Ontario’s Tallest Geothermal Powered Condo Now Closer to Becoming a Reality
The drilling is complete at the site of what will be Mississauga’s biggest geothermal system.
Earlier this week, Camrost Felcorp announced that the drilling of 186 geothermal boreholes – which will provide an alternative energy source to two of the four towers in its upcoming Exchange District urban master-planned community – are now complete. This makes way for the commencement of shoring and excavation.
Once completed, the buzzed-about project will bring off-grid energy to the rental tenants in the development’s purpose-built rental tower, to guests of the planned boutique hotel structure, and to the 650 suites in the EX3 condominium tower.
At 66 storeys, the EX3 tower will become the tallest geothermal powered residential development in Ontario.
Thanks to a partnership with Diverso Energy, a Geothermal Energy Service Provider, the innovative buildings will benefit from the forward-thinking geothermal-based approach to sustainable energy service. Unlike conventional systems, the low carbon heating and cooling solution does not require heating boilers or rooftop cooling towers. Additionally, geothermal eliminates the need for natural gas for heating.
“The Exchange District is an award-winning community, celebrated for its careful urban planning, distinctive architecture, and smart design, not to mention its unparalleled, transit-oriented location in the heart of the Mississauga’s City Centre,” says Joseph Feldman, Vice President of Development at Camrost Felcorp.
“But in today’s real estate environment, we understand that those attributes are simply not enough for our market. Purchasers, renters, retailers, and those who care about creating great communities, all agree that today’s communities must also be environmentally sensitive, sustainable, and conscientious.”
Indeed, research – like the 2020 CHBA Homebuyer Preference Study – has shown that energy efficiency is increasingly on the “must-have” shortlists of homebuyers. In fact, in 2020, walk-in closets were bumped from the top spot of desired features and replaced by energy efficient appliances. New to the top ten in 2019 was the desire for an air exchange system (HRV/ERV).
Taking it a step further in the pursuit of environmentally friendly technologies, Camrost Felcorp also announced a partnership with Mitsubishi Electric to utilize the company’s state-of-art Variable Refrigerant Flow (VRF) system. The proprietary City Multi water source VRF system revolutionizes the typical approach to HVAC systems in multi-residential towers, providing a premium HVAC solution typically seen in Class-A commercial settings. This means features like simultaneous heating and cooling as well as heat-recovery capabilities.
Diversion Energy has partnered with several real estate developers across the Greater Toronto Area (GTA) in recent years, helping them meet the increasing purchaser demands for energy efficiency and hit new energy and carbon targets. But the Exchange District is perhaps the most exciting.
Comprising three condominium towers, a rental residence and hotel, the project has been recognized as critical urban element in the creation of the new Mississauga City Centre. With its multi-use urban community, Exchange District will boast more than 2-million square feet of coveted retail, shopping, dining, office and commercial spaces, a boutique hotel, new lush public parks, and thoughtfully designed open spaces (in addition to the bragging rights of housing the province’s tallest geothermal condo, of course).