Fanshawe College has had a change of heart over buying a prime piece of downtown London real estate.
The college announced Monday afternoon it will not go forward with the purchase of the Market Tower at Dundas St. and Richmond St.
In August, it made a conditional offer to purchase the building from owner Fahri Holdings, but decided after an “extensive due diligence review” to not go ahead with the transaction.
“Fanshawe College remains committed to working with the City of London as we move forward with our plans to expand our presence in downtown London,” said Fanshawe President Peter Devlin. “We are continuing to actively explore a range of options which will ensure the most appropriate learning environment for an additional 600 students in downtown London.”
Last week, Fanshawe officially opened its Centre for Digital and Performance Arts just down the street from the Market Tower.
More to come.