It is going to be one for the history books!
Oxford Properties Group (“Oxford”), whose portfolios include Jasper Park Lodge, and Yorkdale Mallin Toronto, alongside Alberta Investment Management Corporation (“AIMCo”), has unveiled their plan for the transformation of 130-acres around the Square One Shopping Centre in Mississauga Downtown into an 18 million square foot master planned mixed-use neighbourhood which will turn Square One District is the largest mixed-use downtown development in Canadian history.
See the location video below:
Square One District surrounds the Square One Shopping Centre which opened on October 3, 1973. Square One Shopping Centre currently attracts 25 million shopping visits annually. The 34,000 square foot Food District, which was opened last year, features, 100 bars, restaurants and eateries including the new Rec Room, and an artisanal food market featuring an array of speciality products, restaurants, tastings and cooking events.
Mississauga is Canada’s sixth largest city and third largest in Ontario with a population nearing 800,000. By 2041, the city is expected to be home to 920,000 people and with a promising 565,000 jobs.
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Highlights of Square One District Mixed Use Development
Bounded by Burnhamthorpe, Confederation Parkway, Highway 403 and City Centre, Square One District is anticipated to be a multi-phase, multi-decade project. Masterplan Architects for the project is Hariri Pontarini Architects.
- 130 acres anchored by Square One Shopping Centre
- 18 million square feet
- 37 towers
- Large area of parking lots currently surrounding the area, will be transformed into 18,000 residential units, capable of accommodating 35,000 residents.
- 36 storey rental tower containing 402 rental apartments.
- 48 storeys Condominium Tower with 575 condominium suites.
- Oxford and AIMCo are partnering with The Daniels Corporation (Daniels) to construct the above mentioned residential towers.
- Rental apartments will start at around 400 square feet for a studio and will go up to about 1,120 square feet for a three bedroom unit.
- Condominiumssize will vary from 444 square feet for studio units to 844 square feet for two bedroom plus den units.
- Construction of the Rental Residences and the Condominiums of Square One District will start in summer 2020 and will be located at the southeast corner of Rathburn Road and Confederation Parkway.
- There will also be a transit mobility hub connected to the Hurontario LRT, community buildings, parks, green spaces and office spaces.
- Proposed office towers will be the first commercial development in downtown Mississauga. Oxford will begin marketing the first office tower to prospective tenants in Q2 2020.
- The first phase of construction will create 3,500 jobs and in the first five years, about 6,500 direct jobs will be created. Over the life span of the project, 35,000 direct jobs will be created.
Welcoming the development, Mayor Bonnie Crombie said, “This livable, walkable district will be a hub for 35K jobs and residents, office & green space. Pleased that half of the 18K apartments will be much-needed market rental units”.
On hand to help launch #SQ1District, a new mixed-use community in the heart of downtown #Mississauga. This livable, walkable district will be a hub for 35K jobs and residents, office & green space. Pleased that half of the 18K apartments will be much-needed market rental units. pic.twitter.com/EPYNzmpE5s
— Bonnie Crombie 🇨🇦 (@BonnieCrombie) January 21, 2020
Square One District Timelines
Construction of its first phase of housing starts this year. Condominium sales will start this spring and will offer residents exclusive partnerships and services with Square One Shopping Centre.
- The Square One District is a multi-phase, multi decade project.
- Groundbreaking of first two residential towers to begin in summer 2020.
- An additional 5,000 residential units to be launched over the next five to seven years.