The undeveloped space surrounding Square One Shopping Centre is on its way to becoming a "mixed-use neighbourhood of the future."
Oxford Properties and Alberta Investment Management Corporation (AIMCo) unveiled the project, Square One District, Tuesday morning, which will transform the 130-acres around the Square One Shopping Centre into an 18-million square foot mixed-use neighbourhood, making it the largest mixed-use development in Canadian history.
The area will be transformed into a vibrant and walkable community, including residential and office buildings, a transit hub connected to the Hurontario LRT, community buildings, parks, and green space.
The development is set to "redefine downtown Mississauga for generations to come."
Map view of 130-acre Square One District (CNW Group/Oxford Properties Group Inc.)
"Square One District is a bold vision to repurpose underutilized land in the heart of downtown Mississauga to create an entirely new mixed-use urban community," said Eric Plesman, Executive Vice President and Head of North America for Oxford Properties in a statement.
"Our ambition is to build a community more than 35,000 people will be proud to call home. This new community will support employment with world-class office space to help businesses grow while maximizing the positive impact of new transit being developed in Mississauga. It will be a place where business, life and leisure can come together as one."
What is currently "swaths" of parking lots will soon be transformed into a sprawling community that will eventually have more than 18,000 residential units, a transit mobility hub connected to the Hurontario LRT, community buildings, parks, green spaces and forward-thinking office space — all of which will be anchored by Square One Shopping Centre.
Bounded by Burnhamthorpe, Confederation Parkway, Highway 403, and City Centre, Square One District is anticipated to be a "multi-phase, multi-decade project that allows the community to grow in lockstep with the needs of the City of Mississauga and its residents."
Aerial view of The Strand, with Transit Mobility Hub in the foreground connected to the Hurontario LRT (CNW Group/Oxford Properties Group Inc.)
To deliver the first phase of housing, Oxford and AIMCo will be partnering with The Daniels Corporation (Daniels), one of Canada's leading residential builders and developers, to construct two residential towers with 402 rental apartments and 575 condominium suites.
Located at the southeast corner of Rathburn Road and Confederation Parkway, The Rental Residences and The Condominiums of Square One District are 36 and 48 storeys respectively, with construction to start in summer 2020.
Street-level view of The Stand at Square One District (CNW Group/Oxford Properties Group Inc.)
Office space will also play an important role in turning Square One District into a true, large-scale mixed-use project. The new office towers will be the first commercial development in downtown Mississauga in a generation.
Oxford will begin marketing the first office tower to prospective tenants in Q2 2020.
Rendering of public gathering space within The Strand (CNW Group/Oxford Properties Group Inc.)
To start bringing the vision for Square One District to reality, the construction of phase one of housing will start later this year.
Moreover, sales for the condominium start this spring and will offer residents exclusive partnerships and services with Square One Shopping Centre.
"Square One District is about creating a true mixed-use community. We will work collaboratively with the City and its residents to build a vibrant downtown that meets the evolving needs and aspirations of Mississauga for generations to come," added Mark Cote, Oxford Properties' Head of Development, Canada.
"Oxford is recognized as a global leader in sustainability and is building the first two zero carbon office towers in Canada. We will bring this experience to Square One District to create a forward-thinking and sustainable community," said Cote.