High rise rental property concept revealed by London-based developer amidst housing market slump in the Old South area

The city of London is set to welcome a new addition to its skyline, as Tricar Group unveils the design of an 18-storey rental highrise named 'The Mayfair' in Old South.

The project, expected to be completed in 2027, has been met with positive reactions from the community, a stark contrast to previous developments. According to Ward 11 Coun. Skylar Franke, the design of The Mayfair is expected to be pleasing and inviting to the Old South neighborhood.

In the past, the construction of such large projects may not have been welcomed by the neighborhood. However, this time around, the construction of The Mayfair seems to be accepted, a testament to the thoughtful design that reflects the heart of Old South.

The design of The Mayfair features modern architecture, yet it incorporates nods to the past, specifically red brick townhouses, making it fit well in the neighborhood.

The Mayfair is among the first projects by Tricar Group to benefit from the federal HST exemption on rental projects. This exemption has greatly improved the feasibility of the $80-million project, according to Adam Carapella, the vice-president of Tricar Group.

The Liberal MP Peter Fragiskatos is focused on bringing 168 new rental units to the city with the construction of The Mayfair. He believes that the construction of The Mayfair is intended to help reduce costs in the area of rent.

The Mayfair is expected to cater to professionals, empty nesters, and retirees. People in the Old South neighborhood are excited to see progress with the construction of The Mayfair, with many looking forward to the new housing options it will bring.

The site of The Mayfair has been empty for a couple of years. The construction of The Mayfair may help create infill and densification in parts of the city where it's needed, according to London Mayor Josh Morgan. He sees the project as a sign of growth for the city.

Despite the significant amount of risk associated with a large project worth $80 million, the loss of tax dollars is considered worth it by Liberal MP Peter Fragiskatos. He believes that the 168 new rental units will help address the demand for more housing in the city.

The Mayfair, with 168 units, is expected to be completed in 2027. The architect of the building is not specified in the available search results. However, the design is expected to be pleasing and inviting, making it a welcome addition to the Old South neighborhood.

High rise rental property concept revealed by London-based developer amidst housing market slump in the Old South area