Sifton Properties receives $3.29 million to convert London office building into into 94 homes

A second office building in downtown London, Ont., is being converted into residential units with the help of city funding.

On Thursday, Sifton Properties Limited announced it was receiving $3.29 million from the city’s office-to-residential conversion incentive program to convert 195 Dufferin Ave. into 94 residential units.

The city says this project is a partnership with Homes Unlimited (London) Inc., the Anglican Diocese of Huron, and St. Paul’s Cathedral.

“This contribution from the city of London will be applied to the renovation costs to make the project successful. It will bring much-needed residential units to our core, while also reducing the amount of office space,” said Sifton Properties Limited president and CEO Richard Sifton in a statement.

“This partnership model is an amazing example of how community can come together to achieve shared goals for the greater good of our city.”

The program provides grants up to $35,000 per unit for eligible conversion projects within the downtown community improvement project area.

The goal of the program is to fund an additional 285 residential units in the downtown area toward London’s goal of 47,000 homes by 2031.

“We’re thrilled with the level of community interest and remain committed to filling vacant buildings in the downtown and supporting the construction of affordable homes for Londoners,” said Mayor Josh Morgan in a statement.

The city says through the Roadmap to 3,000 Affordable Units Action Plan, the city will be awarding Homes Unlimited funding to contribute 10 affordable units to this project.