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A major London developer has snapped up a languishing downtown development site, and plans a $245-million project that will include the tallest apartment tower in Ontario west of Toronto.

Old Oak Properties has bought the former Camden Terrace site from Rygar Properties, and plans to move quickly on a 652-unit residential development that had stalled under Rygar.

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“This is the biggest downtown residential project ever built in London. When we see an opportunity, we like to get involved,” said Greg Bierbaum, Old Oak president.

“We’re excited, we went through a long due diligence period and reviewed all the potential pitfalls and we feel confident about this project.”

Old Oak’s purchase of the site from Rygar principal John Rodgers is expected to close early next week after about a year of talks, Bierbaum said.

The new development, dubbed Centro, will go up at 100 Fullarton St., 475-501 Talbot St., and 93-95 Dufferin Ave.