‘River district’ rises, showing promise of downtown London: Builder

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There is a new neighbourhood rising in a corner of downtown London getting attention from retail businesses.

The river district, where Thames and York streets intersect and where the Riverwalk apartment tower stands, is the name Adam Carapella, vice-president of Tricar Group, has given the neighbourhood that’s close to the core and the fork of the Thames, across from the Thames Valley Parkway and with access to parks and trails.

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“There are challenges downtown, but some areas are vibrant. People want to be down here. They like the lifestyle of urban living . . . they like the atmosphere, being close to downtown and parks and Bud Gardens,” said Carapella. 

“We’re calling this southwest quadrant the river district and it’s becoming a desirable place. We’re looking for more spaces and we have some irons in the fire. There are spots available.”

The main floor of the Riverwalk tower is filled with office and retail, defying the notion that commercial traffic is abandoning the core, he said. It recently added Cornerstone Architecture and District Ice Cream, joining Pizza Madre, the Bicycle Cafe and Exponent Energy Drink.

“The commercial space on the first one or two floors is what people see when they walk by,” he said of the Riverwalk tower. “We wanted it to be an inviting space and a good mix of tenants that will complement the residents in the building, something they can use. It’s a calling card for the building.”

When Richard Hammond was looking for new office space for his business, Cornerstone Architecture, he was struck by the loft-style design of the second floor, with a view of the Thames River.

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“It’s a beautiful space. We’re an architecture firm and we were looking for a profile space,” said the partner in the firm. “The location is interesting; it’s gradually emerging as a node.”

Karri Egan, owner of District Ice Cream, is selling Boxcar Donuts to focus on her new ice cream business. 

“I think it’s a fantastic space,” she said of Riverwalk. “The concept we go for is stylish, in a walk-around community and Riverwalk is perfect with its proximity to downtown, the parks and Wortley (Village),” she said. 

She was impressed with the 9.5-metre ceilings and the greenery surrounding the space. As for her ice cream, it’s hand-churned, small batch with high butterfat and she even sells “pints for pups,” ice cream for the family pet that has been a bestseller.

“We sold out our first batch. It’s very popular,” she said.

Downtown has challenges, Carapella was quick to add, with 28.5 per cent of all offices in the core vacant at the end of 2023, according to a report released by CBRE, the commercial realty firm.

Homelessness also remains a concern with about 350 people living without shelter, according to figures released by the city in January.

“We want to see the city prosper and thrive. We want to be part of making that happen,” Carapella said.

All 240 of Riverwalk’s residential units are leased, he said. In 2025, Tricar likely will start construction on an 18-storey tower on Ridout Street south of Horton, not far from the Riverwalk development.

“When we built downtown, it was well received. We have had no problem leasing,” he said.

ndebono@postmedia.com

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