Mayor Morgan Announces Third Office-to-Residential Conversion in Downtown

Mayor Josh Morgan, on behalf of the City of London and in partnership with Farhi Holdings Corporation, is announcing the conversion of 31,812 square feet of vacant office space located at 685 Richmond St. into 41 new housing units. This investment marks the third such project under the Office-to-Residential CIP Incentive Program.

“The conversion of unused office spaces to new residential units is another vital stride we’re making as a city to revive our downtown, providing more diverse and creative housing opportunities while preserving buildings and utilizing empty or undeveloped spaces,” said Mayor Morgan. “Impactful investments like these will continue to transform this area for the better. Our progress is encouraging, but we’re not done yet.” Construction at 685 Richmond St. and retrofitting of the building’s interior is well underway with tenants expected to occupy the units by spring 2026.

“This project proves what’s possible when municipal leadership and the private sector work hand in hand. It shows that revitalization can be real, that policy and investment can align, and that there is a future for our downtown that is active, lived-in, and full of opportunity,” said Shmuel Farhi, owner of Farhi Holdings Corporation. “We believe in downtown London. We always have. And while the path to revitalization requires persistence, today marks meaningful progress.”

This latest announcement builds on the momentum of similar Office-to-Residential conversions already underway at 166 Dundas St and 195 Dufferin St. In total, the three projects represent the creation of 150 new housing units in the downtown, and the conversion of over 185,000 square feet of unused office space.

Initially approved by City Council in February 2024, and revised in July 2024, the Office-to-Residential CIP Incentive Program provides a grant of $35,000 per residential unit built, to eligible office-to-residential conversion projects.

The program aims to incentivize office-to-residential conversion projects and foster an environment that will help increase the supply of residential units within the city’s Downtown, while also helping the City tackle the housing crisis and meet its obligations to the Housing Accelerator Fund.

As part of London receiving up to $81 million under the Housing Accelerator Fund, the City has made a commitment to implement measures to make it easier to build more rental units, including changes to local zoning regulations, building new affordable and market-rate homes, investing in infrastructure and looking for ways to incentivize converting unused commercial spaces in the downtown into residential units.

Media Contact

Michael Curtis
Communications Advisor, Mayor’s Office
City of London
226-980-5814
[email protected]