Redevelopment planned downtown
New owners propose to restore facades and create luxury loft apartments on block of George Street
A pair of investors from the GTA who bought a derelict dollar store on George Street last year to convert into luxury apartments have bought six more buildings across the street — and they want to fix up the facades, as well as add loft apartments on the upper storeys.
The idea is to “revitalize” the heritage buildings and attract people who’d like to live downtown, said Rick Summers, a developer and one of the owners (along with business partner Michael Poon).
“It’s going to really, really make that area amazing,” he said. “There’s nothing better for a downtown than to have people live there — nothing revitalizes a downtown more.” Summers and Poon own the empty building at 385-391 George St. N., which had been a Shoppers Drug Mart and then a dollar store.
It’s now empty and Summers said they are still planning to covert it into a five-storey apartment building. He said plans will be coming before city council in the late fall.
But he said Thursday that he and Poon have bought six more buildings across the street, with the deal closing last week. He said they now own the buildings housing: á Fusion Bowl (376 George St. N.) and the former Community Butcher Shop (374 George St. N. — two ground floor addresses in a single building)
á The former Charm Tree Toys (372 George St. N.) and the former Simple cosmetics store (370 George St. N. — again two stores in one building)
á Money Mart (368 George St. N.)
á The former Jack’s Hot Spot (366 George St. N.) and the new Cheslers Shoes (364 George St.
N. — two stores in one building) á The Speak Easy Café (346 George St. N.) á Anne’s Hair Salon (around the corner at 140 Simcoe St., including the laneway next to Lett Architects, which Summers said will be converted into a courtyard)
Summers wouldn’t say on Thursday how much he paid for the buildings or how much redevelopment will cost.
But he did say that he plans to add anywhere from 25 to 30 luxury apartments in the empty upper storeys of the newly purchased buildings and that he intends to have them ready for occupancy within a year.
After that he plans to convert the former dollar store into 56 more luxury apartments, he said, which will mean up to 86 new apartments downtown.
In the meantime, Summers said he applied this week for municipal grants to help him pay for façade improvements on the buildings he’s just purchased.
He said he plans to restore the cornices, trim and mouldings, for instance, replace windows and improve the storefront claddings.
One of the buildings — which housed Charm Tree Toys and Simple — had a fire in late 2017 and has been boarded up since. Summers said it can be saved and restored.
Meanwhile the former owner of the Speak Easy building had been planning 14 upper-level apartments, and Summers said he’s still planning apartments there (perhaps more than 14).
There are four empty storefronts among the buildings Summers and Poon have purchased: the former Community Butcher, Charm Street Toys, Simple and Jack’s Hot Spot.
But Summers believes that if the heritage facades are restored and luxury loft apartments are added, businesses will find the storefronts desirable. One of the reasons Summers and Poon bought the buildings, Summers said, is because they like that they’re historic buildings ready for restoration.
Summers and Poon have refurbished a notable heritage building in Oshawa into apartments.
In December they opened 70 King St., a six-storey hotel from 1929 that they’ve converted into apartments and commercial space.
Summers said he likes the idea of boosting downtown Peterborough next: “A city is judged by the condition of its downtown — that’s the key.”