The London Free Press building is getting a second lease on life as a small business hub that will link entrepreneurs with the resources they need to grow their start-ups.
Work on the 180,000 sq ft entrepreneurial incubator, called Venture London, will begin in the spring with the first of its new tenants slated to move in before the end of the year.
The building's owner, Farhi Holdings, has teamed up with TechAlliance, the London Small Business Centre, and the London Institute for the multi-million dollar redevelopment at 369 York St.
Artist rendering of the exterior of 369 York St. Photo courtesy of Venture London.
"I have long believed that our downtown is the heart and soul of the community. Our downtown plays an integral and central role in the life of the wider community," said Shmuel Farhi, president of Farhi Holdings Corporation. "When people want to relocate to London they ask 'what does the downtown have to offer?' We need to capture what other bigger communities do and if we don't we lose."
Farhi is investing over $20-million in the rebuild that will feature green spaces and state-of-the-art shared working areas.
"This is more of a Toronto, Kitchener, New York style," said Farhi. "People should be very excited. It is a unique space that we are looking to create. It is like no other in London."
The business hub's services will be built around TechAlliance and the London Small Business Centre, both of which will move to the building’s first floor to provide entrepreneurs with access to supports, services, and workshops.
Artist rendering of the cafe and patio of 369 York St. Photo courtesy of Venture London.
"What we are doing is creating a one-stop-shop location for entrepreneurs. So if they need legal advice we will have legal service providers here. If they need insurance, if they need accounting, if they need mentorship, if they need investors, if they need to approach a bank. All of that is in the plan to have it housed in this building," said Amir Farahi, London Venture project manager. "Really we are trying to streamline the process of growing your business as fast as possible so we can help transform London's economy."
The redeveloped building will also include an 8,000 sq. ft. event space available for tenants and the general public, on-site catering facilities, and a one of a kind rooftop patio.
"Future uses will include a restaurant and a cafe, as well as street-level retail space to fulfil our goal of making this the most vibrant and exciting facility in London to work and to place," said Farahi.
Over 400 surface and underground parking spots will be available at the site.
Farhi, a well known London real estate developer, purchased the Free Press building at the end of last year.