London New city hall on Richmond Street? Farhi Holdings pitches land deal Share As council considers a renovation and expansion to London’s existing city hall campus, the downtown’s largest property owner is offering to sell three of his buildings to create a brand new city hall. An unsolicited proposal by Farhi Holdings Corporation (FHC) offers to sell Market Tower, the attached Annex Building and the former RBC Tower to the city so the west side of Richmond between Dundas Place and King Street can be renovated into London’s next city hall. Market Tower would be upgraded and connected to the former RBC building by a newly constructed four-storey building erected between them, forming a continuous and seamless office space.
“The buildings are being offered by the owner to the city for sale at fair market value,” explaieds John Fleming of City Planning Solutions who is working with FHC on the proposal. Fleming adds that the fair market value would be determined by an independent real estate appraisal approved by the city. Through a unique financing offer, FHC would accept 60 per cent of the purchase price in the form of Development Charge (DC) credits to be paid only when the developer builds housing in other locations within London.
The remaining 40 per cent could be paid by the city over two years with zero interest. Existing buildings offered for sale by Farhi Holdings. (Source: Supplied) FHC is also offering to demolish the Annex building at no cost to the city i.
