Ontario Construction News staff writer
Real estate investment firm Bluevale Capital Group has announced the rapid completion of 376 Lofts at Richmond Street, London’s first office-to-residential conversion.
A ribbon cutting was held in late August after a former law office tower at 376 Richmond St. in London’s downtown was transformed after conversion work began in November 2024.” You have the fastest office conversion in the country in London,” said Jefferson Huang, principal at the Toronto-based firm.
“It’s a co-operative city; they expedited permits and there was no waiting.”
The redeveloped 20,000 sq. ft. building includes 23 studio and one-bedroom apartments, a 900-square-foot Pilates studio, fitness area, party room, co-working space and storage lockers, the firm said in a press release.
It said 376 Lofts incorporates eco-friendly building materials and efficient systems including high-performance insulation, energy-saving lighting, water fixtures and appliances, as well as waste-reduction initiatives.
Bluevale purchased the property in 2023 for $1.5 million, with the total cost of purchase and renovation at $7 million. Huang said the company will receive $1.1 million from the city in two grants: $800,000 for the conversion and $300,000 for building along a transit route.
Rents will range from $990 a month for studio apartments to $1,400 for one-bedroom units, below the average one-bedroom apartment monthly rent in London at more than $1,700. Huang said 45 per cent of units are affordable, adding that builders receive lower rates on CMHC financing if they charge rents below market rates.
“It is another vacant commercial space that is being brought back. It is exactly what we are focusing on trying to do, bring more residential to the core, more feet to the street,” said the area’s Coun. David Ferreira.
