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The plan to turn underutilized land into offices, apartments and shops will measure 1.67 million square metres, compared with the 929,000 square metres planned for Toronto’s East Harbour, Oxford said. Its plan will house about 35,000 people across some 53 hectares around the Square One Shopping Centre in downtown Mississauga, the companies said.
The developers are betting on the lack of housing in the Greater Toronto area to drive demand where Mississauga, a city of about 722,000 people in 2016, serves as a bedroom commuter city for the wider region, attracting new immigrants with home prices cheaper than the big city next door, and businesses keen for its highways and proximity to Toronto’s Pearson International Airport.
“The population of downtown Mississauga is expected to double over the next 20 years,” Oxford spokesman Daniel O’Donnell said by email. “That means we need to build more homes for people to live in and provide greater rental options to make renting a long-term option for families.”
Construction by the Daniels Corp. is to start this summer on two residential towers of 36 and 48 storeys, with the full development including office blocks to take place over decades as it ties in with the planned Hurontario Light Rapid Transit system, the developers said.
Mississauga, Canada’s sixth-largest city, according to Statistics Canada, is already backing another large redevelopment, the 72-hectare Lakeview Village where a coal-power generating station used to operate on the Lake Ontario shore.
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