Thursday May 19, 2005
'IT WILL BE GRAND'

Mike Hensen The London Free Press
Considering Options: Shmuel Farhi sits on the steps of the old central library branch next to a likeness of Aristole. Farhi, who bought the building on Queens Avenue from the city for $2.4 million, has pledged to retain the facade and foyer of the Art Deco building.

Shmuel Farhi is studyig the viability of housing versus office development at the library site.

Shmuel Farhi is still pondering what to do with the old central library.

Farhi gives but one gaurantee "It will be grand".

The London developer, who bought the 65-year old Queens Avenue building from the city for $2.4 million tuesday , is considering exclusive offices - the same concept pushed by a competing bid before it was withdrawn.

"For me, class means a lot and every development is a signature and you have only one opportunity to do the very best," Farhi said yesterday in an interview outside the Art Deco structure.

And no matter what Farhi does with the building, he has promised to preserve the buidlings facade nd foyer atrium, which city council designated as historically significant.

"You're not going to see a cheap building coming here," Farhi said. "You're going to see a grand building."

Other options Farhi is considering include :

  • Redeveloping the library building into high-priced condominiums.
  • A 25 storey residential tower that carries the Art Deco styel to its peak, but with a distinctly modern look including blue windows similar to One London Place.
  • Three or four luxury condominiums on the east portion of the lot facing Queens.
  • A single level underground parking garage.

Farhi takes possession next month.

Farhi is non-committal about his plans, partly becasue of the uncertainity about removing the asbestos from the former library building and the condition of its interior and mechanical systems.

He also must factor into his plans aglut of new apartment and condominium towers in the core.

"The housing market downtown is so saturated right now, I'm going to have to do a study," Farhi said.

 

 

In his deal with the city, the estimated $1.4 million cost of removing the asbestos is deducted from the purchase price. It will take four to six months to remove the asbestos.

"But I am going to move very, very fast, get the asbestos out and anything I do there is going to be first class," Farhi said.

"But it gives us, immediately, parking spaces to support my other heritage properties downtown and that just strengthens Farhi Holdings' commitment to the downtown."

Parking is Farhi's biggestneed in the core, where he owns more than 50 buildings. He said he'll expand parking at teh site so he can lease or redevelop two near-empty office buildings he owns on Queens Avenue and Dundas Street.

Farhi said he'll almost certainly buidl a few stand-alone luxury condominiums facing Queens Avenue.

"I think it's a great site to do some residential because this is one of the nicest neighbourhoods in the city with great character."

It was a group of incestors - led by developer Bob Siskind, along with architect Andy Spriet and lawyer Peter Lockyer - who proposed transforming the library into

exclusive offices. That put Farhi's bid in doubt and split council when it came to a vote March 11. the group withdrew the bid following the March 28 death of Lockyer.

Farhi admits he's intrigued by the office proposal and hopes to discuss the plan with Spriet.

"If the (housing) market won;t allow a 175 unit tower, what's the next best use?"

This is an artists sketch of what the former central library site might look like when developed.

Story By
Joe Belanger
Free Press City Hall Reporter