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Bluevale Capital Group has completed London’s first office-to-residential conversion at 376 Richmond Street, turning a former law office into 23 affordable studio and one-bedroom apartments in less than a year.
The $7M project, supported by $1.1M in city grants, delivers rents ranging from $990 to $1,400, below London’s average one-bedroom cost of $1,700. The development also includes a pilates studio, fitness area, storage lockers, and a party room.
“This proves housing can be accelerated,” said Jefferson Huang, Principal at Bluevale Capital Group and Western University graduate. Expedited city approvals and in-house construction made this one of the fastest office conversions in Canada.
This project supports London’s downtown revitalization, converting over 18,500 sq. m. of vacant office space into homes. Mayor Josh Morgan called it a model for other cities.
Bluevale Capital Group is also pursuing similar projects nationally, including an 18-storey, 200-unit conversion in Calgary.
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Bluevale Capital has been awarded $8.3 million through Calgary’s Downtown Development Incentive Program to convert the underused 18-storey tower at 510 5th St SW into 128 new rental homes, supporting the city’s plan to remove vacant office space and expand housing supply. The project delivers a faster, more cost-effective, and climate-friendly alternative to new construction, with homes intentionally designed for underrepresented renters such as young workers, seniors, veterans, and multigenerational families. Suites will feature in-suite laundry, modern finishes, high ceilings, and dedicated storage, alongside amenities including a work-from-home hub, secure bike storage, an upgraded lobby, and ground-floor retail.
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Bluevale Capital has acquired a former Connecticut hotel for $9 million and is converting the property into a 96-unit multifamily community. The project strengthens Bluevale’s U.S. portfolio, expands its adaptive reuse strategy, and creates a high-value housing asset in a growing market.
Bluevale Capital Group has transformed 376 Richmond Street into 23 affordable studio and one-bedroom apartments in under a year, marking London’s first office-to-residential conversion.
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