Mississauga has officially thrown its support behind the ambitious Lakeview Waterfront Development Master Plan.

The development of the 177-acre site, formerly the Lakeview Power Generating Station lands, is another key piece in Mississauga’s aggressive waterfront redevelopment which also includes Port Credit West Village and 1 Port Street.

Lakeview Village is the official name of the new neighbourhood.

Housing on the massive site will feature significant mid-rise housing, with some lower and some taller buildings. According to the now approved master plan, it will also include low-rise apartment buildings up to four storeys, mid-rise apartment buildings from five to eight storeys and taller buildings from nine to 15 storeys.

READ: “Sizzling” Mississauga, Brampton Housing Markets Lack Inventory

The Village is connected to major roads and highways. Lakeshore Road East is the north boundary of the site, which also features easy and convenient access to the QEW and Highway 427.

It’s situated in the south-east of the city, almost 3.8 kilometres east of Port Credit and close to the western limits of Toronto.

The move by city council to approve the master plan Wednesday means the city can now review submitted development applications and work on necessary official plan and zoning bylaw amendments.

Mississauga and Brampton are two of the GTA's hottest housing markets. The latest data released by the Toronto Real Estate Board (TREB) shows that both cities are hampered by a continual lack of housing inventory. Almost 50 new condo towers are forecast to be built in Mississauga over the next 10 years.

And in late October, it was announced that the winning bidder to design, build, finance, operate and train the Hurontario LRT for a 30-year term will be Mobilinx. The Hurontario LRT is slated to open in 2024. It will connect Hurontario St. in Brampton to Port Credit in Mississauga, bringing commuters more options to get across the GTA.

READ: Here’s What The Brampton-Mississauga Hurontario LRT Line Will Look Like

The Lakeview Village project has been 9 years in the making, beginning back in 2010 with Inspiration Lakeview talks.

The key elements of the Lakeview Village plan include:

  • Housing
  • A hydro gateway
  • An Artscape/makerspace/community centre
  • A school
  • Ogden Park
  • A waterway common
  • The Serson Innovation Corridor,
  • The Marina District
  • Lakeview Square,
  • Lakefront Park,
  • A cultural institution
  • An outdoor event/performance space
  • A pier

Sixty seven acres of land to the city for parks, open space, cultural, and institutional uses have been transferred to the city of Mississauga.

Most of it is public open space, including all of Lakefront Park, adjacent portions of Ogden Park, and the plaza within Lakeview Square.

Mayor Bonnie Crombie said at insauga.com that the Lakeview Village plan brings Mississauga closer to “creating liveable, walkable communities connecting the lakeshore from east to west.

READ: Mississauga Has Ambitious Plans For Transit Growth

“The transformation of our waterfront will drive tourism, foster innovation, spur economic growth and attract a new generation to Mississauga. Few cities in the world have the opportunity to develop 250 acres of their waterfront. The potential here is enormous.  As we continue to work together, our vision to create a world-class waterfront will become a reality."

Andrew Whittemore, the Commissioner of Planning and Building, said the city “wanted to ensure this master plan was in place before we considered any official plan amendments.

Public consultation will be held as the process continues.