A private-sector group has announced plans to redevelop the former Ledo Hotel downtown into a 150,000 square-foot commercial development.

Dubbed ‘Le Ledo,’ the $40 million plan would be fully funded by private investors and would be built in conjunction with the city’s plans to build the Junction in the area of Shaughnessy, Van Horne and Elgin streets.

Le Ledo spokesperson Chris Tammi, who is broker of record for Mallette-Goring in Sudbury, said Monday the investors behind the project want to remain anonymous until the project receives municipal approval.

The existing Ledo Hotel will be kept, repurposed and integrated into the project. The design sees a continuation of a three storey brick and glass facade across the site with a 14-storey tower above, clad in copper (a nod to the city’s history) and glass.

“So the existing structure, the former Ledo hotel property, the intent is to integrate that into the design and to repurpose the actual structure itself,” Tammi said. “It would be basically a three-storey commercial building that would wrap around the full perimeter of the site and then a 14-storey tower … with the main entrance fronting on the corner of Shaughnessy.”

Tammi said the plan is an example of the private sector stepping up to support the redevelopment of downtown, and envisions construction taking place around the same time as the new art gallery and library is being built as part of the Junction.

Added to the Place des Arts being built up the road on Elgin, and plans for a new performing arts centre as part of the Junction, he said the time was right.

Keep reading on CTV News