After more than three decades, a vacant industrial site in Mississauga’s Port Credit area will be transformed into an expansive waterfront development.
West Village Partners (WVP) announced on Monday in Port Credit its plans to turn the 72-acre lakefront property, at 70 Mississauga Road South, into a new waterfront community, called West Village.
“We can really expect a complete community,” Ken Tanenbaum, Chairman of WVP tells BuzzBuzzNews. “A mix of different types of housing built form, so townhouses, mid-rise, high-rise, a wonderful network of streets and parks, four green corridors and the waterfront trail,” he adds.
WVP consists of four Canadian developers — Kilmer Group, Dream Unlimited Corp, Diamond Corp and FRAM + Slokker — who partnered to create the waterfront community.
The empty lot has long been an industrial site in the city, but in December 2016, WVP was selected by Imperial Oil as the winning bidder, after a request for proposal process to purchase the land. The transaction for the property was completed in March 2017.
With guidance from Mississauga’s Inspiration Port Credit vision, WVP has created a mixed-use master plan community, that includes homes, recreational facilities, walking paths and green spaces.
Approximately 2,500 homes will be built, along with 200,000 square feet of commercial development.
To help fund the project, Mississauga Mayor Bonnie Crombie says city council will be meeting with provincial and federal government officials this fall to discuss the city’s need for more financial support.
“We don’t get the funding that the City of Toronto does on a per capita basis and certainly the investment into the waterfront is just one example,” Crombie tells BuzzBuzzNews.
The waterfront community will feature a new waterfront park with a beach and ecological gardens, along with a proposed YMCA .
The City of Mississauga estimates the development will generate $17 million in realty taxes a year based on 2017 rates.
With more people moving into the burgeoning city, Crombie says plans are in the works to discuss transit arrangements as the new community develops.
“My challenge is to build a complete city, a livable, walkable city, and to ensure that the transit is built to accommodate the new people that will be coming to our city,” says Crombie.
Remediation work on the site, to clean and prepare it for development, is expected to begin this summer.
Tanenbaum says the public can expect construction to begin in 2019.
“I would expect that you would see buildings starting to rise in two years time and hopefully we’ll be complete in eight years time but it will be dependent on the real estate cycles and the nature, how product gets absorbed in the marketplace,” says Tanenbaum.