Farhi partners with London Community Foundation to pitch empty properties as housing

Three decades after it rose at the corner of Dundas and Richmond Streets, only one tenant now calls London's Market Tower home — a lone mobile phone retailer on the ground floor.

Next door, an older 14-storey building has loomed empty over the skyline after its namesake tenant, Royal Bank of Canada, moved out in 2019. A two-storey annex in between is also vacant.

All told, it's roughly 28,000 square metres of building space sitting unused in the heart of London at a time when local leaders are grappling with a housing and homelessness crisis.

The buildings' owner and a long-time London charity are hoping to change that.

Farhi Holdings Corp. (FHC) and London Community Foundation (LCF) say they're working to find one or more non-profits interested in buying the properties and making them affordable housing.

"With Farhi, we are aware that he has significant holdings in the downtown area," said Diane Silva, LCF's president and CEO.

"With the rise of remote work, and the city launching this plan of converting office units into housing, I think that's where the magic happened, and the concept of us partnering together."

The ambitious plan is outlined in a Request for Expressions of Interest document, or REOI, posted online last week by the city, aimed at gauging interest from qualified organizations. Submissions close in mid-March.

Three other downtown Farhi properties are also in the proposal, including the former downtown Rexall, the former London Free Press site, and a neighbouring surface parking lot.

"This initiative continues in my father's nearly 40-year tradition and legacy of giving back to the community with significant philanthropic initiatives and contributions," said Ben Farhi of FHC.

"We recognize the urgent need for affordable housing. We further believe partnering with the right organizations, like LCF and others, is key to delivering meaningful impact to specific sites, and we're proud to work alongside the great people at LCF."

In a statement, the city stressed it was not buying or establishing development plans in relation to the properties involved.

"The results will be collected and assessed for viability, and if something tangible comes out of the proposals, a subsequent procurement may be issued to solidify partnerships and commitments from the City of London."

It comes as London's core commercial vacancy rate hovers around 26 per cent, and as the city works to build 3,000 affordable units by the end of 2026, and 47,000 units overall by 2031.