Move over Toronto, Mississauga has its own condo boom
Rogers family’s M City project promises to be a defining landmark for city's downtown
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Just west of Toronto, the City of Mississauga is experiencing its own condo boom, with such projects as the Absolute Towers, Pinnacle Grand Park, Limelight, and many more.
It may well be an affordable alternative to buyers who can’t find what they’re looking for in Toronto.
Mississauga is Canada’s sixth largest city, and it’s about to get larger. The city issued 3,700 building permits last year, with a construction value of $1.3 billion dollars, and it doesn’t look to be slowing down. A report titled Our Future Mississauga was presented to council last June and addresses the city’s strategic master plan.
In it, there’s talk of density, of highrise development, transit and waterfront development, both residential and commercial. There’s a lot in play here, and a clear goal of these initiatives is to establish a distinct downtown region.
The big news is the recent announcement of M City, a 1.5-billion-dollar mega-project spearheaded by Rogers Real Estate Development. The mammoth, master-planned community will consist of 10 towers with upwards of 6,000 residential units. The 14-acre property was originally purchased in 1963 by the Rogers family to be the site of a transmitter tower.
Soaring 60 storeys from the corner of Burnhamthorpe Road and Confederation Parkway, M City’s flagship tower promises to be a defining landmark for Mississauga’s downtown core and the city’s tallest building.
Urban Capital Property Group was selected to lead the development of the first phase of M City. Partner and urban planner Mark Reeve tells Metro that this is the Rogers family’s first endeavor into condos, and the site has been sitting vacant for a number of years.
“What really triggered some interest in doing something with the property was the city’s initiative with their Downtown 21 plan.”
“The development is oriented around a two-acre central park concept with a parkway link to the north end. There is a green belt system that wraps the downtown core that this development fits into and contributes to.”
Reeve says that M City is much more affordable than anything you’ll find in downtown Toronto.
“The project has a range of product types and sizes to meet a broad segment of the market. We’ll have a starting price point of just under $200,000 for a one-bedroom unit, but we’ll have larger, family-oriented, three-bedroom units as well.”
Sales are estimated to commence in March and there’s a presentation centre currently under construction.