London's largest landowner, Farhi, has completed the conversion of an office building into residential units and pledged to deliver hundreds more, buoyed by a new city hall incentive and improving ties with municipal officials.
First conversion completed
The project transformed a former office tower at 200 Queens Ave. into 120 apartments. Farhi's CEO said the conversion was made feasible by a city program that waives certain development charges for projects that add housing without expanding the building's footprint.
“Without this incentive, the numbers didn't work,” the CEO stated. “Now we can move forward on several more similar projects.”
Pledge for hundreds more units
Farhi has committed to converting at least three additional office buildings into residential use, totaling roughly 400 new homes over the next two years. The company controls over 50 properties in downtown London and has often clashed with city hall over development fees and zoning.
“Relations have improved significantly,” a city planning official said. “We're now working collaboratively to address the housing crisis.”
Incentive details
The city's program, launched in early 2026, waives up to 50% of development charges for office-to-residential conversions. It also expedites permit approvals. City council estimates the program could unlock 2,000 new units over five years.
Farhi's pledge represents about 20% of that target. The company has already submitted pre-applications for two more conversions on Richmond Street and Dundas Street.
Impact on downtown
The conversion of underused office space is seen as a key strategy to revitalize London's core, which has struggled with high vacancy rates since the pandemic. The new residents are expected to boost foot traffic for local businesses.
“This is exactly what we need,” a downtown business association representative said. “More people living downtown means more customers for shops and restaurants.”
