A Toronto-based developer plans to breathe new life into the former Victoria hospital site overlooking the Thames River.
Medallion Corp., which has already built several towers on Kipps Lane and in the Old East Village, is now setting its sights on the riverfront land.
The developer is spending $2 million for around one-quarter of the city-owned South Street lands, which was once occupied by the former Victoria Hospital for around 100 years.
Medallion wants to build 18- and 24-storey residential towers with their base facing both South Street and the future Thames River promenade, which they will have to make a unquantified financial contribution towards building.
The deal also stipulates that Medallion restore and repurpose the heritage Colborne building for residential and commercial uses while introducing “various plaza and landscaping elements that will celebrate heritage and provide residential amenity for this new area within the SoHo neighbourhood.”
In addition to developments in cities like Toronto and Hamilton, Medallion has also built towers on Kipps Lane and on King Street in the Old East Village.
In a media release issued late Tuesday, Mayor Matt Brown called the deal “the opportunity of a century for a neighbourhood in the heart of our city,” and suggested it supported London’s vision to “grow inward and upward.”
Medallion still has to submit its development proposal, and it’s unclear when construction will begin.
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