The City of London is pleased to announce a commitment to the second office-to-residential conversion project to receive funding through the City’s Office-to-Residential CIP Incentive Program.
Sifton Properties Limited will be receiving $3,290,000 to convert commercial office space at 195 Dufferin Avenue into 94 residential units. This project is a unique not-for-profit partnership with Homes Unlimited (London) Inc., the Anglican Diocese of Huron, and St. Paul’s Cathedral.
Supported by the Housing Accelerator Fund, the Office-to-Residential CIP Incentive program was approved by Council in February 2024 to incentivize office-to-residential conversion projects and foster an environment that will help increase the supply of residential units within the downtown and support the City’s efforts to address the housing crisis and increase housing opportunities. 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 Office-to-Residential Incentive program is to fund an additional 285 residential units in the Downtown Community Improvement Project toward London’s Provincial Housing Pledge target of 47,000 homes by 2031.
“I’m incredibly pleased to see another successful applicant in this program,” says Mayor Josh Morgan. “As part of the City of London’s affordable housing initiative under the Roadmap to 3,000 Affordable Units Action Plan, we are working to award Homes Unlimited funding to contribute 10 affordable units to this project. Through the Roadmap to 3,000 funding, the City’s investment in affordable housing will be secured for 25 years through a municipal contribution agreement, which will be presented to Council for approval in the coming months. Homes Unlimited is also offering many of the other units at an affordable rent but isn’t requesting additional funding for them.” Morgan adds, “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.”
"On behalf of our partners, St Paul's Cathedral, Homes Unlimited, we are pleased to be one of the first to receive funding under the Office to Residential CIP incentive program," says Richard Sifton President & CEO of Sifton Properties Limited. "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. This partnership model is an amazing example of how community can come together to achieve shared goals for the greater good of our city."
“City Staff are here to work with property owners and the development community to create new opportunities for housing,” says Scott Mathers, Deputy City Manager of Planning and Economic Development. “We are committed to working together to help turn vacant office buildings into new homes for Londoners.”