Village Squire, 1978-11, Page 7was the fact that the city was getting no tax revenue from a piece
of prime real estate. Finally last year the city put the parcel of
land it had assembled on the auction block. It called for proposals
for the entire 1.8 acres of land and buildings in June of 1977.
There were a few interested parties, but no concrete proposals
were made. In September the city narrowed its goals and called
for proposals for the Gordon and Beamish buildings. There were
several bidders but the eventual winner was Glen Wood, the
youthful London developer who came up with a plan to turn the
buildings into a downtown shopping mall.
Support for the project was quick in coming from the business
community. The Bank of Nova Scotia, in the market for a new
site because its old facilities were no longer adequate, became a
major ground -floor tenant taking the corner of the Gordon Block
fronting on Ontario street with several thousand square feet of
space. The bank was in a race with other competing downtown
banks which had announced plans to build new buildings of their
own. By locating in Festival Square, Walt Randerson the
manager of the Bank of Nova Scotia stated, it had been the last to
announce a move but would have a jump of several months on
the others in opening its new location.
The bank today is the only area of the ground floor of Festival
Square that is not occupied. Another early tenant, Stephenson's
Oras also one of the first to open. It took a prime location just
inside the mall's Downie street entrance that stretches upward
from the first to second level.
Three le%els of the Square are now attracting attention. The
first and second floors are nearing completion, except for the
large front portions of the Gordon Block which will house the
bank on the first floor and a restaurant on the second. Finishing
touches were being made on some of the basement specialty food
shops in late October.
The third floor. originally designated for studio apartments
but now to be converted to professional offices, will begin
construction in January. Mr. Wood said.
The whole commercial development centres around the central
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November 1978 The Village Squire 5