Sold! Part of old Victoria Hospital site set to become 'cool, new neighbourhood' says City of London

The first section of the century-old Victoria Hospital site has been sold by the City of London to a real estate company proposing to re-purpose the Colborne Building, build two residential towers and add a water front commercial area.

The one-hectare section of the land was purchased for$2 million by the Medallion Corporation, a property management and real estate company based out of the Greater Toronto Area, according to a media release from the City of London.

"It's just a really tremendously important site within the history of the City of London," said John Fleming, the chief planner for the City of London.

"Our first Children's hospital many of our medical innovations including the 'Cobalt Bomb' was actually first used on this site."

The site is at the corner of South Street and Colborne Street, sometimes called the SoHo neighbourhood because of its location south of Horton Street East.

Natural Plans

Fleming said the location will include garden suites at the base of two 18 and 24 storey residential towers that front the Thames River. He also said the site will include reflecting pools, villas and seating areas.

The planner added this is the first step forward to having"a cool new neighbourhood right at the doorsteps of the downtown" that will focus on the natural beauty of the Thames River.

"So much of the development that we've had in the past in London has turned it's back to the river," Fleming told CBC News.

Flemingestimatedthe development will "probably be completed" within three years, adding that the location is "already seeing some transformation occurring" and will be completely convertedwithinfive years.

A major part of the project includes the re-purposing of the Colburne Building, originally built in 1899 with additions added in the early 1900s.

Fleming said that the building will see substantial development, but will remain intact.

"It's a full intact conservation," he explained. "Medallion has a tremendous plan for landscaping ... which connects thisColburneBuilding with the new developoment."

Flemingadded the project is complex and will involvemultiple departments across the City of London.He said there's also been ongoing discussions with the community to make sure the potential development fits their standards.

"They've been involved in this process right from the beginning going back probably around seven years ago through the initial community improvement plan and the secondary plan process," said Fleming.

The Medallion project is just the first phase of the development planned at the old Victoria Hospital site. Five total hectares are available for development.