If all goes according to plan, Mimico could be home to a shiny and new 40-storey development from long-time developer Minto Communities. Located at 29 Portland Street, the development would feature a four-storey podium and contain a total of 413 residential units. It will also feature 630 square metres of non-residential space for ground-level retail.
The development will offer 36 studio units, 264 one-bedroom units, 78 two-bedroom units, and 42 three-bedroom units.
The location is well serviced by the TTC (Royal York is the closest station) and GO Transit via Mimico GO Station. In total, the development will house 121 residential parking spaces, 36 residential visitor parking spaces, and six car-share parking spaces. These will be distributed across three underground levels. Additionally, the development will feature a total of 440 long-term and 28 short-term bicycle parking spaces.
With its close proximity to Humber Bay Park East and West, the new development will serve up a wellness-filled dose of green space, yet is still close enough to the downtown core's towering concrete to make for a simple commute. According to the architectural plans, the residential portion will feature a co-working space adjacent to the lobby/concierge for the work-from-home days.
Adding value to the surrounding neighbourhood, the new development will bring the creation of a new park, with supporting privately-owned public spaces adjacent to the park. It will also see the widening of some streets.
Under the City of Toronto’s Home Ownership Assistance Program Development Charges Deferral Program, a total of 5% of the units will be deemed affordable. The site is currently occupied by a low-rise commercial real estate building.
Like many parts of the Greater Toronto Area (GTA), Mimico is growing rapidly. Located in the southeast corner of Etobicoke, Mimico was deemed “up-and-coming” in the not-too-distant past, and the area is an increasingly popular one to call home. It’s characterized by a growing population and climbing home prices.
Last May, it was announced that Ontario's first transit-oriented community would move forward at the Mimico GO station. Dubbed Grand Central Mimico, the upcoming community is set to include over 2,000 new residential units across nine towers, plus a new GO station. Just one year later, however, it was revealed that the Vandyk Group of Companies was slammed with multiple receivership orders and the freshly excavated site is currently listed for sale. “The Site is ideally situated in a rapidly growing area of South Etobicoke, which is currently undergoing a significant transformation and will form one of Toronto’s newest transit-oriented communities,” reads the listing. “With planned local intensification in the coming years surrounding Mimico GO Station, the area is set to become a pedestrian-friendly, mixed-use community with a wide array of amenities, including several retail options and parks. The Property represents an excellent opportunity for [a] developer to acquire a high-density development of scale directly across from Mimico GO Station.”
While the fate of that site may still be up in the air, one thing remains certain: We'll see a lot more development applications roll in for Mimico in the coming years.
