the traditional centre of retail, and unsafe.
In the late 1990s, initiatives began to be undertaken to both revive and rehabilitate London’s CBD (i.e. new arena, lower tax incentives for high rise residential buildings, and both protecting and promoting the existing business owners). Today, London’s CBD is undergoing a renaissance through the construction of numerous high rise apartments and condominiums, the success of the John Labatt Centre, the rebuilt Covent Garden Market and Central Library, trendy restaurants, the retooling of Citi Plaza with continuing education institutions, and a very active Main Street London organization that promotes its businesses and spearheads beautification projects. The City of London’s September 2011 road map to spur reinvestment within the innercore (i.e. expanded UWO and Fanshawe College campuses, new City Hall, residential and office investments, and opening up the Forks of the Thames as a people place and key westerly gateway) further reinforces the emphasis on bringing back London’s traditional CBD. In addition, the most recent announcement by London Health Sciences Centre to possibly create a Core Health – Care Centre demonstrates that there is both interest in and a need for health and
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wellness uses within Central London. The overall direction of these initiatives is to reconnect London’s CBD to the forks of the Thames River, increase employment and the permanent residential population base, and generate more pedestrian traffic and special events. Moreover, the City of London’s report on the State of the Downtown further illustrates the gains that have been made over the past five years, as noted in the following:
“Population has increased to about 4,500 people from 3,420 in 2006.
Between 2009 and 2011, assessment growth was 15.1% downtown, more than double the city-wide rate of 6%.
Since 2008 there has been a 16.4% growth in the assessment value of properties within the “targeted assessment zone.”
Street level vacancies have decreased 1.2% since 2009”13.
Based on the above initiatives, it is clear that London’s inner core is headed in the right direction.
In order for London’s CBD to be stable, vibrant and progressive, it will require a constant expanding population base both within the inner and outer cores. This population base should be diverse in nature through the attraction of professionals, seniors and families. Central London can be defined as the overall area that extends north to Oxford Street, south to the Thames River, east to Adelaide Street and west to the Thames River. It presently has an overall population of approximately 16,000. Downtown London and the SoHo District together represent close to 50% of Central London’s overall population, with 4,500 and 3,30014 permanent residents, respectively. Because of the SoHo District’s significant, underutilized and less intensive land area, it offers the City of London the most significant opportunity for the
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future growth of Central London’s permanent population base. As a result, the opportunity exists for Central London to undergo a sizeable population increase, which could ultimately reach 30,000 people. London’s CBD should be viewed as a neighbourhood with a base population, in order to continuously support its retail, entertainment and business sectors. Fincore Group’s proposed SoHo Wellington Centre will be the beachhead project to kick-start the required increased residential growth within the present underutilized SoHo District, which will in turn significantly contribute to the repopulation of Central London.
Presently, London’s CBD has three prominent gateways: Riverside Drive (east of Wharncliffe Road), Richmond Street (south of Oxford Street), Dundas Street (from Colborne Street) and Wellington Street (from the Thames River). The Wellington Street Corridor has traditionally been the primary gateway to London’s CBD, given the fact that it serves South London and intercity traffic from Highway 401 and St. Thomas. As a result, the proposed SoHo Wellington Centre will become the cornerstone or beacon for the transformation of both the Wellington Street Corridor and the north Thames River lands, as vehicular and pedestrian traffic begins to approach London’s CBD.
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Part 4: Transportation Network Fincore Group advances the potential of upgrading the road classification for South Street to a primary collector from Wellington to Colborne Streets, note Figures 13 and 14. This new road classification would provide a vital and consistent linkage between two north-south roadways which lead into London’s core (i.e. Wellington Street, an arterial, and Colborne Street, a primary collector).
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Moreover, it could further justify the potential introduction of two-way traffic along South Street between Wellington and Colborne Streets, as noted in Figures 15 and 16. In South Street potentially becoming a primary collector road, it would necessitate Wellington and South Streets becoming a signalized intersection, in order to reinforce its connection to Downtown London.
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Market Analysis on the Proposed SoHo Wellington Centre
Subsection 1: Analysis of the Existing SoHo District A. Existing Demographics of the SoHo District The two most prominent age groups within both the SoHo District and Central London are 20 to 44 and 45 to 64. The proportion of the SoHo District’s population between the age of 20 and 44 and 45 to 64 is 44.94% and 27.24%1516, respectively, note Figure 17.
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The proportion of Central London’s population between the age of 20 and 44 and 45 to 64 is 52% and 25%17, respectively, note Figure 18.
Thus, there is a combination of young professionals and retirees/empty-nesters. This is further supported by the fact that the marital status distribution of the SoHo District is highly concentrated among singles and married couples (i.e. 48.93% and 25.37%18, respectively), note Figure 19.
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Central London is similar in nature, with singles and married couples representing 50.08% and 18.88%19 of the population, respectively, note Figure 20.
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The proportion of singles within the overall City of London represents slightly more than half of the distribution in both the SoHo District and Central London (i.e. only 28.37%20). This is demonstrative of why high density residential development has been successful in Central London and will continue to be in the foreseeable future. While the overall City of London fares better in 3 and 4 person families, together representing 42% of the City’s population21, 29% of Central London’s population comprises the above family sizes22, note Figure 21.
As a result, the introduction of seven 1,800 sq ft townhouses within the proposed SoHo Wellington Centre is justifiable, in addition to this use having favourable occupancy rates in the Downtown North Zone, which includes the SoHo District.
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Although average household incomes in both the SoHo District and Central London were 45% and 37% lower than the overall City of London mean of $71,856 in 20062324, they are demonstrative of the above noted presence of singles within these areas, note Figure 22.
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In 2006, average individual earnings in Central London were only $6,658 less than the overall City of London mean of $36,54925, note Figure 23. Central London’s average family income of $72,772, as compared to the overall City of London mean of $84,593 for 200626, is offset by the fact that family sizes are smaller in Central London, note Figure 23.
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When compared to the overall City of London, the average number of beds and rooms within both the SoHo District and Central London (i.e. 2.07 and 1.69 beds and 5.49 and 4.68 rooms2728, respectively) justify the unit sizes and number of bedrooms proposed within the SoHo Wellington Centre, note Figure 24. When compared to the overall City of London, the proportion of apartments within both the SoHo District and Central London (i.e. 48.8%29 and 69%30, respectively) justify the intensive scale and high density nature of the proposed SoHo Wellington Centre, note Figures 25 and 26.
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B. Existing Population of the SoHo District
The SoHo District currently comprises a population of 3,30031.
C. Existing Property Values within the SoHo District
Based on an analysis of sale prices from 2010 to date, the average residential sale price within the SoHo District is $165,99532, while being $238,153 for London33. Residential sale prices within the SoHo District have increased by 57% from 2000 to date at an average annual growth rate of approximately 5%34, while London’s have experienced a 74% increase over this same period, at a 6.7% average growth rate per year35. In 2000, the average residential sale price within the SoHo District was 22% less than the City average36. However, it is currently 30% less than the City average37; thus an 8% percentage point drop since 2000. Given this trend, it is important that steps be taken, as identified in Roadmap SoHo: A Community Improvement Plan for London’s SoHo District, to embrace large-scale redevelopment initiatives within the community.
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Subsection 2: Market Justification and Viability Of Each Development Component for The Proposed SoHo Wellington Centre A. Wellness Centre Component According to the Conference Board of Canada, London is ranked 4th out of 50 Canadian cities and 2nd (to Kingston) out of 22 municipalities across Ontario in the Health sector38. This is a result of the fact that it performs well in the following indicators: a) The number of general practitioners (GPs) per 100,000 population;
b) The number of specialist physicians per 100,000 population;
c) The proportion of population employed in health-care services.
The above indicators prove to be attractive for newcomers, demonstrate better potential access to health-care and add to London’s drawing power. The prominence of London’s Health sector can be illustrated through the municipality’s dominant industries and associated number of employees. London’s hospital and ambulatory health care industries were ranked 4th and 7th in 2010, employing 13,800 and 9,30039, respectively.
London has been subject to an increasing trend of attracting specialist physicians from outside of Canada, comprising a notable proportion of the 12% of landed immigrants with post-secondary education between 2008 and 2010. This can primarily be attributed to London’s medical research facilities and post-secondary institutions40. The wellness centre component of the proposed SoHo Wellington Page 64
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Centre has already attracted interest from prominent international doctors in locating within this facility. Based on this fact, the proposed wellness centre’s committed tenants include a development lab, luxury spa, geneticist, naturopath doctor, plastic surgeon, dietician and traditional medicine. The overall objective of the proposed wellness centre will be target anti-aging and rejuvenation through both high-end traditional and alternative medicine and cosmetic methods of treatment. A significant proportion of the proposed wellness centre’s clientele will be international in scope, as a result of the prominence of the lead doctors committed to working within this facility. The development lab component of the proposed wellness centre will employ professionals in the research and development field to establish natural solutions to tackling aging. It will also provide employment opportunities for young professionals with post-secondary education who wish to locate to or remain within the City of London.
The overall 20 to 64 age group is most inclined to undergo the above referenced procedures. People between the age of 35 and 50 undergo the most procedures, followed by those aged 51 to 64 and 19 to 34. The former two age groups prove to have the most disposable income to undergo such procedures. As a result, the proposed wellness centre will primarily target clientele over the age of 30. At the regional scale, the overall 20 to 64 age group currently comprises a population of approximately 315,000 at the level of the London Census Metropolitan Area (CMA)41. With the London CMA’s population expected to increase to approximately 616,250 by 2026, the 20 to 64 age group is projected to grow to approximately 357,00042. Thus, there will be increasing demand at the regional scale for anti-aging facilities within the next 15 years.
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There are currently eight private anti-aging facilities in the London CMA, five of which are located within a 2 km radius of Central London. Two of the eight facilities, located in North and Central London, are larger in scale (i.e. approximately 12,500 and 20,000 sq ft, respectively), with overnight accommodation. The northern half of London is well-served, with approximately 25,000 sq ft of clinical/office space, and two hospitals (i.e. University and St. Joseph’s Hospitals). The southern half of London is underserved, with up to only 5,000 sq ft of clinical/office space and one hospital (i.e. Victoria Hospital’s Westminister Campus). Central London and its clinics, which comprise approximately 26,000 sq ft of space, not only serve a neighbourhood function, but more of a city-wide and regional function, as it is accessible in all directions. With the proposed 70,000 sq ft wellness centre’s SoHo District location, it would be positioned to not only help serve clientele from South London, but act as a regional and farther afield drawing card to the City of London.
The proposed upscale 156-room hotel within the southeast quadrant of Wellington and South Streets would not only assist in attracting clientele to the proposed wellness centre, but interest to the SoHo District and Central London. It will comprise 126 typical rooms and 30 suite rooms. A hotel directly linked with a wellness centre is new to Southwestern Ontario and parts of Southern Ontario. Larger clinics house their clients overnight or for short periods of time, as in the case of the aforementioned anti-aging facilities in London, or promote hotels within their vicinities that can provide accommodation for their clients. Anti-aging facilities promoting or associating themselves with hotels is more common in larger centres, most notably Toronto. For example, the Plastica Toronto Cosmetic Surgery Clinic is located at the Fairmont Royal York Hotel, one of Toronto’s premier overnight accommodation facilities. The facility’s patients can enjoy luxurious accommodation and access Downtown Toronto’s shops, restaurants and attractions within walking distance, outside and indoors, by way of the City’s PATH underground walkway43.
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The proposed wellness centre follows the above concept, providing hotel guests/wellness centre clientele indoor access to retail shops, personal service establishments, cafes, and restaurants. The overall design of the proposed SoHo Wellington Centre has attempted to maximize the attributes of the Thames River and the placement of significant open space between the built form and the existing natural setting. As a result, wellness centre clientele will be able to enjoy what this natural and aesthetic setting has to offer. Hotel guests/wellness centre clients would also be able to enjoy what Downtown London, located less than a kilometre away, has to offer, in terms of entertainment and cultural facilities. The hotel-wellness centre format and its locational attributes, in terms of accessing other services, would act as a drawing card in attracting out of town patients to the City of London; thus strengthening the proposed hotel’s occupancy rate. Because this facility will be world class in nature, in terms of services offered, calibre of doctors, and exclusivity, it will have the drawing power to attract clientele at the international level.
The proposed hotel will also serve tourists and businesspeople, taking full advantage of its location along the Wellington Street corridor to Downtown London. With national GDP growth expected to increase by 2.4% in 201244 and overnight person visits in Central Canada forecasted to grow by 1.2% in 2012, 2.5% in 2013, 2.6% in 2014 and 2.4% in 201545, Canada’s lodging sector is recovering from the recession and looking to recapture pre-2008 levels. From 2007 to date, the national hotel room supply has grown from 347,000 to 371,00046 (6.9%). It is forecasted to grow by another 4,000 in 201247. National accommodation demand, in terms of occupied room nights in millions, has returned to pre-recession levels, growing by 8.2% since 2009 and 3.5% in 2011 alone48. The 2012 national rate of 85,300 occupied room nights (in millions) is expected to be 3,100 (in millions) higher than the 2007 rate49. In 2012, hotel operators are expected to experience the highest gains in adjusted net
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operating income per available room since 2007. At the national scale, it will grow by 6.8% (from $9,100 to $9,700 per room)50. Since 2009, it has grown by 13.75% at the national scale51 and 37.2% in Central Canada52.
By 2016, the adjusted net operating income per available room for Central Canada is projected to increase by another 40.2%53. The adjusted net operating income for all suites and extended stay is anticipated to increase by 6.2% in 2012 to $10,500 per room54. The average daily rate per room for suite hotels in Canada is forecasted to increase by 2.26% to $136.00 from $133.00 in 201155. The rational average revenue per room rate is anticipated to increase by 4.4% to $94.00 in 2012 from $90.00 in 201156. The overall occupancy rate for Central Canada is projected to increase to 63% in 2012, compared to 57% in 200957. At the national scale, the overall occupancy rate for all suites and extended stay is expected to increase to 69%, the highest among all hotel types58. Based on the proposed hotel within the SoHo Wellington Centre is justifiable and falls under the category of a suite hotel, which has proven to be the most viable property type for overnight accommodation.
As previously noted, the wellness centre would not only tap into London’s plastic and anti-aging/reconstructive surgery service area of 1.5 million59, but areas further afield. London benefits from its location midway between Windsor and the Greater Toronto Area and has linkages with Highways 402, 401, and 403. Furthermore the Cities of Windsor, Waterloo, Cambridge and Kitchener are ranked 29th, 32nd, 46th and 48th out of 50 Canadian cities in the Health sector, respectively, and the latter is ranked last in the number of specialist physicians60. Thus, London proves to be a more desirable centre to attract anti-aging clientele than the above similar-sized Southwestern and Southern Ontario municipalities.
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People from the above areas would be inclined to travel to London, given that the City is a recognized destination for health services and the proposed wellness centre and its associated uses (i.e. spa, hotel, small-scale shopping, and dining) provide for a unique and easing experience for those undergoing treatments. As a result, clientele could be attracted from an extended service area of approximately 3 million people from across Southwestern and Southern Ontario, in addition to the Greater Toronto Area, with a population of over 5.5 million. The proposed wellness centre can also tap into the Detroit-Ann Arbor-Flint Combined Statistical Area (CSA), with an overall population of approximately 5.2 million. Based on the fact that the London CMA is ranked 11th among Canadian CMAs in population and both its hospitals and specialist physicians are recognized provincially, nationally and internationally, clientele could also be attracted from these catchment areas. Thus, as previously outlined, the proposed wellness/anti-aging centre is structured to become a world class facility.
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B. Multi-Family Residential Component The medium and high density residential components of the proposed SoHo Wellington Centre (i.e. 276 market rate condominiums, 6 penthouse units, 305 mature living condominiums, and 7 townhouses) are justifiable based on the following: The Downtown North Zone, within which the SoHo District is located (note Figure), is one of two areas in London that has been subject to the majority of new supply for apartment buildings since 200661. Empty nesters, comprising one of the primary markets for the above uses, were able to quickly sell their homes and downsize in 2010, as a result of strong demand. Condominiums and townhouses were part of the increased demand for resale residences experienced in 201062. In downsizing, empty nesters favoured newer high-end apartments with better amenities, particularly within the Downtown North Zone, which has been subject to an influx of newer units over the past 7 years63. Empty nesters, along with preretirees, are expected to continue to downsize and drive the demand for highend units64. Because of home ownership slowing, two and three-bedroom townhouse vacancies decreased. The vacancy rate for private rental apartments is forecasted to experience a decrease (i.e. 4.8%) for 201165.
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i. Market Rate Condominiums and Penthouses The following statistics for the Downtown North Zone and the London CMA provide further justification and a favourable climate for market rate condominiums within the proposed SoHo Wellington Centre: Private Apartment Vacancy Rates for the Downtown North Zone66: 1 Bedroom Units: The vacancy rate decreased from 4.7% in October 2009 to 3.6% in October 2010. 2 Bedroom Units: The vacancy rate decreased from 8.6% in October 2009 to 7.1% in October 2010. Total: The overall vacancy rate for all units decreased from 6.5% in October 2009 to 5.4% in October 2010 and in turn received an overall Grade of B; thus signifying a very favourable trend for the Downtown North Zone.
Private Apartment Availability Rates for the Downtown North Zone67: 1 Bedroom Units: The availability rate decreased from 8.1% in October 2009 to 5.1% in October 2010. 2 Bedroom Units: The availability rate decreased from 11.9% in October 2009 to 8.6% in October 2010.
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Total: The overall availability rate for all units decreased from 9.8% in October 2009 to 7.0% in October 2010 and in turn received an overall Grade of B; thus signifying a very favourable trend for the Downtown North Zone.
Private Apartment Vacancy Rates for 100+ Unit Structures for the Downtown North Zone (October 2010)68: Total: The overall vacancy rate for all units of 5.7% is considered very favourable, with a Grade of B.
Private Apartment Vacancy Rates for 100+ Unit Structures for the London CMA (October 2010)69: 1 Bedroom Units: The vacancy rate of 3.4% is considered excellent, with a Grade of A. 2 Bedroom Units: The vacancy rate of 6.3% is considered excellent, with a Grade of A. Total: The overall vacancy rate for all units of 5.1% is considered excellent, with a Grade of A.
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Newer Private Apartment Vacancy Rates by Year of Construction (Since 2000) for the London CMA70: 1 Bedroom Units: The vacancy rate decreased from 7.5% in October 2009 to 5.0% in October 2010. 2 Bedroom Units: The vacancy rate decreased from 9.6% in October 2009 to 7.9% in October 2010. Total: The overall vacancy rate for all newer units constructed since 2000 decreased from 9.1% in October 2009 to 7.1% in October 2010 and in turn received an overall Grade of A; thus signifying an excellent trend for the London CMA.
The most recent large-scale market rate condominium development in construction, the Renaissance II Tower, which will comprise 188 units, supports what is proposed for the SoHo Wellington Centre, in terms of unit square footage, prices and penthouses. This can be summarized as follows: Standard units within the Renaissance II Tower will be up to 1,600 sq ft in size71, as compared to the proposed average unit size of 1,200 sq ft for the SoHo Wellington Centre. Unit prices within the Renaissance II Tower will range from $200,000 to $400,00072. This range will serve as a reference point for the market rate condominiums within the proposed SoHo Wellington Centre.
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The most exclusive condominium within the Renaissance II Tower will be approximately 3,300 sq ft in size73. The proposed SoHo Wellington Centre will feature six 4,000 square foot penthouse units. The Renaissance II Tower was subject to two $1-million condominiums being sold within 24 hours of them being unveiled. Furthermore, the Renaissance II Tower has pre-sold 30 condominiums, 16 of which are penthouses. In mid-2012, 21 penthouses are expected to open74. Based on the above, there is justification that the proposed six 4,000 sq ft penthouse units within the SoHo Wellington Centre will be fully absorbed. Market statistics indicate that London’s condominium sector is experiencing a rebound, as noted in the 7.8% average price increase between 2009 and 2010 (from $158,617 to $171,098), the largest increase since the 2005 to 2006 period75. Statistics also indicate that condominiums in the London North Zone, which includes both the Core and SoHo District, are more exclusive and higherpriced than those City-wide. This rebound can also be demonstrated through the proportion of condominium apartments built. In 2011, approximately two-thirds of all apartments built within the City of London were condominiums, as compared to 2006, where the entire proportion of apartment development was rental76. The average price of a condominium in the London North Zone increased by 2.9% between 2010 and 2011 (from $205,611 to $211,662)77. Higher end condominiums in London, which are proposed within the SoHo Wellington Centre, are priced between $300,000 and $650,000. The highest priced existing condominium units in London’s Core are in the $625,000 range78. It is expected that demand will increase for condominiums apartment with highend finishes and amenities in 201279; thus supportive of what the proposed SoHo Wellington Centre will offer.
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The Renaissance II Tower is representative of the growing trend of condominiums priced $1 million above moving towards Southwestern Ontario, which initially began in Waterloo, the closest city to London with a concentration of high rises within its core. Two structures within Waterloo’s Core have penthouses above $1 million, while another, currently in its pre-sale stage, has condominium units being marketed from $1.2 to $2.8 million80. This is indicative of the growing influence of the Toronto-Centred Region and increase in migrants to smaller centres from this same area of Ontario.
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ii. Townhouses The townhouse market for both the Downtown North Zone and the London CMA has been favourable; thus supporting the case for seven 1,800 sq ft townhouses within the proposed SoHo Wellington Centre. The vacancy rate for 2-bedroom private row townhouses for the Downtown North Zone was 0% in October 2010, compared to the overall vacancy rate of 4.2% for London81. Thus, all 27 twobedroom private row townhouse units within the Downtown North Zone were occupied in October 2010. The availability rate for 2-beroom private row townhouses for Downtown North was 0% in October 2010, compared to the overall availability rate of 6.6% for London82. Furthermore, the average price of a townhouse in London increased by 6.65% between 2009 and 2010 (from $146,272 to $155,998), the largest increase since the 2003 to 2004 period and second greatest in the past 15 years83.
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iii. Seniors Condominiums It is anticipated that the proportion of London and Middlesex County’s population aged 65 and over will double to approximately 115,000 by 2027. This will represent nearly two-thirds of the City and County’s net growth over the next 15 years and result in London’s proportion of population aged 65 and over to overtake the under 20 demographic group84. This trend is not only occurring locally, but provincially, as evidenced in the growth of seniors’ housing residents outpacing that of total seniors’ housing supply in 2011; thus resulting in lowered vacancy rates. Over the course of 2011, supply has been at its highest in 10 years, with 56 spaces per thousand seniors aged 75 and over across Ontario85. Total supply in spaces grew by 6.6% over the past year, from 46,520 to 49,600 spaces, with one bedroom spaces comprising 90% of the increase in supply86. In 2012, new supply is forecasted to add 2,200 more spaces to Ontario’s market87. Southwestern Ontario has been identified as one of two regions where growth in supply will pick up88. Southwestern Ontario is currently ranked third in the number of one bedroom spaces (2,071), behind the Greater Toronto Area (GTA) and Central Ontario, and ahead of both Ottawa and Eastern Ontario89. In addition, Southwestern Ontario currently has the lowest vacancy rate for one bedroom seniors housing of any region in Ontario (i.e. 13.4% vs. 16.0%). It has dropped by 4.9% within the past year. Furthermore, Southwestern Ontario’s vacancy rate is also 4.5% below that of the Greater Toronto Area90. Newer seniors residences, opened since 2000, have experienced an overall reduction in their vacancy rate from 18.7% in 2010 to 16.5% in 201191. This has been assisted in the success of more exclusive seniors’ residences that have opened within the past 5 years because of their marketability in providing more care-free lifestyles for relatively affluent seniors. The mature living component of the proposed SoHo Wellington Centre will capture this market92. The proposed Page 77
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SoHo Wellington Centre will assist in improving Southwestern Ontario’s positioning in the proportion of structures with access to convenience services, retail stores and indoor parking. Southwestern Ontario is currently ranked last in the proportion of its structures with access to tuck shop/convenience stores (i.e. 48.7% vs. 55.3% for Ontario) and indoor parking (i.e. 5.1% vs. 11.1% for Ontario)93. The fact that the proposed SoHo Wellington Centre is located within an area with an abundance of transportation services with access to nearby Downtown London, this will also assist in improving Southwestern Ontario’s positioning in the proportion of its seniors structures having access to transportation services (i.e. ranked last in Ontario at 52.9% vs. 58.8%)94. The proposed SoHo Wellington Centre supports the findings of and provides the diverse physical elements that will address the identified trends and needs for seniors throughout Canada and the City of London in the June 2010 Age Friendly London Report to the Community, as noted in the following: “In Canada, the age structure of the population has been significantly impacted by the “baby boom” generation, those born between 1947 and 1965, most of whom are over the age of 55 and looking at joining the ranks of the retired”95. In London, “over the past ten years, the number of residents aged 60 and over has grown from 53,000 to over 64,000”96. “London is also ranked high with its senior residents in terms of diverse forms of housing. The increasing number of apartments, retirement homes and condos are viewed as offering good accommodations”97. This same report highlights the importance of providing seniors housing in advantageous locations that offer favourable accommodations, in the sense of community. The report highlights the advantageous nature of high density
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seniors housing within Wortley Village, Downtown London and Old North (i.e. the westerly end of Grosvenor Street, adjacent to the public park system and the Thames River), as noted in the following: Seniors “expressed concern about the tendency to locate these on the outskirts of the city away from public transportation and connection to the city”98. “Older adults should not be isolated – we need diversity”99. “Apartment living gives you more neighbours”100. “Mixture of generations, not all older adults in neighbourhood”101. “Green spaces, lots of transit”102. “More seniors’ residences downtown”103. “Outside of downtown...is not desirable for older adults who may want to walk out onto a pedestrian friendly street and enjoy the shops”104. “Some of the barriers identified to health services included affordable transportation, clinic hours and physical accessibility of facilities”105. “Improved access to doctors and health care is needed”106. “More doctors and nurse practitioners specializing in gerontology”107.
The proposed SoHo Wellington Centre is ideally positioned within London’s inner core in an already existing diverse residential community, fronting along the traditional and most recognized Wellington Street gateway entrance, adjacent to existing untapped passive natural areas (i.e. open space and river system), within walking distance to Downtown London, at the junction of two bus routes (i.e. 11 Kipps Lane/Thompson Road and 13 Wellington South), as noted in Figure 27, and Page 79
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representing the initial large-scale investment within the SoHo District that will encourage further reinvestment in a community that is primed to accommodate all forms of infill and intensification because of its underutilized vacant and built forms. In addition, the proximity of the subject redevelopment block to the Victoria Adult and Children’s Hospital complex provides the required support system for the aging baby boomer generation.
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iv. Attractiveness of the Multi-Family Residential Component to Migrants The viability, attractiveness and timing of the proposed SoHo Wellington Centre can be directly tied to the City of London’s most recent significant population generating trend of both empty nesters and professionals migrating from the GTA. Net migration to London increased by 15.1% between 2010 and 2011108. This new phenomenon has been generated by the attractiveness of London as a large diversified urban centre that principally allows empty nesters and professionals to sell their residences in the GTA for more than twice the value than in London. As a result, they can purchase similar-sized and newer places of residence than what they owned, while at the same time, still being able to invest and/or bank their windfall additional funds. The following statistics reinforce and give credence to this trend: The average price a single detached home in the GTA was $581,072 in September 2011109, while being $238,153 for the year to date in London110. The average price of a townhouse in the GTA was $351,853 in September 2011111, while being $155,998 for the year to the date in London112. The average price of condominium apartment in the GTA was $330,512 in September 2011113, while being $171,098 for the year to date in London114. Given the above, one could save approximately 3.4 to 3.7 times the amount of a single detached home in the GTA by purchasing a condominium or townhouse in London. This statistic is particularly attractive for empty nesters looking to downsize. The fact that the GTA has the highest proportion of spaces with seniors housing rent above $3,501 per month (i.e. 48.7% of all spaces)115 will drive demand for seniors to relocate to London due to affordability.
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London is ranked 15th in the average price of a home (from highest to lowest), while at the same time being the 11th largest metropolitan area in Canada. When reviewing the Conference Board of Canada’s City Magnets II Report, one can assess a Canadian city’s attractiveness to all migrants by the value in the availability of the following categories when deciding where to live116: Economy (30%) Education (12%) Environment (15%) Health (7%) Housing (5%) Innovation (10%) Society (22%) The Board found that London is currently ranked 15th of 50 Canadian cities in attractiveness to migrants, with an overall grade of B117. As previously noted, London is increasingly becoming a recognized destination by international migrants, as a result of its strength in the Health and Education sectors. This can also serve as a drawing card to retaining young professionals within the City of London and ensuring that they opportunities to jobs that utilize their expertise and educational background. As outlined in the wellness centre section of the report and as will be noted when describing the office component of the proposed SoHo Wellington Centre, the subject redevelopment project will provide such employment opportunities for young professionals.
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C. Retail Component The proposed SoHo Wellington Centre will comprise 17,000 net square feet of retail space at ground level along the South Street frontage and be considered part of London’s Core Retail Submarket. The overall vacancy rate within the Core Retail Submarket was 6% in the 4th quarter of 2009. Of this, 5.2% of retail space within London’s Core was vacant, outside of Citi Plaza. This rate was below the City average of 5.5%118. Areas of Downtown London, surrounded by residential high-rise structures, which provide a permanent population base, have little to no vacancies. As noted in the 2011 State of the Downtown Report, the Richmond Street streetscape between Queens Avenue and Kent Street has vacancies as low as 0%119. This is primarily a result of the surrounding residential high-rise structures within the Talbot Community. As also noted within the same report, the King Street streetscape between Talbot and Richmond Streets has vacancies as low as 1.2%120. This is primarily a result of the recently constructed 278-unit Renaissance I Tower at 71 King Street. On the other hand, areas away from residential high-rise structures have high vacancies, the most notable examples being the King Street streetscape between Richmond and Clarence Streets (17.6%) and the Dundas Street streetscape between Richmond and Clarence Streets (27.6%)121. The above can be demonstrated by the number of residential units constructed in these areas from 1998 to date. A total of 853 units have been built within the Talbot Community and King Street corridor between Ridout and Talbot Streets, while only 54 units have been constructed within the Dundas Street corridor between Talbot and Clarence Streets and the Clarence Street corridor from Dundas to York Streets122. Based on the above, because the SoHo District and proposed SoHo Wellington Centre will together comprise a permanent base population of 4,784 and the
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associated workforce population of the latter, the ground level retail component can be supported with little to no vacancies expected. In addition to the above argument, the ground level retail component within the proposed SoHo Wellington Centre is justifiable from the standpoint of the following criteria as a “Neighbourhood Cluster” for the permanent and associated working and visitor populations123: a) Location: Within an existing residential area.
b) Proximity: Within 3 to 5 minutes walking distance.
c) Economic base necessary to support the facility, in terms of the number people in the area: 3,000 people or less are required as a base. There is currently an existing population of 3,300 within the SoHo District and the SoHo Wellington Centre will have a permanent residential population of 985, occupant load of up to approximately 1,570. As a result, the base population threshold will be significantly exceeded. There is also a growing trend of retail stores per 1,000 of population in Canada.
d) Size in square feet rented to various retailers: 30,000 square feet or less is a common trend.
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e) Number of stores: 10 stores or less are required as a base. Within London’s Core Retail Submarket, the highest expenditure categories have been restaurants, personal services, convenience retail and selected non-food retail124. Based on the above, the following uses and associated square footages are anticipated within the proposed SoHo Wellington Centre’s ground level retail area: i.
Personal service establishments (2,000 to 2,500 square feet for each tenant)
ii.
Convenience/small grocery (2,000 to 2,500 sq ft)
iii.
Restaurant(s) (up to 3,500 square feet)
iv.
Cafe(s) (up to 3,500 square feet)
v.
Small retailers (2,000 to 2,500 sq ft for each tenant)
f) Goods and services mix: The primary emphasis will be on convenience and basic goods and services.
g) Principal tenant: No principal tenant is required; however, an anchor tenant could be accommodated. Page 85
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h) Layout: It will comprise a group of stores.
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D. Office Component The 20,000 net square feet of office space proposed within the SoHo Wellington Centre will be considered part of London’s Suburban Office Market. The SoHo Wellington Centre’s office component will be considered Class B. London’s Suburban Office Market has experienced the most favourable city-wide gains, particularly Class B space in the first quarter of 2011. The vacancy rate of 5.2% was nine points below London’s average and absorption was positive, with 4,128 sq ft leased, as compared to the City total of -33,211 sq ft125. The negative City-wide absorption rate was primarily attributed to the Core, with a net absorption of 35,939 sq ft126. The Core was subject to the addition of large office spaces in 2010, which served as one of the driving forces behind the above negative absorption rate. However, this trend was offset by an increase in demand for smaller office spaces, which the proposed SoHo Wellington Centre will primarily offer. This resulted in the overall Core office vacancy rate decreasing by 0.3% between 2009 and 2010127. This is therefore demonstrative of business growth in the Core. Both the office and retail components of the proposed SoHo Wellington Centre, comprising 37,000 net sq ft, will be representative of the newly developed 3-storey structure at Richmond and Carling Streets in Downtown London. The 30,000 sq ft structure is divided into 10,000 sq ft of ground level retail space and 20,000 sq ft of office space within the second and third storeys of the structure. Available spaces range as low 1,500 sq ft and as high as 20,000 sq ft128. The structure has been successful, with two-thirds of it having been leased prior to its construction stage. Its positive absorption can be attributed to its location, close to residential high rise structures within the Talbot Street area. The proposed SoHo Wellington Centre’s office and retail component is similar in size and in the type of space offered. It will have a permanent population base on site to support smaller office spaces. It will also be positioned to draw from the surrounding area and abroad due to its Page 87
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locational attributes along the Wellington Street gateway to Downtown London. The office component will also provide employment opportunities for young professionals with post-secondary education who wish to locate to or remain within the City of London. A select list of the types of employment opportunities129 within the proposed SoHo Wellington Centre for young professionals is outlined as follows: Auditors, Accountants & Investment Professionals Computer & Information Systems Occupations Financial, Communication & Other Business Occupations Human Resource Occupations Insurance, Real Estate & Financial Brokerage Occupations Retail Trade, Food & Accommodation Service Occupations Retail Salespersons & Sales Clerks Sales, Marketing & Advertising Occupations Securities Agents, Investment Dealers & Brokers
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E. Summary Account The proposed SoHo Wellington Centre embraces the new trend and direction of private sector infill development by facilitating clusters in and around city cores, as it maximizes the available land supply and provides wide-ranging support uses and services, such as retail, offices, and convenience commercial. The spin-off effect of accommodating Fincore Group’s proposed high-rise mixed use SoHo Wellington Centre project is that it will provide the SoHo District the first significant increase to its permanent population base, supportive wellness and professional office spaces, an ideal precedent for future redevelopment along South and Nelson Streets and within the balance of the community, and assist Downtown London towards its direction of revitalization, which will allow it to once again be the nucleus for not only London, but Southwestern Ontario.
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Subsection 3: Effect of Large-Scale Redevelopment Project on Property Values Six areas within Central London and vicinity have been identified as examples, where residential sale prices and/or assessment were initially growing at a lower rate than the City average. However, once multi-family residential redevelopment took place within these areas, residential sale prices and/or assessment increased and surpassed the City average. The examples130131 are noted as follows: 570 Nelson Street
Neighbourhood Previous Use Average Percentage Change in Sale Prices of Single Family Homes within a 250 m Radius of the Subject Property from 2000 to 2009 Average Percentage Change in Sale Prices of Single Family Homes in London from 2000 to 2009 Redeveloped/Current Use
SoHo District Brownfield site 18.42% (from $95,000 to $112,500)
55.39% (from $135,996 to $211,323)
Mid-rise apartment building (circa 2009)
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Average Percentage Change in Sale Prices of Single Family Homes within a 250 m Radius of the Subject Property from 2009 to 2010 (completion) Average Percentage Change in Sale Prices of Single Family Homes in London from 2009 to 2010
11.11% increase (from $112,500 to $125,000)
7.56% increase (from $214,769 to $231,020)
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725, 729 Dundas Street and 704-738 King Street, 380, 382 Lyle Street and 387, 389, 391 Hewitt Street
Neighbourhood Previous Use Average Percentage Change in Sale Prices of Single Family Homes within a 250 m Radius of the Subject Properties from 2000 to 2009 Average Percentage Change in Sale Prices of Single Family Homes in London from 2000 to 2009 Redeveloped/Current Use
Old East Village Auto repair, retail, partially vacant buildings and vacant land 20% decrease (from $125,000 to $100,000)
59.09% (from $135,996 to $214,769)
21 and 24 storey structures containing a total of 600 apartment units (under construction)
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Average Percentage Change in Sale Prices of Single Family Homes within a 250 m Radius of the Subject Properties from 2009 to 2011 (groundbreaking to current construction) Average Percentage Change in Sale Prices of Single Family Homes in London from 2009 to 2011
125% increase (from $100,000 to $225,000)
11.11% increase (from $214,769 to $238,633)
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180 Mill Street
Neighbourhood Previous Use Average Percentage Change in Sale Prices of Single Family Homes within a 250 m Radius of the Subject Property from 2000 to 2009 Average Percentage Change in Sale Prices of Single Family Homes in London from 2000 to 2009 Redeveloped/Current Use
Central London/Talbot Community Parking lot/vacant Land Hardly none (roughly at $218,750 from 2000 to 2009)
59.09% (from $135,996 to $214,769)
A 12-storey apartment building and ancillary two-storey townhouses at street level (recently completed)
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Average Percentage Change in Sale Prices of Single Family Homes within a 250 m Radius of the Subject Property from 2009 to 2011 (construction stage to completion of structures) Average Percentage Change in Sale Prices of Single Family Homes in London from 2009 to 2011
42.86% increase (from $218,750 to $312,500)
11.11% increase (from $214,769 to $238,633)
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520 Talbot Street and 544 Talbot Street
Neighbourhood Previous Use Average Percentage Change in Sale Prices of Single Family Homes within a 250 m Radius of the Subject Properties from 2000 to 2004 Average Percentage Change in Sale Prices of Single Family Homes in London from 2000 to 2004 Redeveloped/Current Use
Central London/Talbot Community Parking lots/vacant land 21.24% (from $175,000 to $212,500)
24.29% (from $135,996 to $169,022)
2 residential structures (a 15-storey apartment and an 11-storey condominium)
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Average Percentage Change in Sale Prices of Single Family Homes within a 250 m Radius of the Subject Properties from 2004 to 2011 (construction stage to completion of structures) Average Percentage Change in Sale Prices of Single Family Homes in London from 2004 to 2011
123.53% increase (from $212,500 to $475,000)
41.18% increase (from $169,022 to $238,633)
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201 Riverside Drive
Neighbourhood Previous Use Average Percentage Change in Sale Prices of Single Family Homes within a 250 m Radius of the Subject Property from 2000 to 2003 Average Percentage Change in Sale Prices of Single Family Homes in London from 2000 to 2003 Redeveloped/Current Use
Inner West London Grace Villa Hospital, vacant land and single family homes 7.5% (from $100,000 to $107,500)
14.08% (from $135,996 to $155,148)
Mid-rise retirement residence and townhouses
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Average Percentage Change in Sale Prices of Single Family Homes within a 250 m Radius of the Subject Property from 2003 to 2011 (acquisition of land to occupancy) Average Percentage Change in Sale Prices of Single Family Homes in London from 2003 to 2011
86.05% increase (from $107,500 to $200,000)
53.81% increase (from $155,148 to $238,633)
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71 King Street
Neighbourhood Previous Use Average Percentage Change in Current Value Assessment on King Street from 2002 to 2005 Average Percentage Change in Current Value Assessment in London from 2002 to 2005 Redeveloped/Current Use
Downtown London Parking Lot Between 5% and 10%
Approximately 20%
278 apartment units
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Average Percentage Change in Current Value Assessment on King Street from 2005 to 2011 (land acquisition to occupancy) Average Percentage Change in Current Value Assessment in London from 2005 to 2011
Approximately 235%
Approximately 42.5%
Based on the above examples, large-scale projects within areas in transition do in fact positively contribute to their rebound. Thus, it is anticipated that residential property values and/or assessment within the SoHo District will positively benefit from the proposed SoHo Wellington Centre, as the project will represent new investment within and attract renewed interest to the community, add population, provide amenities, stabilize the South Street corridor and surrounding area, and set a positive precedent for future infill projects. Above all, the proposed SoHo Wellington Centre is in keeping with and implements the direction of Roadmap SoHo: A Community Improvement Plan for London’s SoHo District.
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Part 6:
A Gateway to the SoHo District & Downtown London
Economic Impact Analysis of the Proposed SoHo Wellington Centre
Subsection 1: Direct Income Benefit of Constructing The Proposed SoHo Wellington Centre A. Direct Construction Costs: Direct Jobs per $1 Billion in Construction:
5,000 to 6,000132133
Direct Construction Costs:
$220 Million
Number of Direct Local Construction Jobs Created:
1,100 to 1,320
B. Income Benefit from the Creation Of Direct Construction Jobs: Direct Construction Jobs Created:
1,100 to 1,320
Average Annual Income for Construction Trades (2005):
$36,309134
Income Benefit from New Direct Construction Jobs:
$39.94 Million to $47.93 Million
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Subsection 2: Determination of Direct Jobs for Each Commercial Use within The Proposed SoHo Wellington Centre A. Wellness Centre/ Development Lab Components: i.
ii.
Wellness Centre Jobs per Square Foot Ratio:
1: 250 to 450
Total Square Footage:
45,000
Number of Direct Jobs Created:
100 to 180
Development Lab Jobs per Square Foot Ratio:
1: 250
Total Square Footage:
25,001
Number of Direct Jobs Created:
100
B. Hotel Component: Jobs per Square Foot Ratio:
1: 1,445
Total Square Footage:
115,500
Number of Direct Jobs Created:
80
C. Office Component: Jobs per Square Foot Ratio:
1: 100
Total Square Footage:
26,900
Number of Direct Jobs Created:
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D. Retail Component Jobs per Square Foot Ratio:
1: 300 to 450
Total Square Footage:
21,100
Number of Direct Jobs Created:
50 to 70
E. Total Number of Direct Jobs Created:
600 to 700
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Subsection 3: Determination of the Direct Income Benefit of Each Commercial Use within The Proposed SoHo Wellington Centre Total Potential Direct Jobs Created:
600 to 700
Average Employment Income Range for a Select List of Workers/Occupations for the Commercial Uses within the SoHo Wellington Centre:
$19,544 to $182,096135 Auditors, Accountants & Investment Professionals Computer & Information Systems Occupations Financial, Communication & Other Business Occupations Human Resource Occupations Insurance, Real Estate & Financial Brokerage Occupations Medical Laboratory Technologists & Pathologists’ Assistants Health Occupations Retail Trade, Food & Accommodation Service Occupations Retail Salespersons & Sales Clerks
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Sales, Marketing & Advertising Occupations Securities Agents, Investment Dealers & Brokers Specialist Physicians
Income Benefit Range from New Direct Jobs: Income Benefit Based on the Midpoint of the Earnings ($100,820):
$11.73 Million to $127.47 Million $60.49 Million to $70.57 Million
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Subsection 4: Determination of Sales/Income Benefit of Each Commercial Use within The Proposed SoHo Wellington Centre A. Hotel Component (Room Income): Number of Rooms: Typical Rooms:
156 126
Average Room Rate:
$136.00
Total Annual Room Revenue:
$5 Million to $5.31 Million
Suite Rooms:
30
Average Room Rate
$200.00
Total Annual Room Revenue:
$1.75 Million to $1.86 Million
Projected Occupancy Rate:
80% to 85%
Total Project Revenue per Available Room:
$118.55 to $125.92
Total Projected Room Revenue:
$6.75 Million to $7.17 Million
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B. Wellness Centre: Sales per Square Foot Range:
$360.00 to $760.00
Potential Sales Based On 30,000 Net Square Feet:
$10.8 Million to $22.8 Million
C. Retail Component: Sales per Square Foot Range: Potential Sales Based On 17,000 Net Square Feet:
D. Total Potential Sales/ Income for the Above Uses:
$450.00 to $580.00
$7.65 Million to $9.86 Million
$25.2 Million to $39.83 Million
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Subsection 5: The Municipal Financial Impact of The Proposed SoHo Wellington Centre A. Changes in Average Assessed Values Assessed Value of the Existing Redevelopment Area:
$1.66 Million136
Assessed Value of the SoHo Wellington Centre Once Fully Developed:
$154 Million
B. Changes in Property Tax Revenue Total Annual Property Tax Revenue From the Existing Redevelopment Area Based on Municipal Property Tax Rates of 1.442744% to 4.129253%:
$34,137137
Total Annual Property Tax Revenue From the SoHo Wellington Centre Once Fully Developed Based on a Municipal Property Tax Rate of 3.729253%:
$5.69 Million
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Subsection 6: The Total Economic Impacts Summarized As noted above, the development of the SoHo Wellington Centre would result in further jobs, increased income, sales, assessment, and property tax revenue within and for the City of London. In addition, more inputs being purchased at the local level, along further consumer expenditures, would result in increased spin-offs resulting from the proposed multi-use SoHo Wellington Centre. Through the approval of the SoHo Wellington Centre, the geographic scale of economic activity would increase beyond London CMA, as the proposed office, wellness centre/development lab and hotel uses are regional, national and international in nature. The proposed SoHo Wellington Centre would have positive implications on the overall well-being of the SoHo District, Downtown London and the overall City. It will assist also in attracting migrants to the City and both sustaining and further diversifying the local economy over the long-term.
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Part 7: Conclusion This report has established the following:
The proposed SoHo Wellington Centre will be a high-calibre multi-use redevelopment project, not yet seen in London, which will offer facilities to a diversified population base and age group because of its retail, medical, office and residential components. The SoHo Wellington Centre will be world class in nature, in terms of services offered, calibre of doctors, and exclusivity. It will have the drawing power to attract interest and clientele at the international level. The proposed SoHo Wellington Centre will become the centrepiece for the SoHo District, a traditional inner-city neighbourhood.
The proposed SoHo Wellington Centre will be consistent with the policies of both the
Provincial Policy Statement (PPS) and Official Plan.
The easterly extension of the Main Street Commercial Corridor designation to Waterloo Street and development of the proposed SoHo Wellington Centre will implement the SoHo CIP by:
Creating a significant gateway development for the SoHo District, and more importantly, Downtown London.
Stabilizing and increasing property values.
Encouraging further infill and investment throughout the SoHo District.
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Establishing a strategic Thames River presence at the Wellington Street/South Street intersection.
The requested Business District Commercial zoning amendment for the subject block will meet the vision and principles of the SoHo Community Improvement Plan.
The proposed SoHo Wellington Centre will be the catalyst to begin rectifying a great deal of the challenges/barriers that the SoHo District presently faces.
The proposed SoHo Wellington Centre will meet most of the goals and objectives of the “Rationale” section of the June 13, 2011 Built and Natural Environment Committee (BNEC) Report on the SoHo CIP.
The proposed SoHo Wellington Centre will promote and implement:
The revitalization of both the SoHo District and Downtown London, as captioned in the June 13, 2011 BNEC Report on the SoHo CIP and key comments/feedback that was established through six community-wide meetings of the SoHo CIP Process.
The proposed SoHo Wellington Centre will set a SoHo District-wide precedent for infill and intensification, which can be used to spur smaller and/or larger scale private sector initiatives within numerous vacant/low intensive land tracts and the Victoria Hospital Lands. At the same time, it will assist in stabilizing and reinforcing the existing residential community and enabling individual property owners to undertake their own site-specific initiatives to improve their holdings, which will in turn lead to the enhancement of the overall community.
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The proposed SoHo Wellington Centre will be the beachhead project to:
Kick-start the required increased residential growth within the present underutilized SoHo District, which will in turn significantly contribute to the repopulation of Central London.
Transform both the Wellington Street Corridor and the north Thames River lands, as vehicular and pedestrian begins to approach London’s Central Business District (CBD).
There is a market and favourable indicators for the proposed SoHo Wellington Centre’s uses (i.e. wellness centre, hotel, market rate and seniors condominiums, penthouses, townhouses, retail and offices). The proposed SoHo Wellington Centre will benefit from London increasingly becoming a recognized destination for international migrants, as a result of its strength in the Health and Education sectors, and affordability in housing.
The proposed SoHo Wellington Centre will primarily attract empty nesters and young professionals, as a result of: The provision of downsized living spaces (i.e. market rate and seniors condominiums, penthouses and townhouses); Proximity to existing untapped passive natural areas (i.e. open space and river system); Walking distance to Downtown London; At the junction of two bus routes; Page 113
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Proximity to the Victoria Adult and Children’s Hospital complex; and Diverse employment opportunities that utilize young professionals’ areas of expertise and educational background.
The proposed SoHo Wellington Centre will provide the SoHo District the first significant increase to its permanent population base and a favourable occupant load that will make the subject block viable and draw both interest and activity to the community. Because large-scale projects within areas in transition are favourable for their rebound, it is anticipated that the proposed SoHo Wellington Centre will positively affect residential property values and/or assessment within the SoHo District, as the project will represent new investment within and attract renewed interest to the community, add population, provide amenities, stabilize the South Street corridor and surrounding area, and set a positive precedent for future infill projects. Based on its construction value of $220 million, the proposed SoHo Wellington Centre could create 1,100 to 1,320 direct construction jobs with a direct income benefit of up to $47.93 million. The proposed SoHo Wellington Centre’s commercial uses (i.e. wellness centre, hotel, retail and offices) could create 600 to 700 direct jobs with a direct income benefit of up to $127.47 million. The proposed SoHo Wellington Centre’s commercial uses (i.e. wellness centre, hotel, and retail) could result in annual sales of up to $39.83 million. The assessed value of the subject block could increase from $1.66 million to $154 million once the SoHo Wellington Centre is fully constructed. Annual property tax revenue from the subject block could increase from $34,137 to $5.69 million once the SoHo Wellington Centre is fully constructed.
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Part 8: References 1
The Corporation of the City of London. “Zoning By-law No. Z.-1 (Portion)”. Accessed September 15, 2011. http://www.london.ca/by-laws/table_of_contents.htm
2
The Corporation of the City of London. “Zoning By-law No. Z.-1”
3
Michael Tomazincic. Staff Report to the Chair and Members of the Built and Natural Environment Committee: Application By: City of London – SoHo Community Improvement Plan Public Participation Meeting on Monday, June 13, 2011 @ 8:00 PM. London, Ontario: Planning and Development Department – Planning Division, 2011, 19. 4
Michael Tomazincic. Staff Report: June 13, 2011, 19.
5
Michael Tomazincic. Staff Report: June 13, 2011, 19-20.
6
Michael Tomazincic. Staff Report: June 13, 2011, 20.
7
The Corporation of the City of London. Official Plan: Chapter 4 – Commercial Land Use Designations. London, Ontario: Planning and Development Department, 2009, 28-32. 8
Michael Tomazincic. Staff Report: June 13, 2011, 22.
9
Michael Tomazincic. Staff Report to the Chair and Members of the Built and Natural Environment Committee: Application By: City of London – SoHo Community Improvement Plan Meeting on Monday, March 28, 2011. London, Ontario: Planning and Development Department – Planning Division, 2011, 16. 10
Michael Tomazincic. Staff Report: March 28, 2011, 4-5.
11
Michael Tomazincic. Staff Report: June 13, 2011, 3.
12
Michael Tomazincic. Staff Report: June 13, 2011, 4.
13
The Corporation of the City of London. 2011 State of the Downtown Report. London, Ontario: Planning and Development Department – Planning Division, 2011, 9, 24, 28. 14
Michael Tomazincic. Staff Report: March 28, 2011, 7.
15
Teranet Enterprises Inc. “Geowarehouse: Property Search”. Accessed March 10, 2011. http://www.geowarehouse.ca/gwhweb/login/lpphome.jsp 16
The Corporation of the City of London. Neighbourhood Profile – Central London Planning District. London, Ontario: Planning and Development Department – Policy Division, 2010, 2. 17
The Corporation of the City of London. Neighbourhood Profile, 2.
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18
Teranet Enterprises Inc. “Geowarehouse: Property Search”
19
The Corporation of the City of London. Neighbourhood Profile, 2.
20
The Corporation of the City of London. Neighbourhood Profile, 2.
21
The Corporation of the City of London. Neighbourhood Profile, 2.
22
The Corporation of the City of London. Neighbourhood Profile, 2.
23
Teranet Enterprises Inc. “Geowarehouse: Property Search”
24
The Corporation of the City of London. Neighbourhood Profile, 4.
25
The Corporation of the City of London. Neighbourhood Profile, 4.
26
The Corporation of the City of London. Neighbourhood Profile, 4.
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